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Thailand considering oil tax cut, finance minister says

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BANGKOK, Sept 21 : Thailand is considering an oil tax cut, Finance Minister Ekniti Nitithanprapas said on Monday.

• Ekniti said cutting the excise tax on fuel would help ease the cost-of-living burden on the public caused by the energy crisis.

• The tax cut is being considered because almost all other measures have been exhausted, he said, noting that Thailand has already cut refinery margins to lower fuel costs and tapped its Oil Fuel Fund to stabilise prices.

• The tax cuts would apply to blended biofuels like E20 and B20, which would help farmers, Ekniti added.

• “Any tax cut would be designed not to affect Thailand’s fiscal position, which is one of the key strengths considered by credit rating agencies,” he said.

• Ekniti said he would also seek approval for an extension to the consumer subsidy scheme at a cabinet meeting on Tuesday.

Source: Reuters

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