Thailand Oil excise tax cut would not affect its budget disbursement, says finance minister


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April 21, 2011



To restrain the rising of oil prices in Thailand, the National Economic and Social Development Board (NESDB) has supported Thai government's movement to keep diesel prices below 30 bath per Litre.




The diesel price cap will also help Thailand rising inflation, limiting it to 0.4 percent and the impact on the gross domestic product (GDP) growth by 0.2 per cent. As stated above, it is the measure from theThailand Minister of Finance, Mr. Korn Chatikavanij, who has decided to extend its capping of domestic diesel oil retail prices by waiving the oil excise tax.


Mr. Korn Chatikavanij said that Thai government's decision would not affect its budget disbursement for year 2011 as the report from the Fiscal Policy Office (FPO) shows the revenue earned by the government in fiscal 2011 should exceed the target by 133 billion bath and the estimation that this waiving the oil excise tax for 5 months will cause a possible loss of 45 billion bath in revenue so this year's budget disbursement will not be impacted. Meanwhile, he believed that the diesel excise tax waiver will contribute to the Thailand economic growth.



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