Finance Ministry considers new target on revenue collection in 2010

BANGKOK, 20 December 2009 (NNT) – The Ministry of Finance is considering an increased target of revenue collection of the Custom and Revenue Departments due to the global economic recovery and successful economic stimulus plan, initiated by the government.

Deputy Finance Minister Pradit Pataraprasit stated that the previous target set on revenue collection had been underestimated as the revenue to be collected had been in excess since the beginning of 2010. So, the new target set on revenue collection is considered an appropriate decision since this upcoming New Year onwards. He reasoned that the excess revenue reflected the world economic recovery and the economic stimulus plan which received a positive feedback.

As for the Free trade agreement, he considered that this agreement would cause a tiny impact on the revenue collection although the agreement favored the listed products with 0% tariff for Thai imports.

Regarding tax policy, functioned in 2010, Mr Pradit said that the government viewed the country’s economy would turn into positive territory as hoped. Therefore, the renewal and improvement on tax measures would be done as appropriate and at the right time.

As for the first two fiscal years in 2010 (Oct-Nov 09), the government had collected the revenue which amounted to 243 billion THB, a higher than an estimated 40 billion THB or 19.9%. Three main departments, including Excise, Custom and Revenue Departments reported that the revenue collected was higher than the current target.

In 2010, the Custom Department anticipated to collect 10% more revenue or around 100 billion THB, a higher amount than 1.09 trillion THB, set as the target at present. The revenue collection has currently been targeted by the Revenue Department at 73.8 billion THB.