Corporate tax boosts government revenues

It also raised collection in the first eight months of this fiscal year, Finance Ministry spokesman Somchai Sujjapongse said yesterday.

Government revenue last month topped Bt273.27 billion, 10 per cent higher than its target, he said.

Total government income between October last year to May this year was Bt1.03 trillion, or 3.1 per cent higher than projected, up 9.8 per cent year on year.

Somchai said the revenue would not increase in later months due to previous tax packages to boost the economy.

The government is expected to collect Bt1.495 trillion this fiscal year, he said. - The Nation

Mingkwan wants retail prices to be lower

In a bid to curb high inflation, Commerce Minister Mingkwan Sangsuwan has initiated a proposal for industrial manufacturers to reduce retail prices for locals under a "Made in Thailand" scheme.

The move was a response to soaring inflation, which topped 7.6 per cent last month.

Mingkwan said the Export Promotion Department would be responsible for the project as most of the manufacturers were multinational companies.

The retail prices should be much lower than export price, he reasoned.

The ministry was confident Thailand will achieve its export target of 12.5-per-cent growth to US$171 billion (Bt5.7 trillion) this year, following robust orders from new potential markets, despite a growing trade deficit caused by escalating oil prices. - The Nation