August revenue overshoots target
Government revenue in August was 2.8 per cent more than targeted, but revenue in the first 11 months of the 2006 fiscal year was off target by 1 per cent.
Finance Ministry spokesman Somchai Sujjapongse said yesterday that the government's net revenue in August reached Bt197 billion, or 11.9 per cent higher than the corresponding month last year.The Revenue Department's tax collections totalled 178.11 billion, up 17 per cent compared with last year and 6.3 per cent higher than targeted. Taxes collected by the Excise Department, however, missed the target by 16.6 per cent. Its total tax receipts were Bt21.95 billion, up 8.7 per cent on the year. The Customs Department collected tariffs amounting to Bt8.11 billion, 20.5 per cent less than projected, and a drop of 11 per cent from last year. Other agencies and state enterprises collected a combined Bt12 billion, 29.3-per-cent higher than predicted and up 136 per cent on the year. Total revenue between October 1, 2005 and August was Bt1.26 trillion, Bt12.54 billion less than targeted. The strengthening of baht was the chief reason for the lower tariff collections by the Customs Department. Soaring crude oil prices resulted in lower tax collections by the Excise Department due to a drop in oil consumption, said Somchai. Plus, tax rebates by the Revenue Department had exceeded projections. Faster tax refunds for private firms contributed to an increase in their cash flow, which was good for business, he said. The ministry projected revenue for the fiscal year ending September 30 would be slightly less than target expenditures of Bt1.36 trillion. Somchai said that the government would have a slim budget deficit this year. Delays in privatisation plans for large state enterprises have also been blamed for the deficit. The delays resulted in Bt15 billion in lost revenue for the government. Wichit Chaitrong, The Nation
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