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Thailand optimistic about revenue collection in fiscal year 2023

The Revenue Department of Thailand expects to meet its target for revenue collection of 2.2 trillion THB (nearly 63.3 billion USD) in fiscal year 2023.
Thailand optimistic about revenue collection in fiscal year 2023 ảnh 1Counting the Thai baht at a currency exchange shop in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - The Revenue Department ofThailand expects to meet its target for revenue collection of 2.2 trillion THB(nearly 63.3 billion USD) in fiscal year 2023.

Director-general of the department LavaronSangsnit said businesses have recorded more activity after the country's fullreopening, especially the retail and logistics sectors.

Revenue collection in October and November, whichare the first two months of fiscal year 2023, exceeded the target. Both retailand logistics sectors are expected to continue to be the main revenuecontributors.

The department now deploys artificial intelligence(AI) and big data systems to bolster its revenue collection, Lavaron said,noting that it continues to develop the AI system to help catch tax dodgers.

He predicted the department's revenue fromvalue-added tax on imported oil in fiscal year 2023 could be lower than lastyear, in line with the anticipated fall in the crude oil price to around 90 USDper barrel.

The Thai Government set a target of 2.49 trillionTHB in net revenue collection in fiscal year 2023, up by 90 billion THB or3.75% from the previous fiscal year. 

According to Finance Minister ArkhomTermpittayapaisith, the government needs to seek more revenue to match futureexpenditures. The ministry targets increasing government revenue to 16% of GDPin five years, up from the 14.9% at present. One strategy to meet this goal isto gradually expand the tax revenue base./.
VNA
#Thailand#Revenue Department of Thailand#revenue collection#fiscal year#value-added tax#Thai Government#updated Vietnam news#Vietnamplus#Vietnam News Agency
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