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Govt tops revenue target with more cash from state and private enterprises
THURSDAY, JANUARY 19, 2023
The government surpassed its revenue target by 13.3% for the first three months of fiscal 2023 (October to December 2022), a senior official at the Finance Ministry said on Thursday.
Pornchai Suravej, director of the ministry’s Fiscal Policy Office, said the government’s total revenue in the quarter was 633.139 billion, an increase of 73.586 billion from the target set in its 2023 Budget Act.
The revenue collected in the quarter also represented a more than 13% increase from the first quarter of FY2022, Pornchai added.
The Finance Ministry has four main revenue streams for collecting money for the state: State enterprises, the Revenue Department, the Customs Department, and other agencies (those with revolving funds).
Pornchai said revenues from state enterprises rose in the first quarter because some had been late delivering profits from the previous fiscal year.
A rise in corporate income taxes due to the economy’s expansion saw increased payments to the Revenue Department.
The Customs Department also collected back taxes following courts decided in its favour in cases where payments were disputed.
Other agencies also received state revenue. For example, the National Broadcasting and Telecommunications Commission received revenue from the sale of mobile phone bandwidth and auction of FM radio licenses.
Pornchai said the revenue from the Excise Department fell short of its target because the government cut the excise tax on diesel by 5 baht per litre to control retail prices.
The Finance Ministry’s revenue in the quarter – excluding that collected from the four revenue streams mentioned above – was about 40.175 billion baht.
This was 7.2% higher than its target and 7.3% higher than the same period in FY2022.