Deputy Minister of Finance Krisada Chinavicharana forecasts a promising outlook for the fiscal year 2023 with a projected government tax revenue surplus of at least 100 billion baht. A rich cascade of revenue has been flowing into the government coffers, and in the realm of 60-70 billion baht is cited as being sourced from diversified government channels. Intriguingly, this robust financial surge is despite a sizable loss of 15 billion baht stemming from diesel fuel taxes.
Economic blossoming in multiple facets has been a key driver, fuelling this upbeat revenue outlook. An exciting momentum is developing as more foreign tourists than forecast return to our vibrant shores, significantly contributing to this windfall. Likewise, domestic consumption has seen a vigorous uptick, further bolstering the country’s robust revenue streams.
However, the incoming fiscal wave does carry a tinge of loss as well. A reduction of the excise tax on diesel by 2.50 baht per litre, starting from September 20 and stretching till the end of the year, is tipped to drain a significant 15 billion baht from the revenue reserves of the Finance Ministry. But even this financial impact is set to be mitigated, spreading this loss across the fiscal years of 2023 and 2024.
Leading the chorus of optimistic voices is the Director-General of the Revenue Department – Lawan Sangsanit. According to him, tax revenue collection is set to exceed expectations, with a predicted surplus of about 180 billion baht for the current fiscal year.
Lawan goes on to add that the next fiscal year will see tax revenue being shaped by numerous factors. This includes multiple economic stimulus measures introduced by the new government as well as the state of economic growth. While there are whispers of an economic slowdown, the overall outlook remains positive, braced by a strategic web of stimulus measures and sustained domestic consumption.
As we stride into the fiscal year 2023, the stage is set for a thriving economy riding high on the back of robust tax revenue. Hampered by the shadow of a diesel fuel tax loss, the government’s determined efforts and strategic economic initiatives have paved the way for an astounding surplus, all set to inject vitality into the nation’s economy.
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