(18/04/2013)
The Government’s earnings from tax collection in the first half of the
2013 fiscal year amounted to 978.8 billion baht, an increase of 18.7
percent over the same period of the 2012 fiscal year.Director-General of the Fiscal Policy Office Somchai Sujjapongse said that tax collection from October 2012 to March 2013, also exceeded the set target by almost 94.86 billion baht, or 10.7 percent.
During the six-month period, the Revenue Department earned 702.6 billion baht. The earnings that were higher than the set target came from personal income tax, value added tax, and corporate tax.
The Excise Department was able to collect 231 billion baht, a rise of 28.9 percent over the same period of the 2012 fiscal year. Collection of automobile tax represented a significant increase of 102 percent, as a result of the Government’s first-car buyer program, under which car buyers would be refunded the actual amount of tax they had paid.
The Customs Department was able to collect 58.66 billion baht, an increase of 1.3 percent. Top earnings came from five major items: automobiles and auto parts, machinery and parts, electrical appliances and components, iron and steel, and iron and steel products.
During the first half of the current fiscal year, state enterprises remitted a total of 50.76 billion baht in revenue to the Government. The amount represented a decline of 11 percent, when compared to the same period of the 2012 fiscal year, but was higher than the set target by 12.8 percent.
The Fiscal Policy Office expects that Thailand’s GDP in 2013 will grow by 5.3 percent, an increase from the 5 percent predicted earlier. Increased private sector consumption and investment are likely to contribute to the 2013 economic growth. Public sector investment is expected grow by 14 percent. The Government’s investment of 350 billion baht under its long-term water resource management and flood prevention plan would be a supporting factor to spur the economy.
Thai exports are expected to grow by 9 percent. The recovery of the world economy in 2013 would help boost Thai exports. Inflation in 2013 is likely to remain at 3 percent. The unemployment rate is likely to be at a low level. Even so, Thailand needs to monitor risk factors closely, including the fluctuation of the baht and the economic situation of its major trading partners.
Meanwhile, Director-General of the Public Debt Management Office Chularat Suteethorn revealed that Thailand’s outstanding public debt as of February 2013 amounted to more than five trillion baht, accounting for 44.05 percent of GDP.
Out of this amount, 341.78 billion baht was external debt, accounting for 6.74 percent. Domestic debt amounted to 4.7 trillion baht, accounting for 93.26 percent of the total public debt.
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