Thailand’s Ministry of Finance forecasts a substantial surplus in state tax revenue for fiscal year 2023, exceeding the target by at least 100 billion baht.
According to Deputy Finance Minister Krisada Chinavicharana, the surplus is mainly attributed to the additional 60-70 billion baht generated by various sources of public revenue. Despite an expected loss of 15 billion baht in diesel taxes, the overall revenue outlook remains positive.
Krisada stated that buoyant economic growth, driven primarily by the return of foreign tourists and a rebound in domestic consumption, has played a key role in exceeding revenue expectations.
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The reduction of excise duty on diesel by 2.50 baht per liter, which will take effect on September 20 and continue until the end of the year, is also estimated to result in a revenue reduction of 15 billion baht for the Ministry of Finance . This loss will be distributed throughout fiscal years 2023 and 2024.
Buoyant economic growth, driven primarily by the return of foreign tourists and a rebound in domestic consumption, has played a key role in exceeding income expectations
Department of Revenue Director-General Lawan Sangsanit said the department is expected to exceed its tax revenue target by approximately 180 billion baht in the current fiscal year.
Looking ahead, several factors could alter or even affect tax revenues in the coming year, including the economic stimulus measures introduced by the new Government and signs of a slowdown in the economic growth trajectory.