Thailand fiscal 2013 tax collection beats target

Thai tax revenue for fiscal 2013 increased by 9.2 per cent year on year, exceeding target by 2.7 percent partly as a result of higher-than-expected revenue from petroleum concessions and special revenue from the telecom regulator's auction of third-generation cellular licences. Fiscal Policy Office Director-General Somchai Satchapong, who is also the Finance Ministry's spokesman, said Saturday that tax collections for the 2013 fiscal year stood at 2.16 trillion baht ( 70 billion U.S. dollars), an increase of 57.47 billion baht (1.85 billion U.S. dollars), or 2.7 percent, and 9.2 percent higher than last year's figure. The higher revenue was partly attributed to above-target tax collection by non-Finance Ministry state agencies, which exceeded target by 47.87 billion baht (1.54 billion U.S. dollars), or 45.7 percent. Petroleum concessions, special revenue from the National Broadcasting and Telecommuni-cations Commission's auction of the 3G 2.1-gigahertz spectrum, and export rebates contributed to the above-target revenue, Somchai said. Higher tax collections, especially on vehicle excise, petroleum and personal income, reflect vibrant economic activities and a growing Thai economy, he added.