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  1. #1
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    Tax collections unaffected by global economic woes, says FPO

    Tax collections unaffected by global economic woes, says FPO

    BANGKOK, Nov 18 (TNA) Fiscal Policy Office Director-General Somchai Sajjapong on Monday expressed confidence that the government's tax collections would not be affected by the global economic meltdown as many have been predicting.

    He said that many parties are concerned that tax collections would miss its target since the global economic crisis is expected to take a toll on the Thai economy.

    However, the FPO believes it should not be worrisome if tax collections are slightly less than targeted earlier.

    In the first nine months of this year, Mr. Somchai said, financial institutions had combined net profits of almost Bt 80 billion, higher than that of the corresponding period the year earlier.

    He believed the financial institutions and listed firms on the Stock Exchange of Thailand (SET) would continue to enjoy handsome profits next year, so he is confident that tax collections would not be affected as many worried.

    Mr. Somchai said the FPO will closely monitor revenue collections, and prepare measures with which to respond in case there is a shortfall in revenue.

    However, he remained certain that Thailand's gross domestic product (GDP) would grow 5 per cent this year and 4-5 per cent next year because economic fundamentals remain strong.

    Mr. Somchai conceded external factors are more worrisome than earlier expected, necessitating boosting the local economy to ensure its strength.

    He said the government had increased the planned budget deficit by Bt100 billion and injected it into the economic system.

    "The decision to raise the deficit should be considered one of the (more) assertive measures the government has taken to cope with next year's economic volatilities," Mr. Somchai said.

    Still, he thought the government would not further increase the budget deficit because it must maintain fiscal discipline. (TNA)

    enews.mcot.net


    opps .....................


    EARNINGS

    Listed companies' earnings drop 6% in Q3
    Tue, November 18, 2008

    Listed companies suffered a 6 per cent drop in net profits in the third quarter, despite the 34 per cent increase in turnover, according to the Stock Exchange of Thailand.

    When global economy showed weaker growth, their combined net profits dropped to Bt97.85 billion, though combined turnover was as high as Bt2 trillion.

    In the first nine months, the earnings however rose 26 per cent Bt394 billion on top of combined turnover of Bt5.7 trillion.

    "The increase in the nine-month earnings and turnover demonstrated Thai companies' resilience to the global financial and economic crisis," said SET President Patareeya Benjapholchai.

    By industry, the Resources sector which contains energy stocks like PTT showed the combined net profit of Bt153.48 billion, up 2 per cent on year. Oil prices peaked in July at US$147 a barrel and plunged sharply in the subsequent months.

    Those in the Financials sector - including banks, securities companies and insurance companies - posted combined earnings of Bt78.6 billion, up 199 per cent from the same period last year.

    The Property & Construction sector's combined earnings reached Bt45.8 billion, down 22 per cent.

    Providers of industrial raw materials reported earnings of Bt37.96 billion, up 77 per cent on year. Combined earnings of technology-related companies were Bt34.7 billion, up 34 per cent.

    Those in Services sector which include media and hotel companies showed a 21 per cent drop in earnings to Bt18.4 billion.

    Thanks to the sharp hikes in average prices, those in the agricultural and food sector enjoyed a 112 per cent increase in net profits, at Bt16.96 billion.

    Those in the consumer products also enjoyed a 48 per cent increase in net profits, at Bt4.25 billion.

    nationmultimedia.com

  2. #2
    Mid
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    paging Fiscal Policy Office Director-General Somchai Sajjapong

    BANGKOK, Nov 18 (TNA) – Fiscal Policy Office Director-General Somchai Sajjapong on Monday expressed confidence that the government's tax collections would not be affected by the global economic meltdown as many have been predicting.

    from OP


    BRIEFS

    Tax revenue feels economic pinch
    December 10, 2008

    Somchai Sujjapongse, directorgeneral of the Fiscal Policy Office, yesterday said governฌment revenue last month had missed the target by 10.6 per cent, and was 6.3 per cent lower than the same month last year.

    The government collected taxes totalling Bt114.42 billion, due to the sagging economy and a cut in oil taxes.

    Tax revenue in the first two months of the 2009 fiscal year (October and November) fell short of target by 10.7 per cent, ending at Bt201.9 billion - 12.8 per cent lower than the same period last year

    nationmultimedia.com

  3. #3
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    Good, the less they prise the less they can steal...keeps up like this and we'll have the elite cringing at the mere mention of PAD.

  4. #4
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    is this guy a politician or a public servant ?

  5. #5
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    Thai finmin sees budget gap rising as tax take falls
    Thu, Jan 8 2009

    BANGKOK, Jan 8 (Reuters) - Thailand's fiscal deficit is likely to rise to 470-480 billion baht ($13.5-13.75 billion) in the current fiscal year because tax revenue will be lower than planned, Finance Minister Korn Chatikavanij said on Thursday.

    The new government has yet to cut the revenue target of 1.59 trillion baht for the fiscal year to end-September, he said, but he thought revenue could fall 10 percent below that target.

    The government, which came to power in December, inherits a 2008/2009 state spending budget of 1.84 trillion baht originally aimed at helping the economy expand 5.5 percent this year.

    However, that budget was passed by parliament about the time the global economic downturn started to bite and before the economy -- and the lucrative tourist sector -- took a big knock from a week-long blockade of Bangkok airports by political protesters in November.

    Korn has forecast zero to 2.0 percent growth for 2009.

    He has maintained a plan by the previous government to allocate another 100 billion baht in a mid-year supplementary budget, which it said would raise the projected 2008/2009 deficit to nearly 350 billion baht, or 3.5 percent of GDP.

    Korn did not say what the higher deficit figure he now expects would represent as a percentage of GDP.

    ($1=34.88 Baht)

    fxstreet.com


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    TAX REVENUE

    Govt posts Bt22.8 bn shortfall in December
    Thu, January 8, 2009

    Government revenue collection in December was Bt22.8 billion below target, while the combined shortfall in the first three months of the 2009 fiscal year was tuned at Bt52 billion, according to the Fiscal Policy Office.

    Somchai Sajjapong, director-general of the Fiscal Policy Office as the Finance Ministry's spokesman, said in December, revenue was only Bt76 billion. Among the reasons, value-added tax shortfall in the month was Bt5.14 billion while the Revenue Department's tax rebates were Bt9.3 billion above the target.

    During October and December, revenue was only Bt272.8 billion, down Bt52 billion from target and 16.1 per cent down from the previous year.

    Somchai attributed the shortfall to lower-than-expected oil excise tax, VAT and remittances from state enterprises, as well as higher-than-expected tax rebates. He said that the 2009 revenue should be lower than expected, but not to the level that will hit fiscal disciplines.

    Still, he said the lower tax revenue could boost the economy, as more money is circulated in the system

    nationmultimedia.com

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