On February 21, 2019, Mr. Aekniti Nitithanprapas, Director-General of the Revenue Department, revealed that tax collection for January 2019, the fourth month of the fiscal year 2019, exceeded targets for the fourth consecutive month. This success is attributed to economic growth and the department's enhanced tax collection efficiency.

In the first four months of the fiscal year 2019, tax collection reached 555 billion baht, surpassing the budget target by 27.6 billion baht or 5.2%, and exceeding the same period last year by 47.4 billion baht or 9.3%. This indicates a significant growth in tax collection.


Additionally, the Revenue Department exceeded targets in all categories: personal income tax collected was 105 billion baht, exceeding the target by 1.058 billion baht (1%) and up 7% from the same period last year; corporate income tax collected was 130 billion baht, surpassing the target by 1.908 billion baht (1.5%) and up 5.8% from the previous year.


Value-added tax (VAT) collection amounted to 276 billion baht, exceeding the target by 6.837 billion baht (2.5%) and up 6% from the same period last year. Specific business tax collected was 21.5 billion baht, surpassing the target by 1.479 billion baht (7.4%) and up 7% from last year.


"The fact that the Revenue Department has exceeded all budget targets is a positive sign. Moreover, the growth in all tax categories compared to the previous year indicates that Thailand's economic growth remains strong, with good consumption and private sector performance," Mr. Aekniti stated.


Mr. Aekniti mentioned that the tax collection target for the Revenue Department in fiscal year 2019 is set at 2 trillion baht, and it is expected to exceed this target while ensuring fairness for businesses, focusing on educating taxpayers correctly. For fiscal year 2020, the department aims to collect 2.11 trillion baht, which is anticipated to be achievable as the economy is expected to grow at around 4%, and the Revenue Department is developing new technologies to enhance tax collection efficiency.

 

Thank you for the information from www.thaipost.net