Government revenue collection in the first 10 months of the 2024 fiscal year fell 1.1% short of the target, the Ministry of Finance said on Tuesday.
Revenue collected from Oct 1 last year to July 31 this year totalled 2.2 trillion baht, 25.2 billion baht below the target but up by 3.3% from the same period a year earlier, said Pornchai Thirraveja, director of the ministry’s Fiscal Policy Office.
He attributed the below-target performance to reductions in the tax rate on diesel and gasoline, as part of the government’s effort to cut energy costs for the public.
Subsidies for consumers to encourage them to buy electric vehicles also affected tax revenue collection, said Mr Pornchai.
On a more positive note, state enterprise contributions to government revenue rose by 27.6% to 174 billion baht in the 10-month period.
With 1.7 trillion baht in tax revenue, the Revenue Department collected 1.9% more than in the previous year.
Excise Department revenue increased by 13.6% to 439 billion baht, while the Treasury Department collected 12 billion baht, a 45.8% increase from a year earlier.