Govt revenue falls short by 26-bn baht in 9 months of fiscal 2024
Thailand’s earnings fell 1.3% short of target due to reduced excise taxes on diesel, petrol and electric vehicles
Government revenue in the first nine months of fiscal 2024 is 1.3% or 26 billion baht below target, the Fiscal Policy Office chief said on Monday.
Pornchai Teeravej, FPO director-general, said the government had earned a total revenue of 2.01 trillion baht from October 2023 to June this year, which was 1.3% below the target.
This shortfall occurred at the Excise Department due to living cost subsidy measures, which included the reduction of diesel and petrol excise taxes.
The department also lost much of its revenue because the government implemented measures to reduce excise tax and subsidise the price of electric vehicles, Pornchai added.
However, he said, the Finance Ministry can easily make up the shortfall in the remaining months of the fiscal year, which ends in September.
The revenue collected in the first nine months of fiscal 2024 by different agencies is as follows:
- Revenue Department: 1.61 trillion baht, 8.02 billion baht above target
- Excise Department: 393.88 billion baht, 58.53 billion baht below target
- Customs Department: 88.43 billion baht, 2.80 billion baht above target
- State enterprises: 156.35 billion baht, 7.4 billion baht above target
- Other agencies: 131.32 billion baht, 2.86 billion baht above target
Pornchai added that the government has borrowed 428.17 billion baht to make up for the budget deficit and had 449.98 billion baht cash on hand as of the end of April.
