Revenue chief upbeat on target

The Revenue Department is comfortable with its revenue target for this fiscal year as it is optimistic the improving economy and accelerating public investment will generate higher tax revenue, its chief says. Economic growth in 2017 could expand at a faster pace than the past few years when political chaos stalled the country’s economy in 2014 and dismal exports slowed growth in 2015 and 2016, said director-general Prasong Poontaneat. The department has a revenue target of 1.87 trillion baht for the 2017 fiscal year. The country’s largest tax-collecting agency collected 1.76 trillion baht, 7.2% below target, in the 2016 fiscal year ending on Sept 30, 2016. The department’s revenue was 900 million baht higher than targeted in October 2016 and 67 million higher in November. The increase in estimated budget disbursement to invest in big-ticket infrastructure projects, comprising 200 billion baht coupled with the 190-billion-baht mid-year budget for local developments, will boost domestic investment and economic growth, said Mr Prasong.

Keep reading