Recovery pushes govt revenue past target

  Revenue in February alone totalled Bt138.98 billion, 5.6 per cent higher than targeted, he said.
As the economy has recovered, it has led to high imports of goods, resulting in higher revenue from collections of value-added tax and import tariffs, he said. VAT collections were above target by Bt5.78 billion and import tariffs by Bt1.68 billion.
However, revenue from oil tax plunged by 28.6 per cent because the government extended the exemption on diesel, he said.
Car tax revenue slightly missed the target last month, totalling Bt8.37 billion as carmakers recovered from the flood disaster, he said.
Corporate-income-tax receipts surged 44.6 per cent, largely because of delayed tax payments due to the floods.
Net government revenue in the first five months of the fiscal year – October 2011 to February 2012 – was Bt670.66 billion, 3.9 per cent higher than targeted, Somchai said. It was also 1.5 per cent up from the same period last fiscal year.
The Revenue Department collected Bt491.15 billion, up 9.6 per cent year on year.
That was 2.7 per cent higher than previously estimated, he said. VAT and corporate income tax were major contributors.
The Excise Department’s tax collections totalled Bt141.62 billion, 5.6 per cent lower than targeted and a 24-per-cent decline year on year.
Disruptions in car production due to the floods and the lower rate tax on diesel reduced revenue. However, excise revenue derived from tobacco and beer taxes exceeded target, by 14.4 per cent and 7 per cent respectively, he |said.
The outlook for revenue from car taxes looks bright, as carmakers affected by the floods have started to resume production, he said.
The Customs Department garnered revenue of Bt46.68 billion, exceeding target by 6.6 per cent and 12.6 per cent higher year on year. Growth of imports partly to replace goods and car parts damaged by the floods contributed to high tax revenue.
Transfers from state enterprises rose 18 per cent year on year to Bt46.38 billion.