Thai government collects 2.5 trillion baht in 11 months; three tax agencies fall short of targets

The Ministry of Finance on Wednesday reported that during the first 11 months of the 2025 fiscal year (October 2024-August 2025), the government collected 2.504 trillion baht in net revenue. This is 46.865 billion baht (1.9%) higher than the same period last year, but 34.156 billion baht (1.3%) below projections.

Revenue from the three main tax agencies — the Revenue Department, Excise Department, and Customs Department — totalled 2.612 trillion, falling short of budget projections by 100.455 billion baht (3.7%).

Breakdown of shortfalls:

• Excise Department: missed target by 65.763 billion baht (11.8%)
• Revenue Department: missed target by 26.737 billion baht (1.3%)
• Customs Department: missed target by 7.955 billion baht (7.1%)

The main reasons for underperformance include lower-than-expected vehicle tax collections, impacted by the promotion of electric vehicles (EVs) and fewer taxable vehicle sales. Corporate income tax and import VAT collections were also below target, partly due to increased utilisation of duty-free zones and changing economic conditions.

On the other hand, some revenue exceeded projections:

• Other government agencies: collected 41.152 billion baht more than expected (27.4%)
• State enterprises: contributed 20.719 billion baht above forecast (13.9%)

The Ministry of Finance continues to monitor revenue closely to ensure sufficient funds for national development while maintaining fiscal stability.

Regarding the government’s cash position in the first 11 months, total revenue transferred to the treasury was 2.473 trillion baht, while total expenditure amounted to 3.372 billion baht. To cover the deficit, the government borrowed 869.519 billion baht, resulting in a cash balance of 459.859 billion baht at the end of August 2025.