January 17, 2022

Thailand's Finance Ministry supports tax cut on animal feed


Thailand's Finance Ministry is in favour of lowering the tax on animal feed to help rein in soaring food prices, the country's Deputy Prime Minister, Supattanapong Punmeechaow, said on January 14.

Punmeechaow was speaking after a meeting with senior officials of the Finance Ministry, the Energy Ministry, the Bank of Thailand and the Office of the Economic and Social Development Council.

He said that some categories of goods may be adjusted and measures were needed to control prices. He added that there was fluctuation of prices in some categories of goods. Product prices were rising as the economy started to recover. This led to rapid consumption growth, according to Punmeechaow.

During the pandemic, production of some goods had halted but this was only for a certain period, he said. He explained that lowering the tax on animal feed could help pull in food prices, particularly the cost of meat.

"If a tax reduction on animal feed does not put an added burden on the government, we will consider it,'' the deputy prime minister said.

- Bangkok Post