Thailand implements tax cuts to boost palm oil price plan

At a recent regular meeting, the Thai cabinet made an important decision to further stabilize the domestic palm oil price market, authorizing the tax bureau to make new adjustments to the current biodiesel tax rate, there by attracting biodiesel companies to increase palm oil purchases and upgrade domestic palms Oil price.

At the same time, Finance Minister Abisa asked that while implementing biodiesel tax cuts, it must also ensure that there is no significant reduction in fuel tax year targets. According to the Inland Revenue Department, the annual conventional diesel use in Thailand is 200 billion liters, while the use of biodiesel blended with palm oil is 20 billion liters. The government’s annual diesel tax revenue is 140 billion baht.