Revenue Department Fails To Meet Revenue Collection Target

[Jai Dee]

Revenue Department fails to meet revenue collection target

The Revenue Department admits that revenue collection in May was lower than expected by 7.6 billion baht due to a drop in profits by banking and financial institutes.

The Director General of the Department of Revenue Sanit Rangnoi (ศานิต ร่างน้อย) revealed that his agency has collected over 200 billion baht in revenues in May, though total revenue was lower than expected by 7.6 billion baht. Mr. Sanit attributed this incident to decreased profits from banking and financial institutes, following capital surplusing by these institutes as part of their new IAS39 accounting system. The Revenue Department's import tax on goods in May was also 1 billion baht lower than expected.

The Revenue Department Director General expressed his confidence that revenue collection in 2008 will adhere closely to revenue collection projections for 2007, at more than 1.14 trillion baht. Economic conditions are expected to improve in 2008, following resolution of the nation's political crisis, the establishment of elections, and disbursement of the year's fiscal budget, resulting in increased investor confidence.

Source: Thai National News Bureau Public Relations Department - 06 June 2007

[cclub75]

Their obsession of stats regarding "real" and "forecasts" is strange.

Taxes collections are directly correlated to the economy (VAT, imports, personal incomes etc.), and in real time of with a very little time lag.

So to say : "taxes collections fails to meet targets" is ridiculous. Of course, they failed ! Otherwise, it would mean that the Revenue Department is able to forecast economic slowdowns, one year before when they make the budget... Anyway.

What is important are the Y-o-Y statistics :

Taxe collections

Fiscal year 2007 : +6.18 % compare to 2006 (7 months)

Fiscal year 2006 : +12.81 compare to 2005

Fiscal year 2005 : +21.34 %

Fiscal year 2004 : +23.03 %

Fiscal year 2003 : +15.29%

http://www.rd.go.th/publish/5999.0.html

The trend is our friend...

Here are the datas by types of taxes

http://www.rd.go.th/publish/6104.0.html

Edited June 6, 2007 by cclub75