2013 budget deficit initially set at Bt350bn
Thailand is likely to run a budget deficit of Bt350 million in the 2013 fiscal year, based on the Budget Bureau's initial estimate that the government expenditure would be Bt2.45 trillion, upon revenue of Bt2.18 trillion.
The Cabinet is expected to approve the proposal at the mobile meeting during Feb 21-22.
A government source told Krungthep Turakij that the revenue forecast is based on the projection that the economy would expand at 8 per cent in 2012.
In 2012 fiscal year, the expenditures totalled Bt2.38 trillion against revenue at Bt1.98 trillion, which resulted in the budget deficit of Bt400 billion.
The source said that the Finance Ministry expects the three revenue-collection units - the departments of Revenue, Excise and Customs - to generate a total Bt2.284 trillion in the 2013 fiscal year. The government should also earn additional from state enterprises, which would push the revenue to Bt2.494 trillion. After VAT refunds and allocations of taxes to local administrative bodies, the net revenue would be Bt2.18 trillion.
