Revenue collection for first 5 months of 2009 reaches below target

Revenue collection for first 5 months of 2009 reaches below target

The Director of the Fiscal Policy Office (FPO) has indicated a below-target revenue collection for the first five months of fiscal year 2009 due to the effects from the global economic slowdown.

Director-General of the FPO Somchai Sajjapong revealed that, in February 2009, the government could collect revenue worth 82.43 billion baht, lower than its target by 23.48 billion baht. The taxes which failed to reach their targets consisted of value added tax (VAT), automobile tax, and import duty.

Meanwhile, the revenue collection for the first five months of the fiscal year stood at 451.527 billion baht, lower than expected by 88.5 billion baht. Mr. Somchai addressed the decline as a result from the global economic slowdown, which had affected the country’s economy, combined with the previous government’s oil excise tax cut in compliance with its six-month six measures effective during October 2008 to January 2009.

However, the FPO Director affirmed that the Finance Ministry would closely watch over the fiscal condition and discipline in order to steadily maintain government expenditures.

National News Bureau of Thailand
10 March 2009