Govt revenue soars past target in first four months of fiscal 2023
Government revenue collection for the first four months of fiscal 2023 (October to January) surpassed its target by 12.3%, the Finance Ministry’s Fiscal Policy Office (FPO) said on Monday.
FPO director-general Pornchai Thiraveja said revenue was 866.643 billion baht in the first four months, which was also 10% higher than for the same period last year.
Government agencies surpassing revenue targets this year are:
- The Revenue Department with 613.298 billion, or 11% above target, driven by higher corporate tax revenue due to the expanding economy.
- The Customs Department with 47.112 billion, or 32.7% above target, after receipt of excise taxes following rulings in smuggling cases.
- Other agencies, which have received revenue from their revolving funds and concession fees from mobile phone operators and auction of licenses for FM radio frequencies. Some state firms also remitted their income for fiscal 2022, adding to revenue in this group.
In contrast, the Excise Department’s revenue was 14.4% lower than its target of 160.415 billion after the government cut diesel excise tax to reduce the impact of rising prices on consumers.
Excluding the Customs Department and other government agencies, the government collected 57.928 billion in revenue during the first four months of fiscal 2023, 7.8% higher than targeted and 5.6% higher than the previous fiscal year.
