Government revenue exceeds target in first six months of fiscal 2023

THURSDAY, APRIL 27, 2023

Government revenue collection in the first six months of fiscal 2023 (October to March) surpassed the target by 8.9%, the Finance Ministry’s Fiscal Policy Office (FPO) said on Thursday.

FPO director-general Pornchai Thiraveja said revenue collection in the first six months amounted to 1.163 trillion baht, which was 6.9% higher than the same period last year.

The government agencies who surpassed their revenue targets this year were:

- The Revenue Department with 915.222 billion, 7.3% above target, driven by higher corporate tax revenue due to the expanding economy.

- Other agencies, which have received revenue from their revolving funds and concession fees from mobile phone operators and auction of licences for FM radio frequencies.

- Some state firms also remitted their income for fiscal 2022, adding to the revenue of this group.

- The Customs Department with 67.322 billion, 27.7% above target, after receipt of excise taxes following rulings in smuggling cases.

The FPO said the Excise Department had collected 237.64 billion baht in revenue, 15.5% below the target, explained by the government’s reduction of diesel excise.