The Ministry of Finance is considering the possibility of reducing the diesel excise tax by 5 baht per liter at the end of this month to alleviate people’s hardships during the current economic situation.
As the government’s current 3-baht per liter excise tax cut expires on May 20, the ministry said it is considering a plan to extend the excise tax cut to alleviate financial pressure on the public due to the Covid-19 pandemic and the Russia-Ukraine conflict.
Since its inception in February, the current tax cut has cost the Excise Department approximately 17.1 billion baht. Officials, however, argued that the losses were reasonable in light of rising inflation and living costs.
According to the Revenue Department, the government’s net revenue stood at more than 1.09 trillion baht during the six months of 2022, exceeding its target by 68.8 billion baht. The department collected 852 billion baht during this period, a 15.6 percent increase over the same period last year. The figure is also 13.5 percent higher than the department’s target expectations.
Despite uncertainties and challenges at home and abroad, Finance Minister Arkhom Termpittayapaisith expressed confidence that Thailand is still on track to meet its fiscal 2022 revenue target of 2.4 trillion baht.