Thai government revenue exceeds target by 112bn baht amid economic recovery

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by Alex Morgan

 

The Ministry of Finance has announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office.

 

The government collected a net revenue of 1.38 trillion baht during this period, exceeding the target by 112 billion baht, which is an increase of 8.9% compared to the 7.4% growth in the same period last year.

 

Government revenue was generated by tax revenue from the Revenue Department, Excise Department, and Customs Department, as well as revenue from the Treasury Department and state enterprises.

The country’s largest tax collection department, the Revenue Department, collected 1.07 trillion baht, which is 11.1% above the target. This was driven by higher corporate tax revenue, value-added tax, and personal tax revenue related to the expanding economy.

However, the Excise Department collected 276 billion baht, which is 16.3% below the target, due to the reduction of the excise tax rate on diesel fuel to mitigate living costs arising from increased crude oil prices in the global market.

 

The Customs Department collected 769 billion baht, surpassing the target by 24.9%, owing to greater import values and retrospective payment of customs duties and turnover tax on imports according to criminal proceedings.

 

Full story: https://thethaiger.com/news/business/thai-government-revenue-exceeds-target-by-112bn-baht-amid-economic-recovery

 

-- © Copyright Thaiger 2023-05-24

 

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