Government sees over 5 per cent increase in revenue collections
The government collected 911.6 billion baht in revenue in the first five months of fiscal year 2022 (October 2021 to February 2022), a 7 per cent increase year on year, Finance Ministry spokesman Pornchai Thiravej said on Thursday.
The collections exceeded the ministry’s estimates by 5.4 per cent, or THB45.9 billion.
“Most of the revenue is from the Revenue Department which has exceeded its collection target by 13.7 per cent, or THB84.7 billion,” he said.
“All the three main taxes, namely valued added tax, corporate, and personal income taxes have seen increased collections in the first five months of this fiscal year compared to the previous year.”
The Finance Ministry also reported that from October 2021 to February 2022, the government has deposited THB901.4 billion revenue with the treasury, and has disbursed a budget of THB1.42 trillion. To compensate for the deficit, the government has borrowed a total of THB394.4 billion. The country’s treasury reserves as at the end of February 2022 were THB418.5 billion.
Meanwhile, the Bank of Thailand (BOT) reported accumulated losses of THB1.093 trillion at the end of 2021, in an announcement of its currency reserves and banknote operations published on the Royal Gazette website on Thursday.
The central bank reported that at the end of 2021 it had financial reserves worth THB6.449 trillion.
Financial assets include cash and deposits, foreign deposits, gold, holdings, special drawing rights, domestic and foreign securities, loans and other assets.
Thailand’s currency reserves at the end of 2021 stood at THB3.277 trillion, including foreign deposits, gold, foreign securities and other assets.
The BOT also reported that Thailand had THB2.319 trillion worth of banknotes in circulation, plus THB90.1 billion of notes held by the BOT. The issued banknotes are fully backed by assets.
