Fiscal 2013 tax collection beats target
Tax revenue for fiscal 2013 increased by 9.2 per cent year on year, exceeding target by 2.7 per cent partly as a result of higher-than-expected revenue from petroleum concessions and special revenue from the telecom regulator's auction of third-generation cellular licences.
According to Fiscal Policy Office director-general Somchai Satchapong, who is also the Finance Ministry's spokesman, tax collections for the 2013 fiscal year stood at Bt2.16 trillion, an increase of Bt57.47 billion, or 2.7 per cent, and 9.2 per cent higher than last year's figure.
The higher revenue was partly attributed to above-target tax collection by non-Finance Ministry state agencies, which exceeded target by Bt47.87 billion, or 45.7 per cent. Petroleum concessions, special revenue from the National Broadcasting and Telecommuni-cations Commission's auction of the 3G 2.1-gigahertz spectrum, and export rebates contributed to the above-target revenue, Somchai said.
Higher tax collections, especially on vehicle excise, petroleum and personal income, reflect vibrant economic activities and a growing Thai economy, he added.
"The higher tax revenue for this fiscal year by more than Bt50 billion helped reinforce the country's fiscal stability and support economic growth for the next fiscal year," Somchai said.
The Revenue Department's total tax collection stood at Bt1.76 trillion, below target by Bt9.29 billion or 0.5 per cent, but 9.1 per cent higher than last year's. Corporate tax collection was below target by Bt47.50 billion or 7.4 per cent, but higher than last year's figure by 8.8 per cent. The reduction was attributed to the impacts from the massive floods in late 2011, Somchai said.
Collection of value-added tax was Bt11.91 billion (or 1.7 per cent) below target because of fewer imported goods. However, VAT revenue collection from domestic consumption continued to exceed target.
Personal-income-tax collection was higher than target by Bt24.03 billion, or 8.7 per cent, reflecting higher household income, especially expansion of the salary and deposit bases.
Petroleum-tax collection exceeded target by Bt16.29 billion, or 16.8 per cent, thanks to strong operational results of the petroleum industry.
Specific business tax collection was Bt8.27 billion, or 20.4 per cent above target, especially revenue from property-related transactions.
The Excise Department collected Bt432.87 billion, higher than target by Bt 20.87 billion, or 5.1 per cent, and 14 per cent higher than last year's figure. A main contributor was vehicle excise, higher than target by Bt31.87 billion, or 26.1 per cent, mainly because of the government's first-car-buyer scheme.
Tobacco-tax revenue also exceeded target by Bt7.89 billion, or 13.2 per cent, after the excise increase in August 2012. Tax revenue from beer was also higher than target by Bt3.09 billion, or 4.7 per cent, from increased consumption.
Oil and liquor taxes were below target by Bt17.20 billion and Bt7.33 billion, or 21.3 per cent and 12.2 per cent respectively.
Total tax collection was Bt113.382 billion, which was Bt2.52 billion or 2.2 per cent below target and 4.7 per cent less than last year's figure. Import-related tax collection was below target by Bt2.98 billion, or 2.6 per cent, because of a decline in volume of imported goods.
The Finance Ministry yesterday reported that Thailand's outstanding public debt as of the end of August stood at Bt5.3 trillion, or 44.63 per cent of gross domestic product, compared with the end-July figure of Bt5.21 trillion, or 44.11 per cent of GDP.