Lower auto taxes and fuel subsidies keep the Finance Ministry's revenue below goal.

Lower auto taxes and fuel subsidies keep the Finance Ministry's revenue below goal. 

The ministry's spokesperson, Pornchai Teerawet, announced on Monday that the ministry's earnings for the period of October 2023 to February of this year totaled 981.90 billion baht. This is a 2.5% decrease, or 25.14 billion baht, from the projected objective and a 0.4% decrease from the same time in the previous year. He claimed that fuel subsidies and reduced automobile tax revenues as a result of electric car marketing had caused the Excise Department's earnings to decline.

Meanwhile, agencies that earned more than expected included enterprises collecting income from the previous year and the Revenue Department collecting more in value-added tax.

The government’s total income in the first five months of fiscal 2024 was 979.98 trillion baht, while its total expenditure came in at 1,365.67 trillion baht. To cover some of the difference, the government borrowed 55.75 trillion baht from the treasury, whose balance stood at 178.5 trillion baht as of the end of February this year.