Thailand's financial and treasury fiscal fundamentals remained solid in the first eight months of fiscal 2023, with revenue collection exceeding the government's target by up to 122 billion baht.
According to government spokesman Anucha Burapachaisri, Prime Minister Prayut Chan-o-cha remains confident the country's economy is continuing to recover, with a robust financial and fiscal status given net revenue collection from October to May exceeded estimates.
The report revealed the government's treasury reserves as of May 2023 exceeded 257 billion baht.
The Finance Ministry said net revenue collection during the first eight months of the fiscal year tallied 1.64 trillion baht, exceeding the estimate by 8% or 122 billion baht.
The figure was 4.9% higher than the amount collected in the corresponding period of fiscal 2022.
According to Mr Anucha, the hefty revenue collection was attributed to higher collection of corporate income tax, value-added tax and personal income tax by the Revenue Department, which expanded in line with the economy.
Other government agencies also generated additional income through the contribution of surplus capital or profit, revenue from mobile telecommunications concessions, excess proceeds from the sale of government bonds as well as revenue from FM radio frequency licences.
The Customs Department also reported higher revenue because of increased values for imports and the payment of retroactive duties following court judgements.
However, revenue collection by the Excise Department fell below the amount estimated because of a reduction in diesel levy rates the entire fiscal year to ease the cost of living as global crude oil prices escalated.
If the extra income from other government agencies and the Customs Department was excluded, the government's net revenue collection exceeded the estimate by 69.2 billion baht or 4.6% for the period, beating the corresponding period in fiscal 2022 by 1.5%, said Mr Anucha.
In addition, the Finance Ministry reported on the government's fiscal status based on cash flow during the first eight months of fiscal 2023.
Total revenue remitted to the treasury was 1.56 trillion baht, while total budget expenditure amounted to 2.22 trillion baht.
The government borrowed 384 billion baht to compensate for the budget deficit, resulting in treasury reserves of 256 billion baht as of May 2023.
"The premier feels upbeat that the pace of Thailand's economic recovery remains on course with positive trends," he said.
"The financial and fiscal status of the country is strong and stable. These figures reflect the direction of the government under strict fiscal discipline, as well as a commitment to addressing public welfare while pursuing stable and sustainable prosperity."