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100,000 first car buyers may find that they have to wait longer than expected to receive their tax rebates. The Excise Department has reported that it is running out of funds to reimburse people joining the government’s first car buyer scheme within the current fiscal year.
Somchai Pulsawas, Director General of the Excise Department said that the department had been allocated only forty billion baht out of the requested fifty billion for payments due under the scheme. So therefore he was left ten billion baht short.
The tax refund rate was set by the government at 100,000 baht per head which indicates that 100,000 eligible car buyers would be unpaid and would have to wait until a new budget is allocated in 2015.
At the moment, Mr Somchai pointed out that the budget was standing at only 9 billion baht and was being dispensed quickly. In accordance with the rebate applications, another 4 billion baht is set to be paid out this month. With as many as five months left in fiscal 2014, the Excise Department might need to limit the amount of tax refund at only 1-2 billion baht per month if no more budgets are injected by the government.