Thailand: Collection surpasses target in first 7 months

• The government’s revenue collection in the first seven months of fiscal 2022 surpassed its target by 3.7% as a result of the expansion of product import volume, in line with the economic recovery, says Pornchai Thiraveja, director-general of the Fiscal Policy Office.
• He said the Revenue Department’s collection during the period exceeded the target because of higher collection from personal and corporate income tax.
• The significant growth in imported products also contributed to the higher value-added tax collection.
• The government’s net revenue collection in the first seven months of fiscal 2022 stood at THB1.27tr, exceeding the target by THB45.8bn or 3.7%.
• The total revenue amount represents a 4.5% y/y expansion.
• The Revenue Department collected around THB1tr of revenue in the period, an increase of THB127bn or 14.5% y/y.
• The Excise Department collected THB320bn, down 3.3% y/y or THB11.1bn, while the Customs Department collected revenue of THB61.7bn, up 4.8% y/y or THB2.83bn.
• The Excise Department’s lower revenue collection was partially attributed to the government’s reduction of the excise tax on diesel by THB3 to alleviate the impact of the rising global oil price.
• This three-month cut in diesel excise tax ended on 20 May 22 and cost the state coffers THB17bn.
• The government also decided to cut the excise tax on diesel by THB5 from 21 May 22 to 20 Jul 22, which is expected to cost the Excise Department THB19.8bn.
• The government projected expenses of THB3.1tr in fiscal 2022, with a revenue target of THB2.4tr.
• Earlier finance permanent secretary Krisada Chinavicharana said if government revenue exceeds the target, the ministry is ready to spend the excess revenue on mitigating hardships caused by the ailing economy.

External Link : https://www.bangkokpost.com/business/2316022/collection-surpasses-target-in-first-7-months