November tax revenue lower than target due to flood crisis

BANGKOK, December 21 (TNA) - The recent flood crisis in Thailand has affected the government’s tax revenue in November 2011. Director of the Fiscal Policy Office (FPO) Somchai Sajjapong said the government’s tax revenue in November 2011 was 137 billion baht, 920 million baht lower than target due to the recent flood crisis. The government’s revenue from value-added-tax was 2.9 billion baht lower than target, and the revenue from tax on vehicles was 4.2 billion lower than target. The tax on vehicles was affected heavily as car manufacturers were forced to stop production due to shortages of automobile parts. However, Somchai said in the first two months of the 2012 fiscal year, or in October and November of 2011, the government’s tax revenue was 266 billion baht, 2.8 billion higher than target. He said further that post-flood rehabilitation measures would inject capital into the economy, which in turn would increase the government’s tax revenue. Overall, the Ministry of Finance said the government’s tax revenue in 2012 fiscal year is estimated at 1.98 trillion baht. (TNA)