Revenue collection misses target amid tax reductions

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Fiscal Policy Office Director-General Pornchai Thiraveja highlighted an additional 36.6 billion baht in special government income recorded last year as a significant factor in this comparison, stating that excluding this special income, this year’s collection would show a 2.7% increase over the previous year.

The government has reported that its revenue collection for the first four months of fiscal year 2024 (November-February) has not met its target, with a shortfall of 8.83 billion baht, or a 1.1% decrease, bringing in a total of 824 billion baht. This shortfall has been primarily attributed to reduced oil tax revenues following a cut in diesel and gasoline tax rates.



Compared to the same period in the previous fiscal year, the revenue has decreased by 14.9 billion baht or 1.8%. Fiscal Policy Office Director-General Pornchai Thiraveja highlighted an additional 36.6 billion baht in special government income recorded last year as a significant factor in this comparison, stating that excluding this special income, this year’s collection would show a 2.7% increase over the previous year.

A breakdown of the revenue collection by department reveals mixed results. The Revenue Department saw a 1.5% increase from last year, collecting 622 billion baht and surpassing its target by 1.1%. In contrast, the Excise Department’s collection of 172 billion baht, although 7.7% higher year-on-year, fell 12.1% short of its goal. The Customs Department collected 39.9 billion baht, down by 15.2% from last year but 2.7% above its target.



State-owned enterprises contributed 70.8 billion baht in revenue to the Finance Ministry, a slight 2% decrease from the previous year but 12.8% above the target. Despite these contributions, the government’s treasury balance at the end of January stood at 172 billion baht, significantly lower by 48.9% compared to the same period last year. (NNT)