According to the Fiscal Policy Office (FPO), the government’s revenue collection in the first seven months of fiscal year 2022 exceeded its target of 3.7 percent due to an increase in the volume of product imports as well as economic recovery.
The revenue department’s collection during the period exceeded the target, according to OPS Director General Pornchai Thiraveja, due to increased personal and corporate income tax collection. He also stated that the significant increase in imports contributed to the increase in value-added tax collection.
For the first seven months of fiscal 2022, the government’s net revenue was 1.27 trillion baht, exceeding the target of 45.8 billion baht, or 3.7 percent. Total revenue increased by 4.5 percent over the same period last year.
The Revenue Department collected approximately 1 trillion baht in revenue during this period, an increase of 127 billion baht or 14.5 percent over the previous year.
Meanwhile, the Excise Department’s revenue was 320 billion baht, down 3.3 percent year on year or 11.1 billion baht, while the Customs Department’s revenue was 61.7 billion baht, up 4.8 percent year on year or 2.83 billion baht.
The drop in revenue was attributed by the excise department to a 3 baht per liter reduction in diesel tax in response to the rise in global oil prices.
The government had previously approved a 5-baht diesel tax cut from May 21 to July 20, at a cost to the excise department of 19.8 billion baht.
Total expenditures for fiscal year 2022 are expected to be close to 3.1 trillion baht, with total revenue collected at the end of the year expected to be around 2.4 trillion baht.