Thailand
Thailand: Revenue target of B1.926tn set for 2018
The Revenue Department hopes to collect revenue of 1.926 trillion baht in the 2018 fiscal year which starts on Oct 1, up about 7% on 2017.
Director-general Prasong Poontaneat said revenue in fiscal 2017 was likely to meet the target, supported by the economic recovery.
In the first 10 months of fiscal 2017 (October 2016 – July 2017), revenue collection totalled 1.403 trillion baht, 60.3 billion baht or 4.1% below target but still 25.7 billion baht more than the same period in 2016.
Value added tax collected during the 10 months totalled 41.2 billion baht, 6.3% below target because domestic consumption was below expectations. VAT from imported raw materials and intermediate goods increased by 8.7%.
The Revenue Department set a target of 1.867 trillion baht for fiscal 2017, but low oil prices led to a revised achievable target of 1.802 trillion baht.
Mr Prasong said improving economic sentiment would help lift total revenue to 1.802 trillion baht, particularly investment in the heavily promoted Eastern Economic Corridor and the money injection to farmers under the 9101 royal project.
The department’s planned e-stamp system would facilitate business. The stamp could be purchased online and affixed to business contracts.
The department will also launch a quick response (QR) code for use in payment of taxes.
Source: http://www.bangkokpost.com/business/news/1317075/revenue-target-of-b1-926tn-set-for-2018