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Thailand’s Finance Ministry Surpasses Revenue Target, Collecting 1.95 Trillion Baht in 2023 Fiscal Year

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Thailand's Finance Ministry Surpasses Revenue Target, Collecting 1.95 Trillion Baht in 2023 Fiscal Year

(CTN News) – Thailand’s Finance Ministry has achieved remarkable fiscal success during the first nine months of the 2023 fiscal year, surpassing revenue targets by 136 billion baht.

According to Pornchai Thiraveja, the Fiscal Policy Office and Finance Ministry’s director-general spokesperson, total revenues amounted to 1.95 trillion baht/

This accomplishment has been attributed to increased collections in corporate and personal income taxes, value-added tax, and other sources like mobile phone concessions, investment project profits, and government bond sales.

 Revenue Department Exceeds Expectations with 1.59 Trillion Baht Collection

The Revenue Department has outperformed expectations by collecting 1.59 trillion baht during the same period, marking a notable 4% increase compared to the previous fiscal year. Impressively, this collection was 11.1% higher than the projected assessment, contributing significantly to the overall strong fiscal performance.

Customs Department Achieves Record Collection of 97.5 Billion Baht

The Customs Department demonstrated exceptional performance, collecting 97.5 billion baht, which reflects an impressive 20.5% increase over the same period last fiscal year. The achievement surpassed the projected assessment by an outstanding 23.2%, highlighting the department’s effectiveness in revenue collection.

Excise Department Faces Challenges with 11.1% Revenue Shrinkage

Conversely, the Excise Department encountered challenges during the fiscal year, experiencing an 11.1% decrease in revenues, amounting to 350 billion baht. This decline compared to the same period last fiscal year was 17.8% below the anticipated assessment, indicating the need for potential strategies to boost revenue in this area.

State Enterprises Record 5% Revenue Growth

State enterprises contributed positively to Thailand’s fiscal performance, with revenues amounting to 122 billion baht, representing a 5% increase compared to the same period in the previous fiscal year. Although this growth was slightly below the assessment by 0.5%, it demonstrates the resilience of state enterprises in supporting the nation’s finances.

Other State Agencies Surpass Expectations with 176 Billion Baht Collection

Other state agencies have displayed remarkable growth, collecting 176 billion baht, signifying a substantial 59.7% increase over the same period last fiscal year. Impressively, this collection was 57.2% above the projected assessment, showcasing the successful efforts of various agencies in bolstering revenues.

Government Reserves Reach 1.95 Trillion Baht Amid Spending

All 1.95 trillion baht collected during this period has been added to the government reserves, highlighting prudent fiscal management. However, 2.56 trillion baht was disbursed for various spending initiatives, leading to a revenue shortfall. The government secured 435 billion baht in loans to address this, ensuring continued financial stability.

Conclusion:

Thailand’s Finance Ministry’s robust fiscal performance during the first nine months of the 2023 fiscal year has resulted in a significant surplus, bolstering government reserves to 1.95 trillion baht. Despite certain sectors facing challenges, strong revenue collections from various sources have contributed to this achievement. With strategic financial management, the government remains well-positioned to navigate future economic demands and challenges.

SEE ALSO: Chiang Mai’s ‘THAILAND MEGA FAIR 2023’ Aims to Attract Saudi Arabian Tourists

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