BANGKOK, 9 August 2015 – A new Budget Transfer Act for unspent budget is now being presented to the National Legislative Assembly (NLA), while the law’s imposition should begin next year, a Finance Ministry official has said.
The Permanent Secretary of the Ministry of Finance Rungson Sriworasat has revealed that the Budget Transfer Act has received approval from the Cabinet, and is now being considered by the NLA, while the law is expected to be officially imposed next year.
This new law will allow government agencies to transfer back the leftover disbursed capital in projects that have not proceeded according to plan, for reallocation into other projects.
The Finance Ministry Permanent Secretary has mentioned that the government’s levy by the Excise Department, the Revenue Department, and the Customs Department is likely to miss the 160 billion baht target, but the Ministry of Finance will find other sources of income to compensate the deficit. The ministry’s alternate sources of income may come from state enterprises and income from savings accounts and other funds.
