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Thai Cabinet Extends Diesel Excise Relief By 5 Baht For 4 Months
(CTN NEWS) – BANGKOK – Thai Cabinet has added four months to the 5 baht per liter Diesel Excise relief (Jan 21 – May 20).
Following a Cabinet meeting this week, the decision was made public by Deputy Finance Minister Santi Promphat, who stated that it will lower living costs and prevent the price of consumer goods from rising.
The Duty Department is anticipated to lose over 40 billion baht in revenue due to the most recent round of the diesel excise cut, or roughly 10 billion baht per month.
Since February 2020, the respite has been extended six times, costing the government an estimated 140–150 billion baht in lost diesel excise revenue.
/ GETTY IMAGE
Santi promised that the cut would not affect the government’s financial standing, as it had gained an additional 33 billion baht from the sale of radio and mobile phone bandwidths and tax penalties on imported goods.
The revenue obtained by the Ministry of Finance during the first two months of the 2023 fiscal year was 55 billion baht greater than the objective, he continued, and the ministry was hopeful of generating an additional 2.6 trillion baht in revenue by September.
Following the inclusion of the Finance Ministry’s total guarantee for borrowings by the Oil Fuel Fund, totaling 110 billion baht, in the country’s public debt management plan.
/ Bangkok Post
Mr. Arkhom stated last week that the country’s public debt-to-GDP ratio increased to 61.4% in fiscal 2023, above an earlier estimate of 60.4%.
According to the deputy minister, the government, with estimated spending at 3.1 trillion baht, also intends to borrow 695 billion baht to make up for its budget shortfall.
A cash balance of 710 billion baht is anticipated for the treasury at the end of the fiscal year, keeping the government’s financial situation constant and untouched by the excise cut.
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