Govt revenue well above target: Kittiratt

 

Through the PM Yingluck Shinawatra's weekly programme, he expressed confidence that the government would achieve the target to generate Bt2.1 trillion in revenue in the 2013 fiscal year, to end on September 30. 

During October 2012 through June 2013, tax revenue hit Bt1.16 trillion, which was above target by Bt82 billion. 

Kittiratt attributed the positive performance largely to the departments of Revenue, Excise and Customs. The three departments' revenue was Bt48 billion above target. 

In the period, revenue repatriation from state enterprises reached Bt34 billion, while the government also earned another Bt82 billion from petroleum exploration loyalty fees and a telecom auction. 

He said that during the period, corporate income tax at Bt24 billion was well below target. He attributed that to the cut in corporate tax rate from 30 per cent to 23 per cent.

Individual income tax revenue in the period totalled Bt24 billion. 

The government sets sight to generate Bt2.275 trillion in revenue in the next fiscal year, which is Bt250 billion below the proposed expenditure.

"The budget deficit in the 2014 fiscal year will be squeezed. Compared to the GDP, the deficit is less than 2 per cent - making Thailand one of few countries (with such a low ratio). This will lead to fiscal discipline... Persistent deficits will cause long-term problems as that will boost the public debt. Thus, the cut in deficit from Bt400 billion should win confidence from the international financial communities," he said.