The government's revenue collection in fiscal 2022, which ends on Sept 30, is expected to beat the target by 40-60 billion baht, says Krisada Chinavicharana, permanent secretary for finance.
Mr Krisada said the revenue is expected to exceed the target of 2.4 trillion baht, despite the government continuing with its subsidy for the diesel excise tax this year.
He said the excess revenue will be kept in the government's treasury cash balance, which is expected to reach 550 billion baht at the end of fiscal 2022.
During the first 10 months of this fiscal year, the government's revenue stood at 2.03 trillion baht, exceeding the target by 5.5% or 106 billion baht. It was also 5.8% higher than the revenue generated during the corresponding period last year.
The Revenue Department's collection for the period is higher than the target, in line with the economic recovery, said Mr Krisada.
The Excise Department's revenue in fiscal 2022 fell short of the target because of the government's continued reduction of the diesel excise tax, aimed at easing the burden on the public amid rising energy prices. The reduction in the diesel excise tax cost the state coffers around 50 billion baht this year.
The cabinet approved in July an extension of the reduction in the excise tax on diesel by 5 baht per litre for another two months, running from July 21 until Sept 20.
This followed an earlier endorsement by the cabinet in May to extend the cut in the excise tax on diesel by 5 baht per litre until July 20.
The government decided in February to slash the tax by 3 baht per litre, down from 5.99 baht per litre, from Feb 18 to May 20.
Pornchai Thiraveja, director-general of the Fiscal Policy Office, said earlier the Revenue Department collected 1.67 trillion baht of revenue during the first 10 months of fiscal 2022, exceeding the target by 14.1% or around 200 billion baht.
The Excise Department collected revenue of 428 billion baht during the same period, falling short of its target by 13.9% or 68.9 billion baht, mainly as a result of the reduction in the diesel excise tax this year.
The Customs Department collected revenue of 89.9 billion baht, exceeding the target by 7.6% or 6.38 billion baht.