Govt revenue surpasses target
Government revenue reached Bt950 billion in the first seven months of the 2012 fiscal year, Bt37.5 billion above target, according to the Fiscal Policy Office.
Somchai Sajjapongse, director-general of the office, attributed the better-than-expected figures to economic recovery which boosted value-added tax (VAT) as well as corporate and individual income taxes. State enterprises' income repatriation to the government was also higher than expected.
He is confident that Thailand would achieve the goal to generate revenue of Bt1.98 trillion when the fiscal year ends, despite the extension in diesel excise tax waiver.
In April alone, revenue hit Bt139 billion which is Bt5.6 billion higher than target. Individual income tax was Bt2.34 billion higher than target, while import tariffs were Bt1.8 billion above target due to vehcile and car part imports. In the month, PTT also repatriated dividend of Bt10.2 billion to the Finance Ministry, one month ahead of schedule.
Oil excise taxes in the month were Bt5.2 billion below target, due to the extension in diesel excise tax waiver of Bt5.30 per litre.
