Govt meets revenue target in first month of fiscal 2025

The government’s revenue collection in October, the first month of fiscal year 2025, exceeded the target by 0.1% or by 171 million baht, the Fiscal Policy Office (FPO) reported.

Pornchai Thiraveja, FPO director-general, in his capacity as the Finance Ministry’s spokesman, said on Thursday that the government had collected 205.34 billion baht in net revenue in October, which was slightly higher than the target.

Net revenue collection in October is, however, lower than for the same period of last year by 22.92 billion baht, he said.

The FPO reported revenue collection of the three tax departments in October 2024 as follows:

1. The Revenue Department collected 146.6 billion baht, 1.4% higher than target and 4.59 billion baht higher than the previous year.

2. The Excise Department collected 35.72 billion baht, 2.2% higher than target but 6.98 billion baht lower than the previous year.

3. The Customs Department collected 9.97 billion baht, 5% higher than the target but 238 million baht lower than the previous year.

The Finance Ministry expects that the government's net revenue collection for fiscal 2025 will be close to the target, based on the improving economic trends driven by various factors, said Pornchai.

These factors include the growth in public consumption, state and private investment, and the continuous expansion of the tourism sector, as well as various economic stimulus measures implemented by the government.

Additionally, improvements in revenue collection efficiency will be key factors contributing to the increase in the government's net revenue, he said.

Thailand’s financial balance in October 2024 stood at 270.56 billion baht, with net revenue of 205.09 billion baht and total budget disbursement of 586.92 billion baht.