Thai PM Eyes Revenue Boost for Fourth Quarter

[webfact]

 

Thailand’s government is actively exploring strategies to enhance state revenue, as Prime Minister Srettha Thavisin expresses optimism about the economic outlook for the fourth quarter.

 

The Bangkok-born PM convened a crucial meeting yesterday with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and key figures from revenue collection agencies including the Excise Department, Customs Department, and Revenue Department. Their main agenda was the discussion of measures to boost revenue.

 

Srettha, aged 62, underscored the need to review plans for cutting expenses and increasing income to ensure effective budget management. Alongside this, he mentioned that the Finance Ministry is also considering additional economic stimulus measures. “Revenue collection is an important matter,” Srettha noted, highlighting the collaborative effort to revitalise the economy amidst sluggish GDP growth.

 

The Thai PM expressed confidence in a positive economic outlook for the fourth quarter, though immediate attention is being focused on improving growth in the third quarter. “The budget has now been disbursed, and we will discuss ways to ensure it is spent as quickly as possible,” he confirmed.

 

The National Economic and Social Development Council (NESDC) reported a 1.5% year-on-year growth for the first quarter, which was mildly encouraging though not without its challenges. The NESDC now projects GDP growth between 2% and 3% for the year, a slight downgrade from the previous forecast of 2.2% to 3.2%. Last year saw a growth rate of 1.9%.

 

Finance Ministry spokesperson, Pornchai Thiraveja, revealed that the government collected 1.38 trillion baht in revenue from October last year to April, missing the target by 2.7% or 39.1 billion baht. The Excise Department’s revenue came in at 304.5 billion baht, about 47 billion baht, or 13.4% below target. However, this was 27.5 billion baht higher than the same period last year.

 

Deputy Finance Minister Julapun explained that a significant part of the shortfall stemmed from measures to alleviate high living costs, including a substantial cut in fuel tax, which slashed the Excise Department’s income by roughly 20 billion baht per month.

 

Following the discussion, Finance Permanent Secretary Lavaron Sangsnit indicated that measures are in place to address the revenue shortfall, with plans to collect an additional 10 billion baht, though specifics were not provided.

In sum, Srettha’s administration remains committed to economic improvement and stability, with strategic efforts directed at boosting revenue and managing spending effectively.

 

Picture courtesy: Khaosod

 

-- 2024-06-06

 

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[lordgrinz]

Tax everything, that'll magically fix all the problems, not.

[brianthainess]

18 minutes ago, webfact said:

“The budget has now been disbursed, and we will discuss ways to ensure it is spent as quickly as possible,” he confirmed.

 Nah I better not ask how much 'He' got tax free. And I don't mean anyone in government.

[Tropicalevo]

Not many straws left to grasp as the Junta used most of them up during their years of rape and pillage

[Guderian]

Trying to pluck too many tax-feathers from the expat goose is going to leave Thailand seriously short of golden eggs.

[lordgrinz]

3 minutes ago, Guderian said:

Trying to pluck too many tax-feathers from the expat goose is going to leave Thailand seriously short of golden eggs.

 

Yup, I forecast a worse 4th quarter.......betting against the Thai PM, odds are in my favor.

[connda]

Thai PM Eyes Revenue Boost for Fourth Quarter

Thai PM Eyes Ways Of Further Impoverishing The Thai Commoners By Harvesting As Much Public Wealth For The State And Hoovering As Many Satang Out Of The Pockets Of The Poor As Possibly During A Period Of High Inflation Which Is Crippling The Average Thai-on-the-street.

  There - fixed it!

[connda]

9 minutes ago, lordgrinz said:

 

Yup, I forecast a worse 4th quarter.......betting against the Thai PM, odds are in my favor.

Bring back Prayut.

[Pouatchee]

10 to 1 he will come up with a new tax...