PUBLISHED: 6 Jun 2024 at 05: 45
Prime Minister Srettha Thavisin is convinced that the business will increase in the third quarter, so the government is considering ways to boost state income.
Mr. Srettha met with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and members of the Revenue Department’s different profits set departments on Wednesday to discuss ways to increase profits set.
Prior to the meeting, Mr. Srettha stated that since June, the state needs to review its plans to reduce spending and increase income to ensure that budgetary expenses are properly managed. ” Revenue]collection ] is an important matter”, the prime minister said, adding the Finance Ministry is also considering additional measures to stimulate the economy.
He claimed that amid a slow GDP growth, ministers in charge of the market and several organizations are collaborating to restart the sector.
Mr. Srettha even expressed confidence in the fourth quarter’s recovery, despite the government’s efforts to accelerate economic growth in the second quarter.
The expenditure has now been distributed, he said, and we will discuss how to make sure it is used as quickly as possible.
The first three months saw economic growth of 1.5 % year over year, according to the National Economic and Social Development Council ( NESDC ), which surprised some observers. The NESDC now anticipates a year-long GDP growth rate of between 2 % and 3 %, which is slightly below its previous projection of 2.2 % to 3.2 %. Last year’s growth was 1.9 %.
Pornchai Thiraveja, spokesman for the Ministry of Finance, earlier said the government collected 1.38 trillion baht in revenue from October last year to April, falling below its target by 2.7 %, or 39.1 billion baht.
The Excise Department’s profit was 304.5 billion ringgit, about 47 billion ringgit or 13.4 % below the set goal.
But, compared with the same time next year, the profit collected was 27.5 billion ringgit higher.
Mr. Julapun claimed that the government’s efforts to lower the cost of living were unsuccessful.
A split on fuel taxes took the heaviest burden on the Excise Department, which lost about 20 billion baht per quarter in money, he said.
Finance permanent secretary Lavaron Sangsnit stated after the meeting that the Finance Ministry currently has plans to handle the below-target profits.
He added that the Finance Ministry intends to obtain an extra 10 billion baht of revenue, but he declined to provide details about how much of it came from.