Kittirat: Oil Fund collection can be cut immediately

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BANGKOK, 13 August 2011  – Deputy Prime Minister and Commerce Minister Kittirat Na Ranong has confirmed that the policy to reduce the amount of collection towards the Oil Fund can be implemented at once while others are awaiting further studies. 

Speaking of economic policies of the Pheu Thai-led government, Mr Kittirat pointed out that one of them that could be put into action immediately was the decrease in the collection towards the State Oil Fund. He affirmed that the policy would help lower oil prices in the country and in turn alleviate people’s suffering from the skyrocketing living expenses.

Regarding the minimum wage rise policy, the Minister noted that the new rate of 300 THB per day was still pending additional discussions with the private sector about its pros and cons. Likewise, he believed the reduction of corporate income tax to 23 percent and the procurement of industrial machinery for production efficiency enhancement would receive a huge amount of support from entrepreneurs and would make them more willing to pay higher salaries.

As for the rice mortgaging scheme, Mr Kittirat viewed that the Government would need to gear up for the upcoming harvest season in November while coordinating closely with all concerned agencies, including the Ministry of Agriculture and Cooperative, the Bank for Agriculture and Agricultural Cooperatives, the Public Warehouse Organization and the Department of Export Promotion.