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Thailand Fears Tax Revenue Shortfall

by Mary Swire, Tax-News.com, Hong Kong

11 March 2014


Thailand's Fiscal Policy Office has expressed concern that the Government's tax collections may fall short of targets due to the ongoing political trouble in the country.

Somchai Sujjapongse, Director General of the Ministry of Finance's Fiscal Policy Office, said that the FPO would closely monitor the current political impact on the country's economy, on concerns that Thailand's economic growth this year will not reach the 5 percent rate earlier predicted by the Finance Ministry.

He did however say the FPO had already drawn up a contingency plan, and hoped that the political situation would soon return to normal.

Despite the pessimism, the FPO disclosed that in the first four months of the 2014 fiscal year (to January 2014) tax collections had marginally exceeded expectations, THB1.5bn, or 0.2 percent, above budget forecasts.

TAGS: Finance | tax | economics | fiscal policy | gross domestic product (GDP) | budget | Thailand | ministry of finance | revenue statistics

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