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Govt. may not have enough budget to cover the year's first car buyer rebates
Bangkok, 8 April 2014, (NNT) - According to a source in the Finance Ministry, the government is likely to exhaust the 40 billion baht of its 2014 budget for rebates in the first car buyer scheme, before completing the year's payments this June.
The source said the Excise Department has paid 30.78 billion baht of the budget to eligible individuals, adding that the remaining 9.21 billion baht would only be enough to make the payments for another one or two months. Some of those eligible to claim the rebate may not be able to receive their money within that time frame.
The source said if the budget is completely exhausted, the government would have to wait until the next round of budget disbursement to set aside sufficient funds for the rebate, pointing out that, given the government’s interim status, the process would take longer as it needs the Election Commission’s approval, on top of the regular procedures.
If the government decides to continue to make the payments, the Excise Department would have to submit a draft budget to the Finance Ministry for consideration and to seek the funds. The source further elaborated that the rebate can be funded by borrowing either tax money or treasury reserves. The borrowed funds would then have to be returned within the course of the next fiscal year as stated by the law.
-- NNT 2014-04-08
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