Government Revenue Exceeds Target by 7.4 Billion Baht in First Half of Fiscal Year 2569, Growing 3.7% Year-on-Year
Thailand's government revenue collection in the first half of fiscal 2569 exceeded its target by 7.4 billion baht, reaching 1.24 trillion baht with a 3.7% year-on-year increase driven by improved state enterprise dividends and higher tax re
The Finance Ministry has revealed that net government revenue collection during the first half of fiscal year 2569 (October 2568 to March 2569) totaled 1,243,788 million baht, exceeding the budgeted estimate by 7,472 million baht—0.6% above target—and surpassing the same period last year by 44,138 million baht, a 3.7% increase.
The revenue growth stems from three main sources: First, carried-over revenue from the previous year and dividend payments exceeded forecasts due to improved performance by certain state enterprises. State enterprises remitted 96,192 million baht in revenue, up 17,138 million baht (21.7%) from the previous year and 12,347 million baht above target (0.7% over). Other agencies contributed 98,931 million baht, up 4,090 million baht (4.3%) year-on-year and exceeding their target by 12,984 million baht (15.1%).
Second, the government's bond sales surplus from deficit-financing borrowing of 646,129 million baht increased by 17,376 million baht (2.8%) compared to last year.
Third, value-added tax collection across three revenue departments—the Revenue Department, Excise Department, and Customs Department—totaled 1,334,526 million baht, up 45,948 million baht (3.6%) from the previous year and exceeding the target by 8,736 million baht (0.7%). The Revenue Department collected 992,095 million baht (up 2.7%, 0.8% above target), the Excise Department collected 285,817 million baht (up 7.9%, 2.0% above target), and the Customs Department collected 56,614 million baht (down 1.3%, 7.2% below target). Tax refunds by the Revenue Department reached 224,789 million baht, exceeding forecasts by 23,674 million baht (11.8% higher) due to accelerated corporate income tax refund processing to improve business liquidity.
Regarding fiscal position, government revenue deposits totaled 1,242,578 million baht in the first half, up 49,529 million baht (4.2%) year-on-year, while budget expenditures reached 2,282,548 million baht, up 168,493 million baht (8%) from the previous period. This resulted in cash reserves of 240,647 million baht as of March 2569, representing an increase of 25,281 million baht (11.7%) compared to the same period last year.
