Revenue Department Sets Higher Tax Collection Target Amid Economic Challenges and Declining Corporate Profits
The Revenue Department aims to increase tax collection to 2.27 trillion baht in fiscal 2024, a 3% rise from the previous year's target of 2.02 trillion baht.
This increase aligns with projected Thai GDP growth of 2.7% to 2.8% in 2024.
Despite the economic slowdown, the department identified five promising sectors for tax collection.
The Revenue Department expects achieving this year's tax collection target to be difficult due to external issues impacting exports, high energy prices and interest rates, delayed government expenditure, and potential trade conflicts.
However, they remain confident in reaching the target.
The tax collection for the first five months of the fiscal year reached 766 billion baht, a 1.6% increase from the same period last year.
The department has set a revenue collection target of 2.27 trillion baht for the 2024 fiscal year.
The Revenue Department aims to collect 811 billion baht in corporate income tax for fiscal 2024, a 5.7% increase from the previous year's target.
Among the 817 listed companies on the Stock Exchange of Thailand, their net profits decreased by 10.7% in 2023 compared to the previous year.
Unlisted corporations are expected to show similar profit declines based on data from those that have reported to the Business Development and Revenue Departments.