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Thailand to keep budget gap plan on Astini News

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& BANGKOK | & Tue Aug 30, 2011 4:43pm IST&

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BANGKOK Aug 30 (Reuters) - Thailand's finance ministry will propose a new budget plan with higher spending and revenue but the same deficit of 350 billion baht ($11.7 billion) for the fiscal year from Oct. 1, a deputy minister said on Tuesday.

The plan projects revenue of 2.05 trillion baht and spending of 2.4 trillion baht, Deputy Finance Minister Boonsong Teriyapirom told reporters.

The previous government planned a budget deficit of 350 billion baht with revenue projected at 1.9 trillion baht and spending projected at 2.25 trillion baht.

The new budget plan will be discussed on Thursday by the ministry, the budget department, the central bank and the state planning agency, Boonsong said.

The ministry wanted the revenue and customs departments to take care for the higher projected revenue, he said.

However, Boonsong said the ministry would not adjust excise taxes on any fuels over the next six months, in accordance with the removal of levy on certain fuel last week.

His comments came after news that the excise department would propose to cabinet a an excise tax rise on gasoline by 3 baht from the current 7 baht.

On Friday the government temporarily removed a a levy on some fuels to bring down retail prices to help reduce costs of living.

The removal cut the retail price of 91-octane by 7.17 baht per litre, 95-octane petrol by 8.02 baht and diesel by 3 baht from Saturday.

The measure was one of the new government's promises during the election campaign. . ($1 = 30.005 Thai Baht) (Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Martin Petty)

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