The Finance Ministry is confident that revenue collection for fiscal 2024, which ended on Sept 30, met its target as collections gradually improved, bolstered by higher contributions than expected from the Revenue Department and state-owned enterprises.
Pornchai Thiraveja, director-general of the Fiscal Policy Office, said the latest report on net revenue collection from the Finance Ministry indicates for the first 11 months of fiscal 2024 (October 2023 to August 2024), the government collected net revenue (after tax refunds) of 2.452 trillion baht, which is 17.4 billion baht or 0.7% less than the target.
Mr Pornchai said the shortfall has been gradually narrowing, as it was 2.7% less than the target for the first seven months of the fiscal year.
The ministry is confident revenue collection for fiscal 2024 will meet its target, he said, with final revenue figures for the fiscal year expected to be released at the end of October.
For the first 11 months of the fiscal year, the Revenue Department collected 1.96 trillion baht, up 2.5% year-on-year and 0.4%, or 8.4 billion baht, more than targeted.
The Excise Department collected 482 billion baht for the period, a gain of 10.7% year-on-year, but 12.2% less than the target, or 66.9 billion baht short.
The ministry attributed the shortfall to the recent fuel tax reduction and measures to promote electric vehicle usage as part of the country's preparation for a low-carbon society as Thailand seeks to become a regional hub for EV production.
The Customs Department collected 109 billion baht, a dip of 7.1% year-on-year, but 3.9% or 4.1 billion baht higher than targeted.
State-owned enterprises contributed 190 billion baht, up 32.5% year-on-year, and 11.4% or 19.5 billion baht higher than targeted.
Revenue from agencies that do not collect tax, such as the Treasury Department and other state agencies, amounted to 165 billion baht over the 11-month period.
Although this was a decline of 25.5% year-on-year, it was 3.2% higher than targeted, surpassing the goal by 5.06 billion baht.
As for government spending, disbursement for the period was 2.969 trillion baht.
The government borrowed 508 billion baht to offset the budget deficit, leaving a treasury balance of 450 billion as of the end of August 2024, said Mr Pornchai.