Target missed by B168bn

19 กันยายน 2557, 23:00 น.

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The government missed its revenue collection target by 168 billion baht or 8.2% in the first 11 months of fiscal 2014.

A combined 1.88 trillion baht in revenue was collected during the October-August period, said Kritsada Jinavijarana, director-general of the Fiscal Policy Office and spokesman for the Finance Ministry.

The lower-than-targeted revenue stemmed from a spate of negative factors including shortfalls of value-added tax on imported products, corporate income tax, a decline in excise tax on vehicles due to lacklustre domestic car sales and an overestimated revenue collection from diesel excise tax due to keeping the current rate for excise tax longer than estimated.

The assumption that the Excise Department can levy an additional 30 billion baht from a gradual rise in diesel tax has been counted in the revenue collection target for fiscal 2014.

The excise tax on diesel has been kept at half a satang per litre after the Abhisit Vejjajiva government cut the rate from 5.31 baht a litre in 2010 to help ease the cost of living.

However, higher income contribution from state enterprises and revenue collection from other state agencies helped to offset some of the missed target, Mr Kritsada said.

The government has set revenue collection for this fiscal year ending Sept 30 at 2.275 trillion baht and expenditure at 2.525 trillion, leaving a budget deficit of 250 billion.

The sluggish growth of both local and global economies has taken a toll on fiscal-2014 revenue collection, said Mr Kritsada.

The Finance Ministry recently estimated revenue would fall short of the target by at least 100 billion baht.

Last month alone, the government took in 203 billion baht in revenue, 36 billion baht or 15.1% off target.

With the economy on the path to recovery, it would be a major positive factor for the government's revenue collection next fiscal year starting Oct 1.

The budget for fiscal-2015 sets revenue collection at 2.325 trillion baht and public spending at 2.575 trillion, leaving the balance sheet in the red by 250 billion.