Revenue collection higher than targeted in May

BANGKOK, June 12 (TNA) – The government collected Bt276 billon in net revenue in May, which is Bt2.7 billion higher than targeted, resulting in an increased revenue collection in the first eight months of Fiscal 2010 by over Bt210 billion baht or 23.2 per cent from the earlier projection.

Satit Rungkasiri, director-general of the Fiscal Policy Office, revealed in May the government earned a net revenue of Bt276.09 billion, which is Bt2.73 billion or 1 per cent higher than targeted, since the period for submission of corporate tax payments in the 2009 accounting year ended in the month.

Corporate tax collections reached 126.91 billion, which is Bt7.89 billion higher than projected, due to the higher-than-expected operating performances in the second half of last year.

In addition, consumption and imports continued growing in May, resulting an increase in the value-added tax (VAT) collection by more than Bt7.17 billion from the projection.

In the first eight months of fiscal 2010 (October 2009-May 2010), the government collected Bt1.12 trillion, which is Bt211.87 billion or 23.2 per cent higher than targeted, due to the higher-than-forecast collection of taxes, particularly VAT, and oil and vehicle taxes, and the acquisition of Bt49.02 billion in assets seized from fugitive former premier Thaksin Shinawatra in April 2010.

However, the recent political unrest and rescue measures taken by the government to help entrepreneurs affected by the rally had dampened revenue collections in May from the consumer sector and imports to a certain extent, Mr Satit said.

“Although the recent political mayhem will affect the economic expansion and the government’s revenue collection, the Finance Ministry remains confident the collection in the rest of this fiscal year will reach Bt1.52 trillion as projected,” he said. (TNA)