The government's revenue collection in October, the first month of fiscal 2022, has surpassed its target, indicating an economic recovery, says Fiscal Policy Office (FPO) director-general Pornchai Thiraveja.
The net revenue collection in October was 194 billion baht, exceeding the target by 5.9% and 13.2% higher than the same period last year.
The Revenue Department collected 120 billion baht in October, 6.1% higher than the month's target and 11.9% higher than the same period last year.
The Excise Department collected 37.1 billion baht in revenue in October, lower than the target by 17.2% and down 20% year-on-year.
The Customs Department collected revenue of 7.93 billion baht, lower than the target by 7.7% and down 0.1% year-on-year.
The contribution from state enterprises to government coffers in October was 39.3 billion baht, exceeding the month's target by 15.7% and 112% higher than the same period last year.
Mr Pornchai said the Revenue Department's high revenue collection stemmed from a hefty tax collection of corporate and personal income tax as well as value-added tax in October.
State energy enterprises and Government Savings Bank also contributed high revenue to state coffers for the month.
FPO deputy spokesperson Wuttipong Jittungsakul said the economy in October showed signs of recovery from the previous month, supported by the improving pandemic situation and rebounding economic activities, especially local tourism and private investment.
The export sector in October saw expansion for the eighth month in a row. Exports in US dollar terms in October rose 17.4% year-on-year to US$22.7 billion.
Investment in the construction sector in October, reflected by the sales volume of cement, expanded 2.4% year-on-year and rose 1% from the previous month.