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Friday, December 8, 2023

Tax Revenue Exceeds Initial Estimate for Q1 2023

The Ministry of Finance reported that income totaled 633 billion baht in the first quarter of the fiscal year 2023. The number outperformed the initial projection by 13.2%.

The Revenue Department alone was able to collect up to 446 billion baht, surpassing its objective by 10%, according to the Ministry. This indicates the Thai economy’s recovery in many areas such as business, tourism, and internal consumption, leading in greater economic circulation.

According to the Revenue Department, tax collection for the first four months of fiscal year 2023, from October 2022 to January 2023, surpassed the target of more than 60 billion baht. The majority of revenue came from corporate income tax and value-added tax, indicating the country’s economic and consumer recovery.

The revenue, excise, and customs agencies all stated that they followed the government’s policy plan and regularly reviewed the tax collecting situation this fiscal year. Based on the amount of revenue collected that surpassed the objective in the first quarter, the government has set a tax collection target of 2.49 trillion baht for fiscal 2023.

According to Government Spokesman Anucha Burapachaisri, Prime Minister Gen Prayut Chan-o-cha is satisfied with the numbers and feels the Thai economy is on the right track.

The premier also thanked the public and commercial sectors for their efforts and promised that income received will be utilized openly to grow the country and improve the quality of life for all Thais.

Author: kanyapat

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