Budget set accordingly to economic condition: Kittiratt
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Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong insisted that the 2014 budget is set accordingly to the economic condition, under the goal to achieve economic stability.
On the first day of the budget bill scrutiny, he rebutted the Opposition's fears that taxes would be raised to finance the spending. He said that taxes would not be raised, unless they are to control unnecessary consumption.
On the diesel excise tax levy, he said that the government will try to maintain price stability after the increase. Meanwhile, he said cooking price must be raised, as subsidies lead to wasteful consumption.
Kittiratt insisted that though the expenditure in 2014 is a new record high at Bt2.5 trillion, it is only Bt20 billion higher than the 2013 budget. He said the spending is set in accordance with the government's revenue collection capability.
In the fiscal year, revenue is expected to be increased by Bt170 billion to Bt2.275 trillion. The budget deficit is set at Bt250 billion, down from Bt300 billion from the previous year.
