The Ministry of Finance reported that the Thai government collected a net revenue of 1.704 trillion baht during the first eight months of the 2025 fiscal year (October 2024 to May 2025), falling short of projections by 12.75 billion baht, or 0.7%. However, compared to the same period last year, revenue rose by 28.83 billion baht, or 1.7%.
Key shortfalls came from lower-than-expected collections in automobile excise tax, corporate income tax, and value-added tax (VAT) from imports.
Revenue collected by the three main tax departments totalled 1.784 trillion baht — 55.62 billion baht (3.0%) below projections. The breakdown is as follows:
- Revenue Department: 7.79 billion baht below target (0.6%)
- Excise Department: 41.99 billion baht below target (10.6%)
- Customs Department: 5.83 billion baht below target (7.1%)
Part of the revenue shortfall in corporate income tax is attributed to a shift by some companies to file tax returns for net profits via the online system, with the filing deadline extending into early June 2025.
The Ministry of Finance stressed that it will continue to closely monitor and manage revenue collection in the remaining months of FY2025 to maintain fiscal stability and support the government’s policy agenda.
Cash-based fiscal balance under pressure
In terms of the government’s cash-based fiscal position, the Treasury received total revenue of 1.642 trillion baht during the same period, while budgetary disbursements amounted to 2.593 trillion baht.
To offset the deficit, the government borrowed 777.12 billion baht. As a result, the treasury reserve stood at 338.54 billion baht as of the end of May 2025.
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