Govt has higher revenue, higher cash deficit

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BANGKOK, 24 September 2013 The Ministry of Finance reports that the government had a cash deficit of more than 390 billion baht during the first 11 months of the 2013 fiscal year but had higher revenue from increasing value-added tax and car excise tax. 

Spokesman of the Ministry of Finance Somchai Sujjapongse said from October 2012 – August 2013, the government revenue totaled 1.91 trillion baht, higher than the same period last year by 187 billion baht or 10.9%. The increasing revenue was a result of the higher VAT and car excise tax compared to same period last year. The figure shows that the economic slowdown has not adversely affected the government’s tax collection.

The total cash deficit in the 11-month period stood at 390 billion baht and treasury reserves as of August 2013 were at 430 billion baht, the spokesman said. He added that the government’s treasury account balances during the period of 11 months were deemed very stable and its revenue collection was likely to hit target at the end of the year.