Thailand optimistic about revenue collection in fiscal year 2023
The Revenue Department of Thailand expects to meet its target for revenue collection of 2.2 trillion THB (nearly 63.3 billion USD) in fiscal year 2023.
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./.
You should also see
PM asks for prompt actions to fix consequences of serious workplace accident in Yen Bai
Prime Minister Pham Minh Chinh on April 22 signed a dispatch asking for prompt actions to fix the consequences of a serious workplace accident that happened in a cement factory in the northern province of Yen Bai the same day, as well as measures to support victims.
See more
World
Thailand urged to increase proportion of renewable power generation
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
World
Indonesia lifts tsunami alert given after Ruang volcano’s eruption
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
World
Thailand expects to export 1 million tonnes of durian this year
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
World
Philippines, US launch annual joint military drills
Thousands of Philippine and American troops kicked off joint military drills dubbed Balikatan, or “shoulder to shoulder” in the Philippines on April 22.
World
COVID-19 case number in Thailand surges after Songkran festival
The number of COVID-19 infections in Thailand has increased after Songkran celebrations as the JN.1 strain remains dominant in the country, according to the Department of Disease Control (DDC) of Thailand.
