Thailand’s delayed 2024 budget bill presented in Parliament

The delayed budget bill for this year, amounting to 3.48 trillion baht (US$101.52 billion), was presented today by Prime Minister and Finance Minister Srettha Thavisin in the House of Representatives. This event marked the start of a three-day debate among lawmakers.

PM Srettha emphasised the importance of the budget to Parliament.

“The budget is crucial in moving the economy forward.”

According to PM Srettha, Thailand’s economy is forecasted to grow between 2.7% and 3.7% this year. He also projected that inflation rates would likely fall within the range of 1.7% to 2.7%.

Parliament is set to vote on the budget this week, with the expectation of it being finalised by early May, reported Bangkok Post.

The economic growth of the country from July to September last year was significantly below the expected 1.5%, marking the slowest growth pace this year. This was largely attributed to poor performance in exports and government spending.

In related news, the Thai government announced a tax reduction on local alcohol as part of a wider review of laws hindering domestic tourism and economic growth.

Revealed yesterday at Government House, the Thai PM stated that the restructuring of excise and various national taxes, including reducing domestic alcohol tax to 0%, formed part of their strategy to stimulate the tourism and economy of the country.

Ministry of Finance Secretary Lawan Saengsanit reported the department is ready to announce measures to promote Thailand as a central hub for tourism and spending.

The initiatives include adjusting the tax structure on alcoholic beverages and local spirits, as well as considering the abolition of duty-free shops at all inbound airports.

The aim is to encourage Thai citizens and foreign tourists to spend and purchase more within the country, rather than from duty-free shops. For the fiscal year 2023, the Eexcise Department collected a total of 177,596 million baht (US$5.19 million) in alcohol, beer, and beverage taxes. Read the full story HERE.