Finance Ministry to push for amendment of 3 laws to boost state revenues


BANGKOK, 19 Feb 2015 – Deputy Minister of Finance Wisut Srisupan revealed that the ministry would this month push for a Cabinet approval for the amendments of 3 tax collection related laws, in its bids to improve the state revenues.

The three laws include the Land and Housing Tax Act, a law on Excise Tax, the Customs Code. Mr. Wisut said the ministry would also seek the Cabinet’s permission for the establishment of the National Savings Fund and recruitment of fund members.

He claimed these moves would provide fairness to all taxpayers while boosting state revenues. Deputy Minister Wisut mentioned that the excise tax amendment, in particular, would help boost the excise revenue as the new collection would be calculated from suggested retail prices of goods, instead of the factory prices presently.

Tax collections in the first 4 months of this fiscal year were 1.1 billion baht higher than the target, while the government has already spent 950 billion baht or 44.8% of the expenditure budget. Government investment projects have already consumed 68 billion baht, or 15% of the overall investment budget, Mr. Wisut pointed out.