BANGKOK: The finance ministry will propose the legal draft on buildings and land tax and amendments to the customs and excise tax codes to the Cabinet by the end of this month. 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.
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.
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.
