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2 August 2009

Thailand may cut excise tax on oil price hike

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Thailand Finance Minister Korn Chatikavanij said recently that should oil prices increase to stay at $70-80 per barrel, the government might consider cutting the oil excise tax to help ease the public’s burden and refineries production costs, reported state news agency TNA.

He said fuel prices in the world market had now fluctuated heavily in tandem with the global economic volatility.

Simultaneously, the government is ready to clarify in the House of Representatives the Excise Tax Tariffs Bill to be raised for consideration at the extraordinary House session in August.

Korn said the Finance Ministry is confident its collection of revenue for fiscal 2009 would miss the target by only 170 billion baht against the 280-300 billion baht expected earlier. (1$=34.5 baht)

He attributed the better-than-projected revenue collection to the improved economic conditions. It enabled the government to use the loan amount of Bt 800 billion obtained through the Loan Act to offset the budget deficit in a smaller amount.

The government pledged to use the rest of the budget to invest for the maximum benefit of the public in the future, he said.


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