Comptroller-General Short Of Funds To Pay For First-Car Buyer Rebates In April

[sangfroid]

They should just do what the broke Australian government is doing. Borrow $100million a day from the Chinese (not denied by the World's greatest treasurer)...Problem solved

Oh dear! ............ "the broke Australian government" ................. bought to you straight from the shadow (ie opposition) treasurer ........... and with help from Today Tonight and A Current Affair.

>The Coalition's calculation that Australia is borrowing $100 million a day gives a sense of government excess.

But step outside and look at Australia from the vantage point of the rest of the world and the debate looks very strange indeed.

The International Monetary Fund last night released its twice-yearly review of government finances. It shows that Australia's net debt of 9.5 per cent of GDP this year compares with an advanced country average of 76

per cent and an emerging country average of 25 per cent.

Among the advanced countries, only Switzerland, Denmark, Norway and Sweden have lower debts than Australia's. Canada's debts are about four times bigger and Germany's six times larger as a share of their GDP.

The IMF estimates the combined commonwealth and state government deficits will reach 2.5 per cent of GDP this calendar year. This is less than half the advanced country average and only slightly ahead of the

emerging countries.

Adding together both the need to fund the last of the deficit and roll over debt that is maturing shows that Australia will need to borrow the equivalent of 4.9 per cent of GDP this year. This will be the second lowest among the advanced nations, where the average borrowing requirement is five times greater.

In other words, the Australian budget is in the pink of health by the standards used by the IMF to measure any other country in the world.

http://www.theaustralian.com.au/business/opinion/a-credible-path-back-to-surplus/story-e6frg9qo-1226330714317

I am sure the Thailand government would love to be in a similar financial position to the "broke" Australian one.

http://www.dailytelegraph.com.au/news/julia-gilards-gift-to-australia-is-massive-and-growing-debt/story-e6freuy9-1226607195643

[hellodolly]

As usual for this forum there is a readiness jump in boots and all without knowing the detail.

Firstly, it is up to the finance company to approve applications for purchase where finance is required, this is based on the full price and does not factor the rebate.

2nd, the excise is paid at the time of purchase and rebated 12 months following the purchase. (rubi is quite correct here, the money to be paid this April was collected last March).

3rd. If the vehicle is sold within 5 years then the rebate is reclaimed. This no doubt includes repossessions.

4th. The rebate scheme is only available for vehicles below 1500cc produced or assembled in Thailand.

One could argue that the rebate scheme has encouraged buyers into the market. More importantly the scheme has stimulated the motor industry, encouraging foreign investment and creating jobs. Those persons defaulting and having vehicles repossessed or simple selling the vehicle within 5 years will find themselves owing the government.

Those of you that argue that there are too many cars on the road, I suggest you set and example and use public transport or move your high horse somewhere less populated.

I use public transport or walk and I claim it was an ill conceived plan to allow more money into public servants pockets.

Explain to me if you pay 80,000 baht to the government in tax on a car you purchase in April of 2012. Why can they not return you the amount of tax that was agreed too when you purchased the car. In one year the money could have been put in a bank account and earned a little bit of money,

Yet here we are a year later and the government is unable to return to you the agreed amount at the time of purchase even though you had given it to them and in many cases more than the agreed return was to be.

Why was the money not invested in a short term low yield plan instead of pocketed by politicians and the rest spent on rice.

Now they have to borrow more money and pay interest on it when they could have been earning money on it from day one.

Why even try to figure it out when the Finance minister says it is OK to lie and the PM instead of firing him renews his term.

[rubl]

I didn't keep track, but I vaguely remember seeing figures of 1.2 million cars within the scheme and about 72 billion rebate on those car sales. Not sure how long payments/acceptance of new cars can be postponed before loosing the 'right' to the maximum 100,000 Baht excise tax rebate which is normally paid one year after sales payment / registration. First rebate payments were made in October 2012 I think

[Ricardo]

Perhaps the unaffordable repossessed cars might be used as extra rice-storage facilities ?

