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Thailand may raise VAT next year, have bigger budget deficit: finance minister

[BANGKOK] Thailand may raise valued-added tax by at least one percentage point late next year, from 7 per cent, and plans a bigger budget deficit for the next fiscal year, the finance minister said on Monday.

For the 2015/16 fiscal year, the government will need higher spending of around 2.88 trillion baht (US$87.5 billion), so "I think the budget deficit will have to be at least 300 billion baht," Sommai Phasee said reporters.