The government's net revenue collection for the first eight months of fiscal 2024 was 1.5% below its target.
According to Pornchai Thiraveja, director-general of the Fiscal Policy Office, the government's revenue collection for fiscal 2024, from October 2023 to May 2024, totalled 1.68 trillion baht, which is 26.2 billion or 1.5% less than the target.
The primary reason for the shortfall is reduced excise taxes on diesel and gasoline, while excise tax collection for automobiles and tobacco was lower than expected, he said.
However, revenue collection for the period rose 1.5% year-on-year.
Moreover, if the special revenue of 53.1 billion baht from the previous budget is excluded, this year's revenue collection for the first eight months would be 4.8% higher year-on-year, said Mr Pornchai.
Regarding revenue collection of the three main tax departments during the period, the Revenue Department gathered 1.32 trillion baht, which is 0.6% above its target, while the Excise Department collected 349 billion baht, 13.3% below its target.
The Customs Department tallied 79 billion baht, which is 3.6% more than its target, he said.
Revenue was also collected from other agencies and state enterprises.
For the fiscal 2025 budget, which is being vetted by the House of Representatives, the government set an expenditure budget of 3.75 trillion baht and a revenue target of 3.45 trillion.
On Wednesday, Prime Minister Srettha Thavisin outlined the fiscal 2025 budget bill expected to jump-start Thailand's sluggish economy as the House of Representatives began a three-day debate.
The budget is meant to help the economy grow to its full potential, Mr Srettha told the House meeting. The economy is expected to grow 2.5-3.5% in 2025, with inflation projected at 0.7-1.7%, he said.
Earlier this month, Mr Srettha expressed confidence the economy would improve in the fourth quarter, though the government remains focused on how to improve growth in the third quarter.