Bangkok, Cabinet approves top-up of 10,000 baht via Digital Wallet, hoping to stimulate GDP in 2025 by 1.8 percent, with various agencies driving the project. Appoint a sub-committee to control corruption. Mr. Pornchai Teerawet, Director of the Fiscal Policy Office As a spokesman for the Ministry of Finance, it was revealed that the Cabinet meeting approved the 10,000 baht top-up project via Digital Wallet in accordance with the policy committee's resolution of the 10,000 baht top-up project via Digital Wallet to stimulate the economy by promoting the circulation of money in the area and helping relieve the burden. cost of living Raise and develop the quality of life for people who need help, such as vulnerable groups and farmers, so that they can be self-reliant. Creating and increasing career opportunities for citizens and support the development of digital technology innovations for the benefit of the economy and society. The government expects that in 2024 GDP will expand at 2.7 percent per year, lower than many agencies had predicted and considered lower than potential. and is likely to decrease compared to the past, with GDP in the 4th quarter of 2023 shrinking by 0.6 percent. The Thai economy still faces challenges both inside and outside the country, such as geopolitical problems. Uneven recovery of people's income since the outbreak of COVID-19. Household debt is high. and reduce the purchasing power of the people and increase the burden of interest. The global economy is recovering slowly and growing slowly, affecting the Thai economy that relies on exports of goods and services at 69 percent. The government therefore wants to stimulate the economy through the project. To increase money circulating in the economy and distribute it to localities and communities. Focus on maintaining strict fiscal discipline of the state. The government defines the target group as being of Thai nationality as of the month of registration, aged 16 years and over, not having assessable income of more than 840,000 baht pe r tax year or income not exceeding 70,000 baht per month, and having deposits with commercial banks and Specialized financial institutions, totaling not more than 500,000 baht, determines spending between citizens and merchants. In areas at the district level (878 districts), payments must be face-to-face. Payment is required at small shops, including small convenience stores. For spending between stores and stores Requires that stores accepting spending from the public must be small stores. Including a small convenience store. excluding department stores Large national and local retail-wholesale department stores As for merchants, they can receive spending from stores. There are no spatial conditions and store sizes specified. For the purchase of all types of products, you can participate in the project, except for products that cannot participate in the project (Negative List), which includes government lottery tickets. Alcohol, tobacco, cannabis, kratom, kratom, cannabis and kratom products, gift voucher s, cash cards, gold, diamonds, gemstones, gems, fuel. and natural gas. The Ministry of Commerce can consider setting additional negative lists by spending according to the project. Does not include service Regarding the qualifications and conditions of stores that can withdraw cash from the project: Must be stores that are in the tax system as follows: (1) Value Added Tax (VAT) or (2) Personal Income Tax (PIT) only for those who Have assessable income according to Section 40 (8) of the Revenue Code or (3) Corporate Income Tax (Corporate Income Tax CIT). However, merchants cannot withdraw cash immediately after people spend. But merchants will be able to withdraw cash when spending from the second round onwards. The government has created a website. Registration and verification system for citizens and shops Spending system payment system Transaction verification system It has been developed to be able to be used for payments with other banks in an Open Loop manner as well. In terms of financial sources: The re are guidelines regarding financial sources for project implementation, totaling 500,000 million baht, including (1) fiscal year 2025 budget expenditures in the amount of approximately 152,700 million baht (2) project implementation through agencies of State, amount of approximately 172,300 million baht and (3) budget management for fiscal year 2024, amount of approximately 175,000 million baht, project implementation period Starting in the 2024-25 expenditure budget, must not be later than September 2026. In the area of ??preventing corruption A subcommittee has been appointed to set guidelines and conduct inspections, considerations, and decisions regarding actions that may be in violation of the project criteria and conditions. refund Including the processing of various complaints, the Cabinet has also approved the assignment of agencies responsible for implementing the project. According to the resolution of the Policy Committee on various matters such as (1) Ministry of Commerce Responsible for determ ining the types of products that cannot participate in the project (Negative List), conditions regarding stores and methods for applying to join the project. (2) Digital Government Development Agency (Public Organization) and the Ministry of Digital Economy and Society Jointly develop and operate the system for the project. To be consistent with project criteria and conditions This includes creating a website. Registration and verification system for citizens and shops Spending system payment system Transaction monitoring system, etc. (3) Sub-committee on examining actions that may violate the rules and conditions of the project. with the Deputy Commissioner of the Royal Thai Police or Assistant Commissioner of the Royal Thai Police assigned as the sub-committee chairman. Responsible for inspecting, diagnosing, recovering money, making complaints, blaming, and others related to matters that violate the criteria and conditions of the project. In addition, the Policy Committee A subcommittee will be appointed to oversee the implementation of the 10,000 baht top-up project via Digital Wallet (Subcommittee to oversee the project) to determine the details of the project implementation. to be consistent with the objectives Project criteria and conditions that does not violate the framework of various principles as approved by the Cabinet and in accordance with regulations, rules and laws by coordinating the operations of the agencies responsible for the project implementation in various parts to ensure the project implementation It is carried out efficiently, with the Deputy Minister of Finance (Mr. Chulaphan Amornvivat) chairing the sub-committee. and there is a representative of the Department of Internal Trade Representative of the Fiscal Policy Office and representatives of the Digital Government Development Agency (Public Organization) as joint secretary The Cabinet also agreed to assign relevant agencies such as the Budget Office. Ministry of Finance Take action in relation to the source of funds for the projec t. Approval of the assignment of a sub-committee to oversee the project to be established in collaboration with the Ministry of Finance. Ministry of Commerce Ministry of Digital Economy and Society Digital Government Development Agency (Public Organization) and related agencies Publicize and create knowledge and understanding for the public to know the details of the project. Project registration and other related matters The Cabinet meeting emphasized that relevant agencies strictly implement the law. Carry out the project To be transparent and verifiable. If any agency has questions about related laws, they can consult with the Council of State Office for clarity before taking further action in the relevant area. Ministry of Finance as Secretary of the Policy Committee The Cabinet resolution will be formally presented to the Policy Committee. To be able to push forward the implementation of the project, especially Sub-committee overseeing the project Chaired by Deputy Minister of Finance (Mr. Chulaphan Am ornvivat), the project will be expedited to consider and determine the details of the criteria and conditions for implementing the project. additional required In order to be able to develop various work systems in the project to be concrete in the future. Because the Policy Committee There is a policy for citizens and shops to register to participate in the project. Within the 3rd quarter of 2024 and start spending within the 4th quarter of 2024. Source: Thai News Agency
