Govt to reduce oil excise taxes if global price hits US$ 70-80/barrel

BANGKOK, 31 July 2009 (NNT) – Oil excise taxes may be reduced if the global oil price increases to 70 to 80 USD per barrel, according to Finance Minister Korn Chatikavanij.

Mr Korn said the Government would consider decreasing the oil excise taxes to help relieve burdens of people as the global oil price was aggressively volatile due to the current economic situation. The Government was ready to explain its decision to include the Excise Tax Tariffs bill in the agenda of the special parliamentary session in August this year, he added.

The minister also expressed confidence that the 2009 revenue collection would be less than the projected target by only 170 billion baht. The ministry earlier forecast that the revenue would be lower than the target by 280 to 300 billion baht.