Seized luxury cars put up for auction
The Customs Department will tomorrow put up for auction luxury cars that had been seized by officials and plans to review regulations related to the importing of such vehicles, said Kreecha Kirdsriphan, deputy spokesman at the Customs Department, yesterday.
The move to change import regulations is aimed at collecting more taxes from importers. The existing regulations are seen as having a loophole that importers can exploit in order to pay less tax.
The department will hold a public hearing on the proposed new regulations next month.
In the auction tomorrow, some 315 luxury cars, cars, motorcycles and big bikes will go under the hammer. The vehicles had been seized by Customs officials after the importers failed to pay import tariffs.
The most expensive of the cars to be put on auction is a Ferrari, with an initial price of Bt20 million set. The department is expected to receive Bt550 million from the auction.
The department will also return 95 stolen cars to their owners.
