The House of Representatives on Tuesday night voted 258 to 180 to pass the 3.18-trillion-baht budget bill for fiscal 2023, after five days of delayed deliberation.
Debate on the second and third readings was delayed by a lack of quorum.
The bill will next be forwarded to the Senate for a final review before it is sent back to the cabinet which will seek royal endorsement. It must be published in the Royal Gazette before the budget law takes effect.
The Senate has no authority to make any change to the act passed by the Lower House and is required to finish its review within 20 days.
The House committee vetting the bill made recommendations upon approving the bill, including that the government should consider finding more sources of tax revenue.
The committee also suggested the government enhance its efficiency in collecting land, inheritance, windfall and capital gains taxes on stocks, while exploring ways to raise the number of taxpayers from the 10 million it has now.
More efficiency is needed in how the government spends the 4.5 trillion baht in revenue each year which is not required to be sent to the Ministry of Finance, it said.
The budget act is the fourth and last of this government as its four-year term is due to expire during the next fiscal year that starts on Oct 1.
Prime Minister Prayut Chan-o-cha thanked the House for approving the budget bill and promised to heed all recommendations attached, said deputy government spokeswoman Traisuree Taisaranakul.
The fiscal 2023 budget will be spent mainly on the government's bid to revive the economy in the aftermath Covid-19, she said.
With the new budgetary plan approved, the government will be able to accelerate its economic master plan and other economic and social development plans, she said.
The budget law is a crucial tool for the government's work to build social and economic security, said Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow.