Thailand’s National Legislative Assembly has voted to earmark two percent of the revenue it receives from alcohol and tobacco excise taxes to the Elderly Fund, which provides pensions for financially-poor seniors, according to a story in the Bangkok Post relayed by the TMA.
This is the fourth time taxes have been earmarked to fund specific programs.
Previously two percent of the revenue from excise taxes was allocated to the Thai Health Promotion Foundation, 1.5 percent was allocated to the state-owned television operator, Thai PBS, and two percent was allocated to the National Sports Development Fund.
The television and sports funds are capped at 2 billion baht (US$60.75 million) each year and the new appropriation is capped at 4 billion baht (US $121.5 million) a year.
Any revenue in excess of the caps revert to the state coffers.
Eligible seniors must be registered with the government’s poverty assistance program, be at least 60 years old and earn no more than 100,000 baht (US $3,037.67) a year.