Government revenue for the first eight months of fiscal 2023 exceeded its target by 122 billion baht as a result of economic recovery and active imports, says Fiscal Policy Office director-general Pornchai Thiraveja.
Mr Pornchai said the government collected net revenue of 1.64 trillion baht for the first eight months of fiscal 2023 (October to May), exceeding the target by 122 billion baht, an increase of 8%, up from 4.9% growth in the same period last year.
The Revenue Department, as the country's largest tax collection department, collected 1.30 trillion baht, exceeding the target by 134 billion baht, or 11.5%, and 4.4% higher than the same period of last year, driven by higher corporate tax revenue, value-added tax and personal tax related to the expanding economy.
The Customs Department collected 87 billion baht, exceeding the target by 16.5 billion baht, or 23.5%, which was 22.4% higher than the corresponding period last year because of greater import values and the retrospective payment of customs duties and turnover tax on imports according to criminal proceedings.
The Excise Department collected 313 billion baht, lower than the target by 65.5 billion baht, or 17.3%, which was 12.4% lower than the same period last year as a result of the reduction in the excise tax rate on diesel fuel to mitigate living costs from elevated crude oil prices in the global market.
Some state firms remitted income of 117 billion baht, beating the target by 89.4 billion baht, or 8.3%, which was 7% higher than the same period last year due to deferred remittances from the previous fiscal year.
Other state agencies remitted income of 160 billion baht to the ministry, exceeding the target by 57.3 billion baht, or 55.3%, which was 55.4% higher than the corresponding period last year, attributed to revenue from their revolving funds, concession fees from mobile phone operators, bond issuance to offset fiscal deficit, and the auction of licences for FM radio frequencies.
For the first eight months of fiscal 2023, the government has already disbursed 2.22 trillion baht, 5% higher than the corresponding period of the previous fiscal year, and borrowed 384 billion baht to cover its fiscal deficit, 22.2% less than the same period of the previous fiscal year.
The treasury balance at the end of May was 256 billion baht, 35.2% lower than the same period last year.
The planning office expects Thai economic growth in 2023 to be 3.6% (as of April 2023), continually increasing from 2.3% last year, and supported by improving domestic consumption and a rebounding tourism sector, particularly in the form of foreign visitors from Asia and Europe.
For this year, 29.5 million foreign tourists are expected to travel to Thailand, an increase of around 165% compared to 2022, generating income of 1.3 trillion baht, a rise of about 256%.
