Govt blames fuel subsidies for missing its revenue target by 8.8 billion baht
The Finance Ministry’s total net revenue for the first four months of fiscal 2024 came in at 824.12 billion baht, or 8.84 billion baht less than the original target.
Pornchai Thiraveja, director-general of the ministry’s Fiscal Policy Office (FPO), said on Monday that the failure to meet its revenue target from October 2023 to January 2024 was attributed to the Excise Department’s subsidy on petrol and diesel prices.
He said the top three agencies with the highest revenue in the first four months of fiscal 2024 are:
• Revenue Department: 622.69 billion baht revenue, 6.78 billion baht more than target and 1.5% higher than the same period last year
• Excise Department: 172.82 billion baht revenue, 23.74 billion lower than target but 7.7% higher than the previous fiscal year
• Customs Department: 39.97 billion baht revenue, 1.07 billion higher than the target, but 15.2% lower than the previous fiscal year.
The three departments, state enterprises and other government agencies, including the Treasury Department, received a gross revenue of 962.56 billion baht in the first four months of fiscal 2024.
However, the Revenue Department and Customs Department had to pay a tax and customs excise refund of 127.66 billion baht, while the Finance Ministry had to share its revenue of 10.78 billion baht, which brought its net revenue down to 824.12 billion baht.
