Tax revenue in Thailand has fallen 16% below government targets for the first 5 months of the fiscal year, according to official statistics.
The figures state that around THB451bn (USD12bn) was collected by the government in the first five months of the new fiscal year - which is almost 17% lower than expected.
According to Somchai Sujjapongsen, the Fiscal Policy Office's director-general, in February, the government's tax revenue collection was around 22% lower than predicted - a 29% drop in figures compared to the previous year.
Much of the decline in revenue has been attributed to the current financial downturn, with the recent introduction of new tax concessions for the oil industry also to blame.
However, the government remains hopeful that tax revenues will increase with the onset of their recent THB165bn (USD4.5bn) stimulus package, especially in light of the news that VAT returns exceeded estimates by around 13%.
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