Dwindling taxes on diesel fuel, clocking at 15 billion baht, does little to offset the spectacularly steel-like surpluses expected to be churned out of various governmental moieties. This excess ranges from an impressive 60 to 70 billion baht. The financial engine of our robust economy isn’t willing to slow down.
The fiscal fortification is buoyed by economic growth, which has seen a surge due to elements such as the auspicious return of foreign tourists and the healthy vitality of domestic consumption. These driving forces have enabled revenue streams to surge beyond prior projections.
A specific manoeuvre aimed at cementing this fiscal progress is the strategic reduction of the excise tax on diesel fuel by a significant 2.50 baht per litre. This decision, effective from September 20th and spanning until the year-end, will inevitably generate a loss of 15 billion baht. However, the Finance Ministry has astutely operationalised this loss over two fiscal years, 2023 and 2024. Such sound, insightful management is the backbone that hoists the fiscal structure of our economy.
In voice with this optimistic financial forecast, Revenue Department Director-General Lawan Sangsanit enthused about the anticipated exceedance of this year’s tax collection target, by a figure bordering on 180 billion baht. Such strong expectations further emphasize the robustness and resilience of our economy.
General Lawan identified multiple forces that will sculpt the tax revenue terrain in the upcoming fiscal year. Of importance among these influential dynamics are strategies being deployed by the new government, particularly its economic stimulus measures, which are designed to inject vibrancy and vigour into the economy.
Buoyed by these exciting developments, the Ministry of Finance has projected another year of abundant governmental tax revenue. Their forecast predicts an excess of 100 billion baht for the fiscal year 2023, as stated by the newly appointed Deputy Minister of Finance Krisada Chinavicharana.
This is reinforced by a surplus that’s possibly generated from an array of governmental fountains, roughly between 60 to 70 billion baht. Even with a 15 billion baht depletion from diesel fuel taxes, confidence is high for our ability to continue generating more than we lose.
Economic growth, as fuelled by the triumphant return of foreign tourists and the steadfast fixture of domestic consumption, is the heartbeat that electrifies even our loftiest revenue forecasts. It is these individuals and their appetites for Thai experiences and goods that will ensure our future success, despite temporary set-backs in diesel fuel taxes.
Strategic decisions, the reduction of the excise tax on diesel fuel by a significant 2.50 baht per litre, which iniates on September 20, further attest to the astute financial command of our Finance Ministry. Despite an inevitable 15 billion baht loss, projections remain strong due to this loss shielded over two fiscal years, 2023 and 2024.
Nothing can yet say if slowing economic growth, the next fiscal year, will hinder these targets, as suggested by Director-General Lawan Sangsanit. Nevertheless, there is a strong base, and a collective faith in our country’s economic future’s strength. It is a shared endeavour, to continue reaching new heights in fiscal achievement, and to secure a prosperous tomorrow for all.