BANGKOK, March 4 (TNA) – The Thai government’s revenue collections in the first four months of fiscal 2009 (Oct. 1, 2008-Jan. 31, 2009) dropped 16.2 per cent from its earlier target and it is now projected that revenue collections during the entire fiscal year will retreat even further, a senior finance ministry official said Wednesday.
Fiscal Policy Office (FPO) director-general Somchai Sajjapong said that the government’s revenue during the first four months of fiscal 2009 was Bt363.73 billion, down some Bt70.47 billion from its earlier target.
Mr. Somchai said he had told a meeting of economic ministers held earlier in the day that the government’s revenue during the whole of Fiscal 2009 is expected to fall short Bt110-130 billion from its target.
The FPO director said he had urged government agencies to accelerate budget disbursements to boost spending to put more cash into circulation in the system.
On concerns over a sharp fall of the country’s financial reserves, Mr. Somchai said reserves stood at about Bt50 billion in February and are expected to rise in March as personal income taxes for 2008 are paid.
Financial reserves are anticipated to increase further when private businesses pay their corporate income taxes in May and June, said Mr. Somchai.
The FPO director advised that the government should focus on spending and should avoid reducing taxes further because revenue has already declined. (TNA)
Business News : Last Update : 15:32:28 4 March 2009 (GMT+7:00)
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