First-time buyer scheme nears 1.3 million applications

AUTOMOBILES

The first-time car buyer scheme may reach 1.3 million units and nearly 100 billion baht in tax rebates, says the Excise Department.

A senior Finance Ministry official said applications had reached 1,194,000 as of yesterday, with tax rebates totalling 86.8 billion baht.

If the scheme breaks through 1.3 million, then tax rebates will increase to 91 billion baht on the assumption the scheme costs 70,000 baht per vehicle.

The scheme will end at midnight on Monday night for internet applications, while applications at excise offices will close at the end of the business day.

The popular scheme was one of the promises of the Pheu Thai Party during the election campaign.

It initially targeted only 500,000 units with rebates of 30 billion baht.

The scheme has drawn strong criticism that it has caused more traffic chaos in Bangkok, where the situation had already been worsening without the financial incentive to buy cars.

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Writer: Wichit Chantanusornsiri
Position: Business Reporter

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Article source: http://www.thethailandlinks.com/2012/12/30/first-time-buyer-scheme-nears-1-3-million-applications/