Fri, October 22, 2021

business

Tax collection of 3 departments misses target by over THB300 billion amid Covid crisis


The Revenue Department has collected THB1.87 trillion in taxes for fiscal year 2021 (ending September 2021), missing the target by approximately THB215 billion.

“The Finance Ministry had earlier this year set a collection target of THB2.085 trillion for the department,” said Ekniti Nitithanprapas, director-general of the Revenue Department. “However, this number was later adjusted down to THB1.75 trillion when factoring in the impact of Covid-19 that has escalated in Thailand since April.”

Ekniti said the department had been focusing on collecting taxes from businesses that were yet to be affected by the outbreak, such as hospitals and medical supplies.

“Furthermore, we have been using data analytics technology to tax those who were previously not included in the taxation system, which has helped revenue to surpass the adjusted target by about THB120 billion,” he added.

Meanwhile, the Excise Department has reported revenue collection of THB540 billion in fiscal year 2021, lower than the expected THB630 billion.

The department still could not achieve the Finance Ministry’s adjusted target due to the worsening Covid-19 situation, which has been lowered to THB550 billion.

Department director-general Lavaron Sangsnit said the government’s lockdown orders to prevent Covid-19 from spreading further have significantly reduced fuel consumption in the transport sector and therefore affected the collection of oil fuel tax, which is the department’s major source of revenue.

Customs Department director-general Patchara Anuntasilpa meanwhile said his department had collected THB102 billion in tariffs for fiscal year 2021, slightly lower than the original target of THB104 billion but higher than the adjusted target of THB100 billion.

“As for the next fiscal year, the department has been given the same target of THB100 billion, which we are confident we can achieve as the unlocking of economic activities in many parts of the country will lead to increased imports of capital goods,” Patchara said.

“Furthermore, Thailand is likely to import more agricultural products from neighbouring countries to supplement domestic supplies that have been affected by the flood situation,” he added.

Published : October 14, 2021

By : THE NATION