Finance Ministry prepares to face global fragile economic recovery

BANGKOK, Feb 27 (TNA) -- As the world is encountering fragile economic recovery, Thailand’s Finance Ministry is preparing to inject more money for state investment, stimulate local consumption and export more to the three Indochinese countries and Myanmar, said Somchai Sujjapongse, permanent secretary for Finance. Mr Somchai said the Thai government realises the problem and has issued several measures to cushion the situation including injecting money on public investment and stimulating local consumption. Admitting that Thailand still has to depend on cross-border trade with Cambodia, Laos, Vietnam and Myanmar as the country‘s exports in January fell 8.91 per cent because economy in Thailand’s key trade partnerships including China and Japan did not perform well, he said. The Ministry of Commerce on Thursday released disappointing figures which showed Thailand’s exports declined by 8.91 per cent year-on-year to 15.7 billion US dollars in January, the worst drop since November 2011 and the 14th consecutive month of decline. Imports in January also fell 12.37 per cent to 15.5 billion US dollars. Mr Somchai said his ministry decided to raise excise tax to increase the government revenue and the Excise Department has been assigned to map out plans to raise excise tax on luxurious goods within the next 5 – 10 years. On the outcome of the study on personal income tax structure, Mr Somchai said the Finance Ministry is considering to charge those who never paid tax. The proposal will be submitted to the government for a consideration. (END)