THURSDAY, February 22, 2024

Govt revenue for fiscal year is THB151 bn higher than projected

Govt revenue for fiscal year is THB151 bn higher than projected

The real revenue collected by government agencies during Fiscal Year 2022 amounted to 151 billion baht more than projected, a government spokeswoman said on Wednesday.

Ratchada Thanadirek said the revenue for the fiscal year, which ended on September 30, was projected at 2.4 trillion baht but government agencies collected and handed over a total of 2.55 trillion baht to the Finance Ministry.

Ratchada said government agencies managed to collect higher than projected revenue because of increased tax collection from the sale of goods and services, while state enterprises also generated more income.

She said the agencies projected they would borrow about 700 billion during the fiscal year but the actual amount stood at 652.5 billion.

For the fiscal year, the government projected total spending of 3.1 trillion, but actual spending stood at 2.9 trillion, or 8.71 billion baht lower. The actual spending amount excluded 190.5 billion set aside for late reimbursements by government agencies.

Ratchada said the impact from the Covid-19 pandemic prompted government agencies to spend their budgets within the time frames of their projects.

As for the current account, government revenue during the fiscal year was 3.2 trillion baht, while spending was 3.14 trillion, with a surplus of 55.7 billion baht.

The spokeswoman said the government enjoyed a surplus current account because agencies received higher revenue than projected, including personal income tax and value-added tax as well as import and export taxes.

During the weekly Cabinet meeting on Tuesday, Ratchada said, the Cabinet approved six frameworks for the Budget Bureau to prepare for the 2024 fiscal year budget.

Fiscal Year 2024 will see money mainly going for:

- Security

- Strengthening competitiveness

- Human resources development

- Promoting social equality

- Boosting an environmentally friendly quality of life

- Bureaucratic development.