Government revenue exceeds target, pointing to economic expansion

In 11 months of the fiscal year — from October 2021 to August 2022 — revenue reached 2.25 trillion baht, the ministry said.

“Compared to last year, revenue collection increased 6.8 per cent due to expansion of the economy, which boosted domestic consumption and imports,” Pornchai Theeravet, director of the Fiscal Policy Office (FPO) and the ministry’s spokesperson, said.

The Revenue Department collected 1.86 trillion baht in the past 11 months, increasing by 248 billion baht, or 15.3 per cent, year on year. The department exceeded the target by 14.6 per cent, or 238 billion baht. Most of the increased revenue came from value-added tax and corporate income tax.

The Excise Department, meanwhile, has collected 465 billion baht, down 5.8 per cent year on year, dropping by 28.7 billion baht. The department missed its target by 15 per cent, or 82.2 billion baht. Pornchai attributed the drop to the diesel tax cut in a bid to reduce people’s cost of living.

The Customs Department’s collection of 100 billion baht, was a 7.8 per cent increase year on year, up by 7.03 billion baht. The department exceeded the target by 9.5 per cent, or 8.79 billion baht.

Revenues contributed by state enterprises in 11 months of the fiscal year also exceeded the target by 11 billion baht. Revenue from other government agencies, however, missed the target by 17.1 billion baht, added Pornchai.

The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month.