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Thai Cabinet approves Bt350 billion ($11.6Bn) deficit for 2012

The Cabinet on Tuesday approved a budget deficit of Bt350 billion ($11.6Bn) for the 2012 fiscal year, starting Oct 1, according to Finance Minister Thirachai Phuvanatnaranubala.

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The Cabinet on Tuesday approved a budget deficit of Bt350 billion  ($11.6Bn) for the 2012 fiscal year, starting Oct 1, according to Finance Minister Thirachai Phuvanatnaranubala.

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Of the total budget, annual government spending was approved at Bt2.33 trillion, an increase of 7.4 per cent from the fiscal 2011 budget at Bt2.1 trillion.

Thai Cabinet

Thai Cabinet approves Bt350 billion ($11.6Bn) deficit for 2012

The investment budget, counting for 16.5 per cent of the overall budget, was agreed at Bt380 billion, a 8.1-per cent increase year-on-year.

The next fiscal year’s revenue is aimed at Bt1.98 trillion, a rise of 11.9 per cent from that of Fiscal Year 2011 at Bt1.77 trillion.

The total budget approved was based on economic conditions in 2012 forecast to expand at 4.5-5.5 per cent and have inflation rates at 3-4 per cent.

In this regard, Deputy Finance Minister Boonsong Teriyapirom said among other issues the Cabinet approved on Tuesday were an extended period for a diesel tax cut and the Pheu Thai Party’s first-car project.

The fuel tax cut, which is to last until Dec 31, will affect Excise Department revenues of Bt25 billion, but the government is trying to maintain the tax rate at Bt0.0050 from the current rate of Bt5.31, Mr Boonsong said.

via Cabinet approves Bt350 billion deficit budget for 2012 fiscal year.

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National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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