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Thailand considering diesel tax cut extension despite easing fuel crisis

WEDNESDAY, JANUARY 11, 2023

The Finance Ministry is considering whether to extend the excise tax cut of 5 baht per litre of diesel, which is due to expire on January 20. The tax cut was originally imposed last year to suppress soaring pump prices during the fuel crisis, which has now eased. However, the ministry said it was still monitoring the price of fuel in the world market closely.

“Even though the global fuel price has dropped, we have to look at the Singapore market diesel price,” said Finance Minister Arkhom Termpittayapaisith.

He added that the public debt management policy committee, which he chairs, has approved increasing the Oil Fuel Fund’s loan guarantee limit to 110 billion baht, which will be put to Cabinet. He said the move would raise the ratio of public debt to GDP this year from 60.43% to 61.42%, well below the ministry’s fiscal limit of 70%.

Arkhom said it would not be necessary to lift the loan limit to the maximum 150-billion-baht set by Cabinet resolution as the global fuel price crisis is easing and the Oil Fuel Fund is now able to generate revenue.

He added that this year’s budget deficit will remain at 695 billion baht or 3.7% of GDP amid economic recovery and the Finance Ministry’s plans to generate revenue.

Fiscal Policy Office director-general Pornchai Thiraveja said the government generated net revenue of 424.73 billion baht in the first two months of fiscal year 2023 (October to November 2022), exceeding its target by 55.41 billion baht.

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EV committee meeting this month to consider incentives for battery-makers

TUESDAY, JANUARY 10, 2023

The National Electric Vehicle Policy Committee will meet on January 23 to discuss measures to support manufacturers of batteries for electric vehicles (EVs) in a bid to further accelerate EV adoption in Thailand, the the Industry Ministry said on Tuesday.

The measures that have been proposed by the Excise Department include subsidies for battery raw materials, modular battery in which the deteriorated parts can be replaced, and battery pack that is installed under the vehicle’s chassis.

The amount of subsidy will depend on the wattage capacity and type of batteries, said Natthapol Rangsitpol, the ministry’s permanent secretary.

He added that after the measures were approved by the committee, Energy Minister Supattanapong Punmeechaow, who chairs the EV board, will propose the move for Cabinet approval the following day, so that the measures can be announced as soon as possible.

Domestic battery manufacturers have been waiting for government subsidies since early 2022, but the committee has prioritised approving subsidies for EV manufacturers in a bid to attract vehicle buyers, Natthapol pointed out.

In March last year, the Cabinet approved the reduction of import duties for EV up to 150,000 baht on condition that the EV makers must also make them in Thailand later. The measure has resulted in a spike in new EV registrations at over 29,400 vehicles by the end of November 2022 due to lower prices.

Natthapol added that in the next phase the committee would study the possibility of reducing the tax structure of EV battery, which currently has a flat 8% rate.

“The move aims to reduce battery tax to as low as 1% for manufacturers who have implemented recycling technology in their batteries to minimise environmental impact,” he said. “Since the government aims to have up to 700,000 battery-powered EVs on Thai streets by 2030, Thailand will have hundreds of thousands of battery e-waste to deal with in the future.”

Related Stories

Incentives jolt Thai EV market with 25,000 sales expected this year

Mercedes-Benz joins Thailand’s EV subsidy program

Thailand EV sales soar 223% as buyers take advantage of incentives

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Cabinet gives the nod to 3.35 trillion baht budget for next fiscal year

TUESDAY, JANUARY 10, 2023

The Cabinet on Tuesday approved a budget of 3.35 trillion baht for fiscal year 2024, with a deficit of 593 billion baht.

The 2024 allocations are 165 billion baht higher than the previous year’s budget, but the deficit is lower by 102 billion baht.

“The government expenditure for the next fiscal year was proposed by the Budget Bureau,” a source from the government said.

The source added that Prime Minister Prayut Chan-o-cha would deliver his policy initiatives on expenditure to government agency executives this week.

According to four state economic agencies – the Budget Bureau, the National Economic and Social Development Council, the Bank of Thailand and the Finance Ministry – the government is expected to generate net revenue of 2.75 trillion baht in fiscal year 2024, up 10.7% compared to fiscal year 2023.

The four agencies expect inflation in fiscal year 2024 to be in the range of 1% to 2%, and the ratio of public debt to gross domestic product at 61.35%.

Related stories:

• Thailand’s 2024 budget of THB3.35trn gets nod from state agencies
• Prayut to study 2024 budget with 4 economic agencies
• Public Health Ministry urged to okay budget amid fear over universal coverage

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Long weekend in May as extra day tagged to Coronation Day

TUESDAY, JANUARY 10, 2023

The Cabinet has approved a special long weekend in May this year in a bid to stimulate tourism.

“Adding Friday to Coronation Day on Thursday, May 4, will make it a long weekend,” Deputy PM Wissanu Krea-ngam said on Tuesday.

He added that this special break was proposed by the Prime Minister’s Office.

The Bank of Thailand has announced 15 bank holidays in 2023.

Also on the agenda for the Tuesday Cabinet meeting was a proposal from the Finance Ministry on properties exempt from land and building tax, a draft public-private partnership on improvement of the Songkhla deep-sea port and financial support for the Marine Department in dredging Songkhla waterways.

The National Higher Education, Science, Research and Innovation Policy Council is also scheduled to propose its budget for fiscal 2024, while Justice Ministry will propose draft ministerial regulations on measures to monitor convicts upon their release.

Related stories:

• Visitors sleep in cars as ‘Switzerland of Thailand’ overflows during chilly long weekend
• Suvarnabhumi Airport offers free parking for Constitution Day long weekend
• Bus company gears up for long weekends, New Year celebrations

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UK and SEC Thailand sign MoU to promote inclusive economic growth

TUESDAY, JANUARY 10, 2023

The MoU aims to promote inclusive economic growth and support Thailand in the transition towards low carbon and sustainable economy. It builds on the previous MoU under which the two parties have been collaborating for the past few years.

Under the previous MoU, the UK and the SEC Thailand worked together with the UK providing technical assistance in areas including accounting standards, the development of financial technology (FinTech) ecosystem, sustainable finance such as green bonds and climate risk disclosure for listed companies, e-Know Your Customer (e-KYC) and cybersecurity. 

The new MOU will focus on supporting Thailand to further develop the regulatory environment for the FinTech sector, promote sustainable finance, and increase awareness of sustainable investment in Thailand and other Asean countries. 

The cooperation will be funded by the UK’s ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme, which supports knowledge and expertise sharing and regular practices on financial technology and sustainable finance. 

Ruenvadee Suwanmongkol, Secretary-General of SEC Thailand, said: “FinTech and sustainable finance are key areas emphasized by SEC Thailand. We strongly believe that the new MoU with the UK Government will support the enhancement of the financial ecosystem as well as promote the development for inclusive and sustainable economic growth.”

Recognising the partnership, Mark Gooding, His Majesty’s Ambassador to Thailand, said: “Financial services are a key driver of the modern economy. We are proud to take another step in our long-time partnership with SEC Thailand with a particular focus on the cutting edge of finance: FinTech and sustainability.”