Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus

[webfact]

 

The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old.

 

Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8% surge from the previous year’s growth rate of 4.9%. This leap also exceeded the target set by them by 122 billion baht, boosting the Thai economy.

 

The revenue surge in the Thai economy can be traced to multiple sources, as explained by the tech and marketing whizz. The largest contributor was the Revenue Department of the country, amassing 1.3 trillion baht – this was 134 billion baht more than the original target, marking an 11.5% rise, and a 4.4% increment in relation to the same timeframe in the previous fiscal year. The director-general pointed out that the thriving Thai economy triggered an increase in individual tax, corporate tax and value-added tax.

Additionally, the Customs Department reported a collection of 87 billion baht, which was 16.5 billion baht more than its target. This sparks a 23.5% hike and is a 22.4% rise when compared to the same period in the previous fiscal year. The department’s accomplishment was mainly due to an increase in the value of imports, delayed customs duties and imports’ turnover tax based on legal proceedings.

 

By Alex Morgan

Photo: Thai Revenue Department, Freepik

 

Full story: https://thethaiger.com/hot-news/economy/thai-governments-fiscal-income-beats-projections-with-122bn-baht-surplus-2

 

-- © Copyright Thaiger 2023-06-27

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

[flyingtlger]

I wonder if that surplus will be used to help the general public and people in need....Sadly, I doubt it.

[zzaa09]

1 minute ago, flyingtlger said:

I wonder if that surplus will be used to help the general public and people in need....Sadly, I doubt it.

Stole the words right outta my mouth.

Booming for whom......?

[nikmar]

24 minutes ago, flyingtlger said:

I wonder if that surplus will be used to help the general public and people in need....Sadly, I doubt it.

absolutely - my first thought. One would hope that the divide between rich and poor would lessen, but, well ......

[bob smith]

16 minutes ago, zzaa09 said:

Stole the words right outta my mouth.

Booming for whom......?

I think we all know..

[mikebell]

BP reports this morning that the gap between the haves & have-nots has widened with over 6% in the chronically poor category.  This story should provide hope but as ALL previous posters say; it won't.

[WHansen]

oink oink oink, feeding time

[hotchilli]

6 hours ago, webfact said:

The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht,

 

[vivananahuahin]

We all know the communication propaganda, exports -4.8% in may????????

[h90]

7 hours ago, flyingtlger said:

I wonder if that surplus will be used to help the general public and people in need....Sadly, I doubt it.

That surplus is actually money stohlen from the general public in form of taxes. Tax collection vs. what is used from it to help people is total minimal....It is in the best case mostly used for a bloated bureaucracy, military, corruption and a few streets.....

[h90]

7 hours ago, zzaa09 said:

Stole the words right outta my mouth.

Booming for whom......?

maybe for the cleaning woman who now has a workplace again in Phuket.

 

A few month ago the hotel my parents always use was still almost empty and they just started hiring people back and the massage out of the street also got populated again, the small restaurant full again with new staff...so not all for the rich...

[h90]

7 hours ago, mikebell said:

BP reports this morning that the gap between the haves & have-nots has widened with over 6% in the chronically poor category.  This story should provide hope but as ALL previous posters say; it won't.

The first logical and easiest step would be cancel the taxes for the poor....It is a shame to tax people who have hardly enough money for food.

[Goat]

2 minutes ago, h90 said:

That surplus is actually money stohlen from the general public in form of taxes. Tax collection vs. what is used from it to help people is total minimal....It is in the best case mostly used for a bloated bureaucracy, military, corruption and a few streets.....

Most poor dont even pay income tax in thailand. It doesnt kick in until 150,000 per year and is almost insignificant up to 500,000.

It is the hardworking successful people that get lumbered with the tax burden unfortunately.

 

While the bureaucracy is bloated, the workers in it dont get payed high salaries and the users of most services get hit with user pays charges, often under the table to supplement the low incomes paid to the bureaucracy employees.

 

A lot of negative whining on this thread so far to what is excellent news that should be welcomed. Would you prefer a massive deficit like in your home countries? how is that going to help anyone?

 

Smart people the Thais.

[Cake Monster]

20 minutes ago, vivananahuahin said:

We all know the communication propaganda, exports -4.8% in may????????

Down nearly 8 % Y on Y

[h90]

5 minutes ago, Goat said:

Most poor dont even pay income tax in thailand. It doesnt kick in until 150,000 per year and is almost insignificant up to 500,000.

It is the hardworking successful people that get lumbered with the tax burden unfortunately.

 

While the bureaucracy is bloated, the workers in it dont get payed high salaries and the users of most services get hit with user pays charges, often under the table to supplement the low incomes paid to the bureaucracy employees.

 

A lot of negative whining on this thread so far to what is excellent news that should be welcomed. Would you prefer a massive deficit like in your home countries? how is that going to help anyone?

 

Smart people the Thais.

not income tax, but with everything they buy in 7/11 they pay a 7% tax, if they drink a beer or smoke they pay a fortune.

A rich person can't spend that much more on food than a poor person (yes more but not proportional), so that is a tax that hurts poor much more than rich.

At least the basic foods, rice, meat, water etc should be tax free...don't need the McDonalds and the Coke tax free but the most basic one.

A beer and a cigarette....the only joy of a poor man has more than 50%. Even Hitler who was radical against smoking and drinking didn't want to ban the only little joy people had in the war times. If you earn 300 Baht per day......

[h90]

5 minutes ago, Cake Monster said:

Down nearly 8 % Y on Y

Well I guess all numbers are fake....

Before covid I found numbers of tourism in Thailand from 5 to 25% of GDP....someone just writting some random numbers...

[JonnyF]

Well done Thailand.

 

Hope this strengthens the Baht. 

[Phil1964]

4.8% increase down to imports. 

Thailand taxes to the hilt any imports to protect it's own economy and manufacturing base, (I thought, or am I mistaken on this)? Plus it mentions revenue coming in from previously deferred taxes.

 

Like others say on here this money won't filter down the social classes.

 

 

 

[Eric Loh]

9 minutes ago, Phil1964 said:

4.8% increase down to imports. 

Thailand taxes to the hilt any imports to protect it's own economy and manufacturing base, (I thought, or am I mistaken on this)? Plus it mentions revenue coming in from previously deferred taxes.

 

Like others say on here this money won't filter down the social classes.

 

 

 

Thailand has 14 Free Trade Agreements with 18 countries including all his largest trading partners. 

[PETERTHEEATER]

13 hours ago, flyingtlger said:

I wonder if that surplus will be used to help the general public and people in need....Sadly, I doubt it.

Set aside t o buy new engines for the submarine.