Govt sees revenue rise
The Nation (9 October 2007)
The government's net revenue for fiscal 2007 ending September 30 marginally exceeded the target, Finance permanent secretary Suparut Kawatkul said yesterday.
Net revenue reached Bt1.45 trillion, slightly surpassing the projection of Bt1.42 trillion, said a Finance Ministry report. Suparut said the ministry was confident the country's economic growth would be higher next year. Although the windfall of dissolving the Exchange Equalisation Fund added Bt36.95 billion to revenue, the overall picture was not bad, said Suparut. Budget disbursement reached about 93 per cent of the planned expenditure of Bt1.57 trillion. Several factors have depressed economic growth this year, including the baht's appreciation, high oil prices, political uncertainty and an increase in required reserves for commercial banks. Tax revenues collected by the Revenue Department missed their target by 1.9 per cent, with corporate income tax falling short by 2.1 per cent. Value-added tax missed its target by 5.6 per cent. The lower-than-target revenue indicated weakness in both private investment and consumption. Tax collected by the Excise Department was 0.6 per cent lower than targeted, due mainly to sluggish sales of cars and motorcycles. The better-than-expected overall revenue collection may be ascribed to the Customs Department's revenue being 3 per cent above target and state enterprise transfers 18.6 per cent higher than projected. The government plans to collect Bt1.495 trillion in the current fiscal year starting October 1. Suparut was cautious about spending more than previously planned. The new government may want to run larger fiscal deficits, but it must take into account a number of factors, he said. The present government expects a budget deficit of Bt165 billion, with planned expenditure of Bt1.66 trillion.
The Nation (9 October 2007)
The government's net revenue for fiscal 2007 ending September 30 marginally exceeded the target, Finance permanent secretary Suparut Kawatkul said yesterday.
Net revenue reached Bt1.45 trillion, slightly surpassing the projection of Bt1.42 trillion, said a Finance Ministry report. Suparut said the ministry was confident the country's economic growth would be higher next year. Although the windfall of dissolving the Exchange Equalisation Fund added Bt36.95 billion to revenue, the overall picture was not bad, said Suparut. Budget disbursement reached about 93 per cent of the planned expenditure of Bt1.57 trillion. Several factors have depressed economic growth this year, including the baht's appreciation, high oil prices, political uncertainty and an increase in required reserves for commercial banks. Tax revenues collected by the Revenue Department missed their target by 1.9 per cent, with corporate income tax falling short by 2.1 per cent. Value-added tax missed its target by 5.6 per cent. The lower-than-target revenue indicated weakness in both private investment and consumption. Tax collected by the Excise Department was 0.6 per cent lower than targeted, due mainly to sluggish sales of cars and motorcycles. The better-than-expected overall revenue collection may be ascribed to the Customs Department's revenue being 3 per cent above target and state enterprise transfers 18.6 per cent higher than projected. The government plans to collect Bt1.495 trillion in the current fiscal year starting October 1. Suparut was cautious about spending more than previously planned. The new government may want to run larger fiscal deficits, but it must take into account a number of factors, he said. The present government expects a budget deficit of Bt165 billion, with planned expenditure of Bt1.66 trillion.
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