State Revenue Collection Falls Short of Target
Government revenue collection in the first ten months of the 2024 fiscal year fell one point one percent short of the target, with total revenue amounting to 2.2 trillion baht. This shortfall is attributed to tax reductions on diesel and gasoline and subsidies for electric vehicle purchases. However, state enterprise contributions and tax revenues saw significant increases over the same period.
Government revenue collection in the first 10 months of the 2024 fiscal year fell 1.1% short of the target, according to the Ministry of Finance.
From October 1 last year to July 31 this year, revenue totaled 2.2 trillion baht, which is 25.2 billion baht below the target but up 3.3% from the same period a year earlier.
The shortfall is attributed to reductions in the tax rate on diesel and gasoline aimed at lowering energy costs for the public, as well as subsidies for electric vehicle purchases.
On the positive side, state enterprise contributions rose by 27.6% to 174 billion baht over the 10-month period.
Tax revenue totaled 1.7 trillion baht, a 1.9% increase from the previous year.
Excise Department revenue grew by 13.6% to 439 billion baht, and the Treasury Department collected 12 billion baht, a 45.8% increase from the previous year.
From October 1 last year to July 31 this year, revenue totaled 2.2 trillion baht, which is 25.2 billion baht below the target but up 3.3% from the same period a year earlier.
The shortfall is attributed to reductions in the tax rate on diesel and gasoline aimed at lowering energy costs for the public, as well as subsidies for electric vehicle purchases.
On the positive side, state enterprise contributions rose by 27.6% to 174 billion baht over the 10-month period.
Tax revenue totaled 1.7 trillion baht, a 1.9% increase from the previous year.
Excise Department revenue grew by 13.6% to 439 billion baht, and the Treasury Department collected 12 billion baht, a 45.8% increase from the previous year.
