Thailand's revenue collection falls short of target, with 3 departments missing goals by over 55 billion baht
Thailand's government revenue for the first 8 months of FY 2025 fell short by 12.75 billion baht, with three tax departments missing their targets, impacting overall collection.
The Ministry of Finance reported on Thursday that government revenue collection for the first 8 months of the fiscal year 2025 (October 2024 to May 2025) totalled 1.7 trillion baht, which is 12.75 billion baht, or 0.7%, lower than the target. However, compared to the same period last year, revenue increased by 28.83 billion baht, or 1.7%.
The shortfall in revenue collection was primarily due to lower-than-expected tax collections from vehicle taxes, corporate income tax, and VAT on imports.
Revenue from the three main tax departments—Revenue Department, Excise Department, and Customs Department—totalled 1.78 trillion baht, falling short of the target by 55.62 billion baht, or 3.0%. The breakdown is as follows:
- The Revenue Department collected 7.79 billion baht less than the target, or 0.6%.
- The Excise Department collected 41.99 billion baht less, or 10.6%.
- The Customs Department collected 5.83 billion baht less, or 7.1%.
The shortfall in corporate income tax collection was partly due to some businesses switching to filing and paying corporate income tax via online platforms, with deadlines for submissions extending into early June 2025.
However, the revenue from state-owned enterprises and other government agencies exceeded expectations:
- State-owned enterprises contributed 23.03 billion baht, or 21.5% more than the target.
- Other government agencies contributed 17.6 billion baht, or 14.7% more than the target, including 16.19 billion baht from other government bodies and 1.4 billion baht from the Treasury Department.
The Ministry of Finance confirmed that it will continue to closely monitor and manage revenue collection for the remainder of FY 2025 to ensure fiscal stability and support government policies.
In terms of cash-based fiscal performance, the government collected a total of 1.64 trillion baht in revenue and spent 2.59 trillion baht in budget disbursements. To cover the budget deficit, the government borrowed 777.12 billion baht, leaving a cash balance of 338.54 billion baht at the end of May 2025.
