Revenue Collection Exceeds Target in First Seven Months

[snoop1130]

 

BANGKOK (NNT) - The Fiscal Policy Office (FPO) reported that the government’s revenue collection in the first seven months of the fiscal year 2022 exceeded its target by 3.7% due to an increase in the volume of product imports in tandem with the economic recovery.

 

FPO Director-General Pornchai Thiraveja stated that the Revenue Department’s collection during the period exceeded the goal due to increased personal and corporate income tax collection. He added that the substantial increase in imports also contributed to the increased value-added tax collection.

 

The government’s net revenue for the first seven months of the fiscal year 2022 was 1.27 trillion baht, exceeding the target by 45.8 billion baht or 3.7%. The total amount of revenue represents a 4.5 percent increase compared to the same period last year.

 

During the period, the Revenue Department collected approximately 1 trillion baht in revenue, an increase of 127 billion baht or 14.5% from the previous year.

 

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The Excise Department, meanwhile, collected 320 billion baht in revenue, a decrease of 3.3% year-over-year or 11.1 billion baht, whereas the Customs Department collected 61.7 billion baht in revenue, an increase of 4.8% year-over-year or 2.83 billion baht.

 

The Excise Department attributed the decrease in revenue collection to the reduction of the diesel excise tax by 3 baht per liter in response to the rising global oil price.

 

The government previously approved the reduction of the diesel excise tax by 5 baht from May 21 to July 20, at an estimated cost to the Excise Department of 19.8 billion baht.

 

Officials anticipate that the total expenditures for the fiscal year 2022 will be close to 3.1 trillion baht, while the total revenue collected by the end of the year will be around 2.4 trillion baht.

 

-- © Copyright NNT 2022-05-26

 

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[ThailandRyan]

It seems that the larger numbers were collected by the customs department, so taxes on imported goods.

3 minutes ago, snoop1130 said:

The government’s net revenue for the first seven months of the fiscal year 2022 was 1.27 trillion baht, exceeding the target by 45.8 billion baht or 3.7%. The total amount of revenue represents a 4.5 percent increase compared to the same period last year.

Comparing a year where there is recovery now ongoing to a time in the past where the country was stagnant, and tourism had not really re-started.  I guess anything as far as an increase is better than nothing but the real issue is that they have created many of the issues themselves.

[Jerno]

Ok!  Let's get going buying those submarines.  Get them before they are gone   Maybe get another useless aircraft carrier.  Or a billion baht retirement fund for Pray-hoot so he will resign.

Edited May 26, 2022 by Jerno
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[RichardColeman]

12 hours ago, ThailandRyan said:

It seems that the larger numbers were collected by the customs department, so taxes on imported goods.

Yes, it appears - like the incoming foreign tourist tax - that their way out of it is to tax anything foreign to make their money

[hotchilli]

Those tariffs come in so handy.

[mikebell]

It must be the ONLY Government Department to achieve its target: the conclusion is Thais are only good at collecting money.