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Tax Revenue for Q1 2023 Exceeds Initial Forecast by 13.2%
The Ministry of Finance has revealed that it collected 633 billion baht in revenue during the first quarter of the 2023 fiscal year. The figure surpassed its initial forecast by 13.2%.
According to the Ministry, the Revenue Department alone was able to collect up to 446 billion baht – exceeding its target by 10%. This reflects the recovery of the Thai economy from various sectors such as businesses, tourism and internal consumption, resulting in increased circulation in the economy.
The Revenue Department reported that tax collection for the first four months of the fiscal year 2023, from October 2022 to January 2023, exceeded the set target of more than 60 billion baht.
The majority of revenue came from corporate income tax and value-added tax, reflecting the nation’s recovery in the business and consumer sectors.
For this fiscal year, the revenue, excise and customs departments all said they followed the government’s policy plan and continuously monitored the tax collection situation. The government has set a tax collection target of 2.49 trillion baht for fiscal 2023, based on the amount of tax collected that exceeded the target in the first quarter.
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