The Move Forward Party, the leader of the coalition tipped to form the next government after the May 14 election, has proposed using zero-based budgeting (ZBB) to replace the current practice, which the party has blamed for the poor response to the people’s needs due to bureaucratic red-tape.

 

What is zero-based budgeting? 

 

The party says while traditional budgeting calls for incremental increases over previous budgets, the ZBB is a budgeting process that asks state officials to create a budget from the ground up, starting from zero, in responding to urgent needs and challenges every year.

 

According to the Government Finance Officers Association, a research and consulting center in the US, the ZBB was very popular in the late 1970s, and there has been a renewed interest in the idea due to the fiscal constraints experienced by the United States.

 

What the Budget Bureau thinks

 

Chalermphol Pensoot, director of the Budget Bureau, told the media recently that discussions would be held with the new government about ZBB. In Thailand, four organizations participate in drafting the annual budget bill — the Finance Ministry, the National Economic and Social Development Council, the Bank of Thailand, and the Budget Bureau.

 

Full story: https://www.thaipbsworld.com/zero-based-budgeting-cant-tide-over-challenge-of-increasing-revenue/

 

-- © Copyright Thai PBS 2023-05-31

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

Thinking outside of the box.... go MFP