[MaxLee]

This is Bangkok in the future:

http://4.bp.blogspot.com/_kxPG6y8Qctk/SrORoJ2qGSI/AAAAAAAAMKs/IuqXCvPB_FI/s1600-h/Object+Graveyards.jpg

Edited March 27, 2013 by MaxLee

[lavender19]

Bring on the clowns, don;t bother there here.

Steady on that's an insult to clowns .This is more like it

[EyesWideOpen]

Thank god the money has been siphoned away. So will this put an end to this wacky program ??? Or will people keep buying cars and only realize later there is no money left to pay them?? Too funny for words..... I wait with bated breath for the government to explain where the missing billions of baht is...

[Skywalker69]

Amazing with all these bad policies and yet the baht gets stronger. Is Europe and the rest of the world this bad off that the baht can get stronger with these failed and foolish policies?

Wait, the xxxx will hit the fan.........big time.

Edited March 28, 2013 by metisdead

[Skywalker69]

what many smug posters here over look is that Thailand is not carrying a fraction of thee debt their own countries are carrying.

This is a hiccup in the car scheme, not a major brain fart.

it certainly does not justify the righteous hysteria i am reading here.

What some posters seem to overlook is that the excise tax repayment should be a planned activity related to excise tax received on cars in the scheme sold in March 2012. That's totally unrelated to the country debt level in either Thailand or abroad. Here we simply have a case of mismanagement, bad or no planning. A policy which was ticked off upon the start of it and not on completion.

Mostly planned by the finance guru in Dubai.

[Skywalker69]

No wonder Thaksin"s government is desperate to borrow that 2.2 trillion baht fast, to plug the massive funding black holes. Why do I have the feeling it will all end in tears?

I think he is visualising Yingluck and trying to hide a snjgger !!!!!!

thaksin cries.jpg sniff

Comment to the pic. thaksin cries

To me it´s more like. "Oh my Budda I really love the smell of money on my fingers"

[EyesWideOpen]

With a bit of thought, I just realized that this is a government run Ponzi scheme !!!!! Wow that is pretty cool. That will certainly silence the naysayers who think the government is not very smart ..... :-)

http://en.wikipedia.org/wiki/Ponzi_scheme

"A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation."

" The system is destined to collapse because the earnings, if any, are less than the payments to investors."

Edited March 28, 2013 by EyesWideOpen

[OzMick]

Any buyer struggling with car payments, possibly even a bit behind, and relying on their rebate for "breathing room" will be more than a little miffed if it is delayed, or fails to appear. Losing your car and all the money already paid would have a major influence on voting intention.

[Ricardo]

But how could they drive to the polling-station, to vote and collect their 500B, without their nice new car ?

[Pops]

Well that is good news. Every day under a PTP government seems to start with either a political U-turn; a sob story about lack of money / overspend in various depts; political backstabbing and in fighting that stinks of corruption, criminality, nepotism or stupidity (or combinations of).......Or a hub story!

At least our news is consistent.

Well done, another day starts with 'good news' from PTP led policies.

Get a life.

At least with current government things are moving, unlike with the un-elected democrat led puppet government, which did not achieve much at all.

Also I did not see many open discussions on this forum, about wrong government policy, when they were in power.

Listen; old elite, new elite, it is all flawed, it's politics man !

[MikeOboe57]

Well that is good news. Every day under a PTP government seems to start with either a political U-turn; a sob story about lack of money / overspend in various depts; political backstabbing and in fighting that stinks of corruption, criminality, nepotism or stupidity (or combinations of).......Or a hub story!

At least our news is consistent.

Well done, another day starts with 'good news' from PTP led policies.

Get a life.

At least with current government things are moving, unlike with the un-elected democrat led puppet government, which did not achieve much at all.

Also I did not see many open discussions on this forum, about wrong government policy, when they were in power.

Listen; old elite, new elite, it is all flawed, it's politics man !

Some things aren't moving, like the Thai rice for example. It is sitting and rotting in warehouses. Or the money for the giant flood protection project. It is sitting in someones bank account and works for him (or her). Another thing that shouldn't have moved, the payback for the 1st car scam, has moved to an undisclosed location and is out of reach of the Comptroller.

Yes, three cheers for this "movie" government. And btw no government gets "elected", it is the parliament. And the parliament elects the government.