Govt revenue falls 16% from target during Oct ’08 – Jan
Thai government’s revenue collections in the first four months of fiscal 2009, starting October last year, dropped 16.2 percent from its earlier target to about 363.7 billion baht and is expected to further retreat.
Dr.Somchai Sujjapongse, director-general of the Ministry of Finance’s Fiscal Policy Office (FPO), yesterday said the government’s revenue during the first four months of fiscal 2009 declined by nearly 70.5 billion baht from its target to some 363.7 billion baht.
Dr.Somchai disclosed that he had already informed the meeting of economic ministers of such figures and the estimation that the revenue for the entire fiscal year would fall short between 110-130 billion baht from the target.
The FPO chief said he had suggested that government agencies accelerate budget disbursements to boost spending and put more cash into the economic system.
Regarding the concerns over a sharp fall of the country’s financial reserves, he said, the reserves stood at about 50 billion baht in February and should rise this month from the payment of personal income taxes, which has to be made by the end of the month.
Moreover, the financial reserves will also increase further when the private sector pay corporate income taxes in May and June, he said.
Dr.Somchai has advised that the government should focus on spending but avoid reducing taxes further because the country’s revenue had already declined.
Random Posts
Leave your response!