State revenue in FY2024 misses target by 4 billion baht

The government’s revenue collection in fiscal year 2024, from October 2023 to September 2024, reached 2.79 trillion baht, lower than the target by 4.12 billion baht, or 0.1%, the Finance Ministry said on Friday.

The FY2024 revenue is, however, 4.7% higher than that of the previous fiscal year, said Pornchai Thirraveja, director of the Fiscal Policy Office (FPO) and ministry spokesman.

The Revenue Department is the biggest contributor to the country’s revenue, collecting 2.26 trillion baht in the past fiscal year, lower than the target by 8.57 billion baht.

The Excise Department, meanwhile, has collected 523.67 billion baht, missing its target by 74.32 billion baht.

The Customs Department’s collection of 117.94 billion baht exceeded the target by 3.74 billion baht.

Revenues contributed by state enterprises in fiscal year 2024 also exceeded the target by 44.5 billion baht, recording 219.5 billion baht.

The Treasury Department collected 14.4 billion baht, 2.9 billion baht higher than the target. 

Other government agencies contributed 187.12 billion baht, exceeding the target by 15.1 billion baht.

Pornchai attributed the missed revenue target to the motor-fuel tax cut in a bid to reduce people’s cost of living amid soaring global energy prices, as well as government’s policies promoting the use of electric vehicles.

Furthermore, the rapid appreciation of baht in the last month of the fiscal year has slowed down revenue growth from imported goods (VAT and import customs), he said. 

In FY2024, the government spent a total of 3.54 trillion baht, while collecting revenue of 2.79 trillion baht. It also borrowed 583 billion baht to offset the deficit, resulting in Thailand's balance as of September 2024 standing at 514.1 billion baht.