The Revenue Department expects to meet its revenue collection target for fiscal 2023 because of the economic recovery, says director-general Lavaron Sangsnit.
According to the Finance Ministry's official data, the country's total revenue in the first quarter of fiscal 2023, spanning from October to December 2022, was 633 billion baht, beating the target by 73.5 billion baht or 13.2%.
The department collected 446 billion baht during the period, exceeding the target by more than 40 billion baht or 10%.
The value-added tax (VAT) revenue from oil imports this year is expected to be lower than last year, when the oil price was higher, said Mr Lavaron.
The government set a net revenue target of 2.49 trillion baht for fiscal 2023 and expenditure of 3.18 trillion baht.
The ministry projects an economic expansion of 3.8% this year, supported by strong rebounds in both the tourism sector and domestic demand. The ministry expects 27.5 million foreign tourist arrivals this year, a sharp rise of 147% from last year.
The export sector is expected to decline this year, in line with slowing demand in the country's trading partners.
Mr Lavaron said the Revenue Department would seek ways to support businesses that struggled with the impact of the pandemic during 2021-2022. The department will work out a plan on a year-to-year basis in terms of how to avoid creating an overwhelming tax burden for these entrepreneurs, he said.
The department also wants to encourage business operators who have never paid tax to join the tax system, said Mr Lavaron. Roughly 200,000 merchants joined the tax system last year, including online merchants and influencers, according to department figures.
A ministry source who requested anonymity said Finance Minister Arkhom Termpittayapaisith held discussions on Tuesday with the Revenue Department, the Excise Department and the Customs Department to seek ways to ensure they would meet their revenue collection targets for fiscal 2023. Excise revenue and VAT revenue from oil this year are expected to decline based on falling oil prices, the source said.
