Thai government's tax collection exceeds target

BANGKOK, July 13 (TNA) - Tax collection by the Thai government during the first nine months of the 2013 fiscal year has totaled about 1.62 trillion baht, exceeding the official target by some 82 billion baht. Deputy Prime Minister and Finance Minister Kittirat Na-Ranong told the public of the information during the weekly TV and radio programme of Thai Prime Minister Yingluck Shinawatra on Saturday. Kittirat acknowledged that his Finance Ministry had earlier set the target of tax collection during the 2013 fiscal, ending September 30, 2013 at 2.1 trillion baht, a budget deficit of about 300 billion baht. Kittirat said during the first nine months of the present 2013 fiscal year, his ministry's Revenue and Excise Departments had each collected about 24 billion baht above their targets, while collection by the Customs Department had met its target. According to the deputy prime minister, personal income tax collection during the same period had risen by approximately 24 billion baht, but the Thai government has planned to increase the personal income tax collection in the future. According to the deputy premier, the Thai government's expenditure budget for the 2014 fiscal year, starting from October 1, 2013, should see a deficit of about 250 billion baht, as the government has set its total revenue at 2.28 trillion baht, making the first year, however, that its budget deficit lower than 2 per cent of the country' gross domestic product (GDP). (TNA)