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Contribution for oil fuel fund approved by cabinet

Tax rebate to boost tourism for 6 months

The cabinet on Tuesday agreed to seek financial sources from oil refineries to support the Oil Fuel Fund and to offer tax rebates to promote domestic tourism.

They are among a new set of measures aimed at revitalising the Thai economy while helping people affected by high energy prices.

Prime Minister Prayut Chan-o-cha said on Tuesday that the cabinet meeting agreed to ask for cooperation from oil refineries to channel some of their profits into the Oil Fuel Fund for three months starting from July.

The idea was mooted by the government’s economic team last Thursday, with about 8 billion baht of their profits expected to support the fund. 

Gen Prayut thanked the refinery firms that cooperated with the government.

The government also resolved to cap the marketing margin for diesel at 1.40 baht per litre to contain the diesel retail price and will subsidise 50% of the diesel price for three months from July-September if the retail price is more than 35 baht for litre.

The government will also offer tax rebates for companies holding seminars, exhibitions and other activities in the country as it would boost local economy in main and second-tier provinces from July 15 to Sept 14. Perks include a 1.5-time corporate tax deduction for companies holding activities in main tourist destinations and a 2-time deduction in second-tier tourism provinces.

Other measures included:

• Capping retail prices of natural gas for vehicles (NGV) at 15.59 baht per kilogramme from June 1 to Sept 15

• Maintaining retail prices of NGV for taxis in Greater Bangkok at 13.62 baht per kg until Sept 15

• Capping cooking gas prices at 408 baht per 15-kg cylinder for three months from July

• 100-bath discount on cooking gas for state welfare cardholders for three months from July

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