Tax collections drop to lowest level in Q2

By The Nation

 

 

The Revenue Department’s tax collection hit its lowest level in the second quarter of the 2020 calendar year, director-general Ekniti Nitithanprapas said.

 

Tax revenue in the second quarter fell 29 per cent year on year, after the country went into lockdown to curb the transmission of Covid-19.

 

The Revenue Department had to introduce measures to ease taxpayers’ burden, such as the extension tax-payment deadlines and reduction in withholding tax.

 

However, he said, tax revenue rose 5.7 per cent in the third quarter and economic indicators have also improved. One indicator is the 2.8 per cent rise in VAT revenue in the third quarter thanks to increased domestic consumption, though VAT collected on imports has dropped 18 per cent.

 

He added that revenue collection will not return to the pre-crisis level at least until a vaccine is found.

 

The lack of a vaccine will also make it difficult for Thailand to recover as the country depends mainly on tourism revenue. The Kingdom

welcomes 40 million visitors per year on average generating up to Bt2 trillion in annual income.

 

Source: https://www.nationthailand.com/business/30397055

 

-- © Copyright The Nation Thailand 2020-11-02

 

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7 hours ago, webfact said:

Tax revenue in the second quarter fell 29 per cent year on year, after the country went into lockdown to curb the transmission of Covid-19.

I'm sure CP will chip-in and help Uncle Tu out of a tight spot

9 hours ago, webfact said:

Tax collections drop to lowest level in Q2

I have a "win-taxi" rider friend, I asked him how much income tax he pays, he looked at me a bit strangely then answered 7% every time I buy something.

9 hours ago, webfact said:

However, he said, tax revenue rose 5.7 per cent in the third quarter and economic indicators have also improved.

Rose 5.7% from what?

Certainly not YoY, most likely Q3 revenue is 5.7% up from Q2, which of course is down 29% YoY.

 

And if there is no reliable vaccine? 

17 hours ago, webfact said:

The lack of a vaccine will also make it difficult for Thailand to recover as the country depends mainly on tourism revenue. The Kingdom

I thought, and TV has quoted it, that tourism revenue accounts for no more than 20 %, of GDP hardly a figure that a country depends on to make all its income .

I know the tourism industry  has been hard hit by C19  comes up on TV most days ,but that 20% is not going to break the country. 

4 hours ago, DaveCW said:

And if there is no reliable vaccine? 

Perpetual lockdowns, curfew, 11 Chinese tourists on an STV on the regular.