Thai Tax Revenues Plummet

The Government collected just 451.52 billion Baht of revenue during the first five months of fiscal year 2009 (October 2008 - February 2009), 88.58 billion baht or 16.4 per cent lower than the initial projection, Fiscal Policy Office (FPO) Director-General Somchai Sujjapongse said Tuesday.

"This was due to the global economic downturn and the six-month excise tax cut for oil carried out by the previous Government," said Mr Somchai.

Last month, the Government collected 82.43 billion baht of revenue, 23.48 billion baht or 22.2 per cent lower than initially estimated. The amount was also 29.1 per cent lower than the revenue gained in February last year.

The Revenue Department collected only 366.16 billion baht between October 2008 and February 2009, 33.54 billion baht or 8.4 per cent lower than expected. This was contributed to dropping imports and consumption in the country.

At the same time, the Excise Department was able to obtain 93.99 billion Baht, 30.71 billion baht or 24.6 per cent lower than forecast. The Customs Department gained 95.32 billion baht, 15.60 billion baht or 19.6 per cent lower than projected.

Moreover, value-added tax returns were 13.1 per cent higher than estimated.

Source - The Bangkok Post