Revenue collection for Fiscal 2014 below target



BANGKOK: -- The Fiscal Policy Office said Thursday that revenue collection for Fiscal 2014 year ending September was 8.8% below target.

Gloomy domestic and global economies are blamed for the revenue shortfall.

Fiscal Policy Office director-general Kritsada Jinavijarana said a total of 2.074 trillion baht were collected in the last fiscal year that ended September 30.

The collected revenue was 201.09 billion baht short of projections for the 2014 fiscal year.

He said the three major revenue-generating departments, revenue, excise and customs, collected 10.6% less.

But he said state enterprises and other agencies did better than projected.

He attributed gloomy economies in the country and other countries, as cause for the lower-than-projected earnings.

But he expected improvement economy to support higher tax collection for fiscal year 2015.

The Revenue Department collected a total of 1.73 trillion baht in taxes, 160.73 billion baht, or 8.5%, less than projected. Corporate income tax, value added tax and personal income tax all missed their targets.

The Excise Department collected 382.73 billion baht, 80.96 billion baht, or 17.5%, less than targeted, mainly due to the lower collection of excise taxes on automobiles, fuel and tobacco.

Meanwhile the Customs Department collected 108.84 billion in duties, 22.96 billion baht, or 17.4%, less than expected.

State enterprises contributed 136.69 billion baht to government coffers, which was 20.69 billion baht, or 17.8%, higher than projected. Other state agencies added another 135.95 billion baht to the government’s revenue, which was 19.7 billion baht, or 16.9% higher.

Source: http://englishnews.thaipbs.or.th/revenue-collection-fiscal-2014-target/


-- Thai PBS 2014-10-16

If you have to ask why its leadership like this....

"Commerce Ministry confident price of rice to top 15,000 baht"

http://www.thaivisa.com/forum/topic/768874-thai-commerce-ministry-confident-price-of-rice-to-top-15000-baht/

Might be all those quality tourists.... spending less. You know, the Russians and the Chinese ones. Perhaps a few less Ex-pats staying here now, took their money away after the "Perfect Investigation"

Revenue collection for Fiscal 2014 fell below target by 8.8% with the three major revenue-generating departments, revenue, excise and customs collecting 10.6% less.

This should have been predictable and maybe understated (8.8% vs. 10.6%).

16 June 2014 (NNT) “The Fiscal Policy Police (FPO) has reported that overall tax revenue collections have declined during the first eight months of the 2014 fiscal year…..14.2 percent lower than the same period last year."

FPO Director-General Somchai Sajjapongse said, “the economic situation would improve due to the political clarity resulting from the coup. He said tax revenue collection might be improved in the remaining quarter of the 2014 fiscal year."

Looks like good thoughts and clarity wasn’t enough. But even lower tax collections might be expected for 2015:

16 Sept 2014 (NNT) “The Cabinet yesterday approved the reduction of personal income tax to 5-35 per cent from 10-37 per cent, while corporate income tax has been set at 20 per cent of net profit.”

Maybe continued lower tax collections and increasing government debt for its new subsidy and reduction of stimulus programs for 2015 will motivate the Junta to turn the government over to elected civilian control so it can blame that government for an economic collapse.

Perhaps they should look at collecting the taxes due on all these luxury cars that Thailand's resident hi-sos are driving around or at least recover the smaller fortune of graft kickbacks that are padding the accounts of the current tax officials. That should easily cover any shortfalls in revenues.

It's not that often that one will find the announcement of a problem and the answers on the same page:

• Thai revenue collection for Fiscal 2014 below target
  
• Finance minister admits corruption in tax collection departments
  

Revenue collection for Fiscal 2014 fell below target by 8.8% with the three major revenue-generating departments, revenue, excise and customs collecting 10.6% less.

This should have been predictable and maybe understated (8.8% vs. 10.6%).

16 June 2014 (NNT) “The Fiscal Policy Police (FPO) has reported that overall tax revenue collections have declined during the first eight months of the 2014 fiscal year…..14.2 percent lower than the same period last year."

FPO Director-General Somchai Sajjapongse said, “the economic situation would improve due to the political clarity resulting from the coup. He said tax revenue collection might be improved in the remaining quarter of the 2014 fiscal year."

Looks like good thoughts and clarity wasn’t enough. But even lower tax collections might be expected for 2015:

16 Sept 2014 (NNT) “The Cabinet yesterday approved the reduction of personal income tax to 5-35 per cent from 10-37 per cent, while corporate income tax has been set at 20 per cent of net profit.”

Maybe continued lower tax collections and increasing government debt for its new subsidy and reduction of stimulus programs for 2015 will motivate the Junta to turn the government over to elected civilian control so it can blame that government for an economic collapse.

When you consider that the first 2/3 of the year was under an elected government and the tax collection was down 14.2% and the last 1/3 had enough tax collected to raise the figure up to 8.8% you might want to leave in a non elected government.

It's not that often that one will find the announcement of a problem and the answers on the same page:

• Thai revenue collection for Fiscal 2014 below target
• Finance minister admits corruption in tax collection departments

Also the first step in solving a problem is to admit there is one.

Kudos go to the Thai revenue collection department. Not really some thing they have made a practice of in the past. In there past the policy was to lie if it made the people feel OK. It was sanctioned by the Prime Minister.

northernjohn post # 7.

When you consider that the first 2/3 of the year was under an elected government and the tax collection was down 14.2% and the last 1/3 had enough tax collected to raise the figure up to 8.8% you might want to leave in a non elected government.

Now there is a very painful truth that vividly illustrates the duplicity of the Shinwatra cabal.

Collect every scrap of Thai Baht that the police get---put it into the coffers, could be on target. But this is not revenue earned.??

On the same day the Finance Minister admits corruption in tax collection departments. Hmmmmm!!!!!!

Revenue collection for Fiscal 2014 fell below target by 8.8% with the three major revenue-generating departments, revenue, excise and customs collecting 10.6% less.

This should have been predictable and maybe understated (8.8% vs. 10.6%).

16 June 2014 (NNT) “The Fiscal Policy Police (FPO) has reported that overall tax revenue collections have declined during the first eight months of the 2014 fiscal year…..14.2 percent lower than the same period last year."

FPO Director-General Somchai Sajjapongse said, “the economic situation would improve due to the political clarity resulting from the coup. He said tax revenue collection might be improved in the remaining quarter of the 2014 fiscal year."

Looks like good thoughts and clarity wasn’t enough. But even lower tax collections might be expected for 2015:

16 Sept 2014 (NNT) “The Cabinet yesterday approved the reduction of personal income tax to 5-35 per cent from 10-37 per cent, while corporate income tax has been set at 20 per cent of net profit.”

Maybe continued lower tax collections and increasing government debt for its new subsidy and reduction of stimulus programs for 2015 will motivate the Junta to turn the government over to elected civilian control so it can blame that government for an economic collapse.

When you consider that the first 2/3 of the year was under an elected government and the tax collection was down 14.2% and the last 1/3 had enough tax collected to raise the figure up to 8.8% you might want to leave in a non elected government.

For once rickirs does have a point.

With the previous government having made a mess out of things (they started the personal tax reduction, they had the 'first car owner' scheme, they created the 700++ billion Baht gap at BAAC), and then they 'fled' the scene for the NCPO to pick up the bits and pieces. Had they manged to pass through the 2.2 trillion Baht loan the government debt would have made an even greater mess.

BTW I assume the 1.2 trillion Baht NPLs 'moved' from FIDF to BoT is still a visible bump under the BoT carpet ?

There's plenty of money in Thailand, all stored in pollies living rooms in 1,000 baht notes.