Fiscal 2024 sees highest revenue for Thai Treasury Dept in 91 years
Revenue growth attributed to expedited leasing contracts, reclaiming unused land and sale of commemorative coins
The Treasury Department reported total earnings of 14.38 billion baht for fiscal 2024, making this the highest revenue earned in 91 years, Deputy Finance Minister Paopoom Rojanasakul said on Monday.
He noted that this figure represents a 57.9% increase from the previous fiscal year’s revenue and is 25.4% higher than projected.
Paopoom attributed this surge in revenue to the department’s expedited bidding and leasing contracts for its properties, as well as the extension of contracts with major tenants. Additionally, the department benefited from land expropriated by key state agencies and the sale of commemorative coins.
He said he has instructed the department to increase its plots for commercial use by 10% by reclaiming underutilised land rented to state agencies.
In fiscal 2024, which ended on Monday, the department had reclaimed 24,000 rai (3,840 hectares) and will soon put it to use for generating more revenue, he said.
The department’s return on assets rose by 3% during the fiscal year, allowing it to maintain its target of collecting 55 billion baht of revenue in five years from 2023 to 2027. Paopoom also said that the department will remain committed to supporting tenants, especially farmers and low-income individuals.
For fiscal 2025, he said, the department is aiming for a revenue target of 11.6 billion baht and plans to offer more affordable leasing contracts to the poor across the country.
Meanwhile, Treasury director-general Chamroen Phothiyod said the revenue collected in fiscal 2024 was 2.88 billion baht or 25.03% higher than targeted.
Of the collected 14.38 billion baht revenue, 13.44 billion baht came from land leasing and expropriations, and the remainder was generated from coin production.
Specifically, 10.60 billion baht came from leasing fees and 3.78 billion baht from additional income, such as the expropriation of land for electric railway projects and the sale of property seized from the Chaophaya Terminal International Co Ltd as mandated by the court.
The department also earned 936.10 million baht from coin production, he added.
