Govt revenue for fiscal 2013 above expectations

Government revenue was higher than expected in February and for the first nine months of the 2013 fiscal year starting from October 2012, according to the Fiscal Policy Office (FPO).

In February 2013, the government posted net revenue of Bt158.92 billion, 3.7 per cent higher than estimated. The February figure rose 9.3 per cent year on year.

FPO director-general Somchai Sujjapongse attributed the performance to high car-excise tax from the first-car policy, more income from petroleum concessions as a result of larger quantities of petroleum and high state-enterprise revenue.

February's car-excise tax was 26.1 per cent, or Bt2.63 billion higher than targeted while other state agencies earned revenue 15.7 per cent, or Bt2.66 billion higher than anticipated due mainly to more revenue from petroleum concessions.

The contributions of state enterprises were 118.1 per cent or Bt2.94 billion higher than expected while dividends from Airports of Thailand and Vayupak Mutual Fund 1 also exceeded expectations.

However, value-added tax was 4.3 per cent, Bt2.57 billion lower than expected in February mainly from the import slowdown, particularly in automobiles and auto parts, electrical appliances and parts, machinery and parts after the previous month's import acceleration.

Despite the import slowdown, domestic demand continues to expand, with value-added tax, which was 12.2 per cent or Bt3.46 billion higher than expected.

In the first nine months of 2013 fiscal year starting from October 2012, government revenue was Bt830.24 billion, 13 per cent higher than expected, given higher-than-expected revenue from all state agencies with consistent growth particularly in domestic demand and household income.

Revenue from the Revenue Department totalled Bt586.11 billion, 6.8-per-cent higher than expected particularly from value-added tax from domestic consumption, personal income tax and corporate income tax.

The Excise Department's revenue amounted to Bt192.98 billion, 13.6 per cent more than estimated, given higher taxes from cars, tobacco and beer, while the Customs Department experienced total revenue of Bt49.38 billion, 2.8 per cent higher than anticipated, with higher import duty revenue from cars and parts, machinery and parts, electrical appliances and parts, steel and iron.

In the first four months of 2013 fiscal year, Thai imports rose 22.8 per cent in US dollar terms and 20.8-per-cent in baht terms.