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Draft bills on tax changes ready soon
The Nation


Wisut

BANGKOK: -- The Finance Ministry will propose the legal draft on a buildings and land tax and amendments to the customs and excise tax codes to the Cabinet by the end of this month, while the government's revenue collection was Bt1.1 billion above target for the first four months of fiscal year 2015.

The Excise Department's revenue target for the full fiscal year has been raised by Bt27 billion after the increase in fuel-tax receipts from October to January.

Deputy Finance Minister Wisut Srisuphan yesterday said the ministry would forward three sets of legal drafts to the Cabinet this month: the draft on a buildings and land tax, and proposed amendments of the code of excise tax and the code of customs tax.

The procedure for the establishment of the National Savings Fund, and its opening for membership, will also be proposed to the Cabinet.

The three legal drafts are aimed at improving fairness for taxpayers via legal updates, while increasing revenue for the state, Wisut said. However, the views of both producers and consumers also have to be taken into consideration in getting the right balance of interests, he added.

"Once we adjust the excise tax code, if we do not adjust tax rates, we will earn more revenue, as it will be calculated from retail prices. We have to look through this issue to ensure appropriateness via a balance among the state, producers and consumers," said the deputy minister.

For the first four months of the current fiscal year, government revenue was Bt1.1 billion above target and Bt5 billion higher year on year.

From October to January, the Excise Department recorded revenue Bt1.2 billion higher than the targeted level, while the Revenue Department's revenue came in at Bt15 billion below target and the Customs Department posted revenue Bt2 billion below target.

"The Revenue Department has seen [an adverse] impact from the decline in global crude-oil prices, which dragged down value-added tax on imported petroleum products by Bt3 billion to Bt4 billion per month. However, VAT on domestic consumption continued to expand, reflecting improved consumer confidence," Wisut said.

Recurring expenditure in the four-month period amounted to Bt950 billion, or 44.8 per cent of the overall recurring expenditure budget for the fiscal year, while disbursement of the investment budget came in at Bt68 billion, or 15 per cent of the full-year investment budget.

State indebtedness was about Bt130 billion, or 29.3 per cent of the remaining investment budget.

"Now, about Bt1.3 trillion has been injected into the economy through the government budget, state enterprises and funds. Of the total, about Bt970 billion has come from the budget, and that is a good figure. [Disbursement of] the investment budget also signals significant improvement," he said.

Somchai Poolsawasdi, director-general of the Excise Department, said his agency now targeted a Bt27-billion rise in its revenue to Bt447 billion for the fiscal year, as a result of increased tax receipts on petroleum products.

The department is bringing in about Bt5 billion more each month in fuel-tax revenue, he said.

Taxes levied on other products such as drinks and cigarettes are also showing signs of improvement as a result of festivals such as Chinese New Year, he added.

Although taxes on automobiles were lower than targeted, the decline of Bt1 billion per month is well below the monthly shortfall of Bt3 billion previously recorded.

Automakers expect production to hit a million units this year, up from 800,000 last year.

Source: http://www.nationmultimedia.com/business/Draft-bills-on-tax-changes-ready-soon-30254317.html


-- The Nation 2015-02-18

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Seems as though the current government is doing a great job.

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This is normal The Nation dribble.

Thailand automakers have forecast production for 2015 at 2.2 million units, the same target they failed to achieve last year. Of this they are expecting to sell one million domestically.