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Cabinet Extends Diesel Excise Tax Cut For Four Months

THAILAND

The Thai Cabinet decided to extend a diesel excise tax cut for another four months through May 20 to mitigate the impact of higher energy prices on consumers as they struggle with heightened costs of living.

  • Deputy Finance Minister Santi Promphat told reporters that keeping the THB5/litre tax cut will cost no more than THB40bn in lost revenue, but this will not affect the tax collection target for the current fiscal year, due to above-forecast proceeds in October and November.
  • The Bangkok Post reported cited Finance Minister Arkhom as noting last week that Thailand's debt-to-GDP ratio rose to 61.4% in FY2023, exceeding the initial estimate of 60.4%, owing to the inclusion of the total guarantee for the Oil Fuel Fund's borrowing.
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