The "Revenue Department" proudly announced that its tax collection for the first quarter of the fiscal year 2019 reached 370 billion baht, exceeding the target by nearly 30 billion baht. This success is attributed to the continuous improvement of the Thai economy, along with the integration of digital technology to enhance operational efficiency. The department is confident that it will meet its annual target of 2 trillion baht.

Mr. Aekniti Nitithanprapas, Director-General of the Revenue Department, revealed that the tax collection for the first quarter of the fiscal year 2019 (October-December 2018) amounted to 370 billion baht, which is 28 billion baht or 7.3% higher than the budget target and 417 billion baht or 11.3% higher than the same period last year, reflecting ongoing economic growth despite a slight slowdown. This increase is also due to improved tax collection efficiency through the use of technology.


"Overall, tax collection in the first quarter exceeded targets across all categories, including personal income tax, corporate income tax, value-added tax (VAT), petroleum tax, specific business tax, and stamp duty, except for inheritance tax, which did not have a set target. The inheritance tax collected was 186 million baht, compared to 21 million baht in the same period last year, indicating significant growth in inheritance tax collection," Mr. Aekniti stated.


Mr. Aekniti further mentioned that the Revenue Department expects to meet its fiscal year 2019 target of 2 trillion baht, as the economy is projected to grow at least 4%. This growth will likely allow the department to exceed its tax collection targets in the remaining nine months of the fiscal year, similar to the first quarter.


However, he emphasized that improving tax collection efficiency is crucial. The Revenue Department is continuously working towards becoming a fully digital tax agency, facilitating taxpayers, reducing the discretion of officials, and ensuring fair tax collection. Good taxpayers should be rewarded, while those who evade taxes will face strict legal action.


To enhance efficiency, a draft law on e-business VAT collection for foreign registered businesses providing services online and generating income in Thailand is currently under consideration by the Council of State. The Revenue Department is expediting this process for consideration by the National Legislative Assembly (NLA) within the current government, which will increase tax collection capabilities, addressing the significant revenue loss due to existing laws that do not empower the department to collect such taxes.

 

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