Government revenue in the first two months of the 2016 fiscal year was 3 per cent higher than last year's level, thanks mainly to higher-than-expected beer tax and greater revenue repatriation from state enterprises, according to the Fiscal Policy Office.
Yet, corporate income tax remained below target, as businesses still suffered from economic slowdown.
Revenue collected during October and November reached Bt345 billion, which was Bt6 billion or 1.8 per cent above target.
"Value-added tax also continued to increase, indicating a positive factor for future tax collection," said Krisda Chinavicharana, director-general of the Fiscal Policy Office as the Finance Ministry’s spokesman.
In November, revenue reached Bt179.4 billion. State enterprises’ repatriation was Bt8 billion or 689 per cent above target. Beer tax exceeded target by Bt1.5 billion or 22.2 per cent, due to delayed payments earlier. Vehicle tax exceeded target by Bt653 million or 8.3 per cent as buyers rushed purchases before new excise tax structure takes effect.
Corporate income tax, though 3.3 per cent higher than the same period last year, was 9.5 per cent or Bt6.2 billion below target.
Value-added tax was 2.8 per cent or Bt3.4 billion below target, due mainly to lower imports as well as a fall in oil prices.
VAT on domestic consumption was also 2.2 per cent or Bt1.55 billion below target. Still, it increased by 4.5 per cent from the same period last year.
Government revenue in the first two months of the 2016 fiscal year was 3 per cent higher than last year's level, thanks mainly to higher-than-expected beer tax and greater revenue repatriation from state enterprises, according to the Fiscal Policy Office.Yet, corporate income tax remained below target, as businesses still suffered from economic slowdown. Revenue collected during October and November reached Bt345 billion, which was Bt6 billion or 1.8 per cent above target. "Value-added tax also continued to increase, indicating a positive factor for future tax collection," said Krisda Chinavicharana, director-general of the Fiscal Policy Office as the Finance Ministry’s spokesman.In November, revenue reached Bt179.4 billion. State enterprises’ repatriation was Bt8 billion or 689 per cent above target. Beer tax exceeded target by Bt1.5 billion or 22.2 per cent, due to delayed payments earlier. Vehicle tax exceeded target by Bt653 million or 8.3 per cent as buyers rushed purchases before new excise tax structure takes effect. Corporate income tax, though 3.3 per cent higher than the same period last year, was 9.5 per cent or Bt6.2 billion below target. Value-added tax was 2.8 per cent or Bt3.4 billion below target, due mainly to lower imports as well as a fall in oil prices. VAT on domestic consumption was also 2.2 per cent or Bt1.55 billion below target. Still, it increased by 4.5 per cent from the same period last year.
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