PUBLISHED: 23 Jun 2024 at 04: 00
The 3.75- trillion- bass budget bill for the 2025 fiscal time sailed through its first studying in the House of Representatives on Friday night with 311 votes of support, 175 against and two abstentions.
A 72-member special House committee with people from the government and opposition parties was established to review the legislation. 18 of the members of the committee are cabinet members and 54 are criticism and government representatives. It will keep its second meeting tomorrow, and it has 30 days to finish its function.
Deputy Prime Minister and Commerce Minister Phumtham Wechayachai thanked the Members for their suggestions during the three-day discussion and urged the particular House committee to take their suggestions into account as it moves forward with its tasks.
He claimed that the government would make sure that the limited budget was effectively used and in the public’s best interest, noting that the government’s 2025 fiscal year’s spending plan was intended to promote financial growth.
Pita Limjaroenrat, the head of the Move Forward Party ( MFP), presented the government with a five-point proposal that included a detailed plan for revenue collection, debt management, tax reform, and a transparent budget-making process.
He suggested that the people should be encouraged to observe the work to ensure accountability and transparency and that the chair of the unique House committee overseeing the budget bill is usually a authorities representative.
On May 28, the government approved a budget fair 3.75 trillion ringgit for the 2025 fiscal year, which will launch on Oct 1 and ending on Sept 30 next month.
The spending may be financed by 2.88 trillion baht of tax revenue and a payment to make up for the estimated 865 billion baht of budget deficit for the fiscal year 2025.
Some 152.7 billion ringgit of the funds is earmarked to finance the president’s 500- billion- bass digital wallet handout.
According to the government, although the deficit is higher this year, 908 billion baht is set aside for investment, representing a 27.9 % increase from the 2024 fiscal year.