Monday, September 12, 2011

Japan seeks luxury-car tariff cut

Lexus SUV

Japan has asked Thailand to speed up reducing tariffs on luxury cars under an agreement that has been stalled for four years.

The Japan-Thailand Economic Partnership Agreement (JTEPA) that took effect in 2007 calls for cutting the import tax on cars with engines above 3,000 cc by 5% annually until 2010.

The current rate stands at 80%.