BANGKOK: Thailand’s Cabinet approved a raft of policies yesterday from tax breaks for first-time car buyers to a guarantee on rice prices aimed at lifting the incomes of poorer Thais whose votes swept the new government to power.
Prime Minister Yingluck Shinawatra has said her priority was to stabilise the economy and boost incomes with policies ranging from corporate tax cuts to debt relief for farmers, village development funds and lower fuel prices.
The Cabinet pushed those policies forward yesterday. It also approved a budget deficit of 350 billion baht (US$11.6bil), or 3% of gross domestic product, for the next fiscal year from Oct 1, capped at the same level as that of the previous administration.
“The government is trying to keep the budget deficit at 350 billion baht, the same level as this year’s,” Finance Minister Thirachai Phuvanatnara-nubala told reporters.
The budget projects spending of 2.33 trillion baht (US$77.3bil) and revenue of 1.98 trillion baht (US$65.7bil), higher than previously expected. It assumes economic growth of 4.5%-5.5% and inflation of 3%-4%.
On spending plans, about 384 billion baht, or 16.5% of the total, will be for investment. – Reuters
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