Ministry of Finance Forecasts Significant Surplus in 2023 Tax Revenue

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BANGKOK (NNT) - The Ministry of Finance is forecasting a substantial surplus in government tax revenue for the fiscal year 2023, exceeding the target by a minimum of 100 billion baht.

 

According to Deputy Minister of Finance Krisada Chinavicharana, the surplus is primarily attributed to an additional 60-70 billion baht generated from various government revenue sources. Despite a projected loss of 15 billion baht in diesel fuel taxes, the overall revenue outlook remains positive.

 

Krisada stated that the buoyant economic growth, driven notably by the return of foreign tourists and an uptick in domestic consumption, has played a pivotal role in surpassing revenue expectations.

 

The reduction in the excise tax on diesel fuel by 2.50 baht per liter, effective from September 20 and continuing until the year’s end, is also estimated to result in a 15 billion baht revenue reduction for the Finance Ministry. This loss will be distributed over fiscal years 2023 and 2024.

 

Revenue Department Director-General Lawan Sangsanit reported that the department is expected to exceed its tax revenue target by approximately 180 billion baht in the current fiscal year. Looking ahead, several factors could alter or even impact tax revenue in the coming fiscal year, including the economic stimulus measures introduced by the new government and indications of a slowing economic growth trajectory.

 

by Krajangwit Johjit

 

Source: NNT 2023-09-15

 

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[Tropicalevo]

The 'ripple up' effect of increasing the minimum wage will increase tax revenues, but cause hardship to employers.

ie when the lowest paid have an increase, the more experienced staff also need to have an increase  - otherwise they leave.

[Gottfrid]

Oh! The magical forecasts again. 
 

 

[khunjeff]

"Exceeding the target" is quite different from a "surplus" - they will still need to borrow money to cover the government budget.