Somchai assigns to monitor tax collections

 The office's director-general Somchai Sajjapongse said Finance Permanent Secretary Suparut Kawatkul assigned him to lead a committee to monitor the tax collection. In the team are representatives of related agencies. The committee would hold meetings on a monthly basis.

 Tax revenue in October, the first month of the fiscal year, was Bt9 billion below target.

 Somchai insisted that the shortfall was only Bt2 billion, as Electricity Generating Authority of Thailand was scheduled to submit the revenue of Bt7 billion in the month but it was delayed. "Anyway, Egat would have to remit the amount," he said.

 He also insisted that the annualised shortfall would be minimal, as corporate income taxes are expected to remain high.

 "The committee would not beat all units to reach the revenue targets, but will ensure that taxes are properly collected. We need to admit that all parts would suffer from the economic recession in 2009," he said.

 Somchai said the economic growth next year may expand at a lower rate than this year. The export sector would be first affected but unemployment would be minimal due to the strong macroeconomic conditions. His office will revise the 2009 forecast in December.

 "In macro terms, Thailand is stronger than in 1997. Our foreign reserves are hgh while commercial banks' combined net profit in the first nine month was as high as Bt80 billion, or 12 months above the same period last year. The unemployment rate is only 1.4 per cent of the 35-million workforce.

 "In 1997, Thailand ran the current account deficit of 8 per cent of gross domestic product, while inflation was 8 per cent. Then, our foreign debts mounted to hundreds of billion baht and the unemployment rate was as high as 8 per cent."