Counting the Thai baht at a currency exchange shop in Bangkok, Thailand. (Photo: AFP/VNA) Director-general of the department Lavaron Sangsnit said businesses have recorded more activity after the country's full reopening, especially the retail and logistics sectors.
Revenue collection in October and November, which are the first two months of fiscal year 2023, exceeded the target. Both retail and logistics sectors are expected to continue to be the main revenue contributors.
The department now deploys artificial intelligence (AI) and big data systems to bolster its revenue collection, Lavaron said, noting that it continues to develop the AI system to help catch tax dodgers.
He predicted the department's revenue from value-added tax on imported oil in fiscal year 2023 could be lower than last year, in line with the anticipated fall in the crude oil price to around 90 USD per barrel.
The Thai Government set a target of 2.49 trillion THB in net revenue collection in fiscal year 2023, up by 90 billion THB or 3.75% from the previous fiscal year.
According to Finance Minister Arkhom Termpittayapaisith, the government needs to seek more revenue to match future expenditures. The ministry targets increasing government revenue to 16% of GDP in five years, up from the 14.9% at present. One strategy to meet this goal is to gradually expand the tax revenue base./.
VNA
