Thailand to meet revenue collection target this year and next: Finance minister

THAILAND is expected to meet its revenue collection targets for the 2022 and 2023 fiscal years, helped by increased exports and a recovery in tourism, the finance minister said on Wednesday (Jun 1).

The South-east Asian country has lifted most of its Covid-19 curbs, allowing nightlife to resume from Wednesday, to revive its crucial tourism sector.

Despite a global surge in food and energy prices, several Thai economic indicators like exports were still performing well, Arkhom Termpittayapaisith told the House of Representatives, which is debating a budget bill for the 2023 fiscal year.

The government proposed spending of 3.185 trillion baht (S$127.5 billion) and targets revenue of 2.49 trillion baht for the next fiscal year starting in October to aid economic recovery.

Arkhom said there would be more tourism revenue following a reopening to foreign visitors while higher imports would also help increase tax revenue.

The state planning agency forecast 7 million foreign tourist arrivals this year, though still far below the 40 million foreign arrivals in 2019, before the pandemic.

Exports, a key driver of Thai growth, have performed well so far with 'satisfactory' growth between January and April, Arkhom said, as annual shipments rose 13.7 per cent over the period.

Exports will continue to drive the economy, while inflation of below 5 per cent so far this year is still at a good level, Commerce Minister Jurin Laksanawisit told the lower house. REUTERS