BANGKOK, 2 November 2012 (NNT) -The Ministry of Finance has reported that more than 300,000 people have filed claims for the government’s first-time car buyer tax rebate scheme and that it will likely cost an excess of 30 billion baht by year’s end.

Deputy Finance Minister Tanusak Lek-uthai said since the program was launched in September last year, the total number of claims had added up to 29 billion baht. The ministry has estimated that by the end of this year, the rebate claims would exceed the government’s estimated figure of 30 billion baht.

Tanusak disclosed that about 10,000 applicants had already received the tax rebate worth a total of 849 million baht.

In the 2013 fiscal year, the Ministry of Finance is expected to pay another 18 billion baht in tax refunds under the policy. The deputy minister said 7.5 billion baht has been allocated by the ministry and the Comptroller General’s Department has sought the remaining amount from the central budget.

Read more: NNT