Finance Ministry expects 100 billion baht boost in tax-revenue target
The Ministry of Finance projects that the government's tax revenue for fiscal year 2023 will exceed the target by at least 100 billion baht, according to the newly appointed Deputy Minister of Finance Krisada Chinavicharana.
This surplus is due to the additional 60-70 billion baht generated from various government sources, despite a loss of 15 billion baht in diesel fuel taxes.
Economic growth, particularly the return of foreign tourists and increased domestic consumption, has also contributed to the higher than forecast revenues.
The reduction of the excise tax on diesel fuel by 2.50 baht per litre – which starts on September 20 and runs until the end of the year – is expected to cause a loss of 15 billion baht in revenue for the Finance Ministry. This loss will be spread over fiscal years 2023 and 2024.
Revenue Department Director-General Lawan Sangsanit said that tax revenue collection by the department is expected to exceed the target by about 180 billion baht this fiscal year.
Lawan said several factors will affect tax revenue in the next fiscal year. These include the new government's economic stimulus measures as Finance Ministry expects 100 billion baht boost in tax-revenue target
The Ministry of Finance projects that the government's tax revenue for fiscal year 2023 will exceed the target by at least 100 billion baht, according to the newly appointed Deputy Minister of Finance Krisada Chinavicharana.
This surplus is due to the additional 60-70 billion baht generated from various government sources, despite a loss of 15 billion baht in diesel fuel taxes.
Economic growth, particularly the return of foreign tourists and increased domestic consumption, has also contributed to the higher than forecast revenues.
The reduction of the excise tax on diesel fuel by 2.50 baht per litre – which starts on September 20 and runs until the end of the year – is expected to cause a loss of 15 billion baht in revenue for the Finance Ministry. This loss will be spread over fiscal years 2023 and 2024.
Revenue Department Director-General Lawan Sangsanit said that tax revenue collection by the department is expected to exceed the target by about 180 billion baht this fiscal year.
Lawan said several factors will affect tax revenue in the next fiscal year. These include the new government's economic stimulus measures as wFinance Ministry expects 100 billion baht boost in tax-revenue target
The Ministry of Finance projects that the government's tax revenue for fiscal year 2023 will exceed the target by at least 100 billion baht, according to the newly appointed Deputy Minister of Finance Krisada Chinavicharana.
This surplus is due to the additional 60-70 billion baht generated from various government sources, despite a loss of 15 billion baht in diesel fuel taxes.
Economic growth, particularly the return of foreign tourists and increased domestic consumption, has also contributed to the higher than forecast revenues.
The reduction of the excise tax on diesel fuel by 2.50 baht per litre – which starts on September 20 and runs until the end of the year – is expected to cause a loss of 15 billion baht in revenue for the Finance Ministry. This loss will be spread over fiscal years 2023 and 2024.
Revenue Department Director-General Lawan Sangsanit said that tax revenue collection by the department is expected to exceed the target by about 180 billion baht this fiscal year.
Lawan said several factors will affect tax revenue in the next fiscal year. These include the new government's economic stimulus measures as well as signs that economic growth is slowing.
