Sommai expects local economy to recover soon

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BANGKOK, 10 April 2015, – The local economy is showing signs of recovery given the government collected 1.15 trillion baht in revenue during the first 6 months of this fiscal year, which started from October 2014 to March 2015.

According to the Finance Minister, Sommai Phasee, even though the figure is 3% higher than that of the same period last fiscal year, it fell short of target by 2%.

The Department reportedly collected 61 billion baht in Value Added Tax (VAT) at the end of March –the end of the first half of the fiscal year– an on-year increase of 6.6 %, which signals the recovery of the local economy, said the minister.

Domestic VAT collection increased by 19.5% year-on-year, while VAT collection from imports dropped by 9.5%. The minister attributed the positive signs to the government’s previous stimulus package.