Finance Minister Sommai Phasee has issued a stern warning that Thailand will become mired in fiscal woe if tax reform, particularly the land and buildings tax, fails to materialise. "Without tax reformparticularly the land and buildings tax, fails to materialise. "Without tax reform, I think the country's fiscal status will be in trouble, as in the past we've faced budget deficits, wasted the budgetdeficits, wasted the budget and run up huge debt," he said.