According to Director-General of Fiscal Policy Office Dr Somchai Sujjapongse, during the first quarter of the 2013 fiscal year, from October to December 2012, the government collected almost B500 billion.
The figure is higher than the amount collected in the prior year by almost B95 billion, or by 23.3 per cent. Dr. Somchai said the majority of the revenue came from VAT and vehicle tax, which indicated an improving economy.
Other sources of income, he said, were from the bidding of the 3G licences and the first-car policy. The government, during the same period, spent B786 billion or nearly B300 billion higher than it did the year before.
The higher spending was due to the government’s economic stimulus policy as well as the delay in the enforcement of the spending bill during the previous fiscal year. Given the income and expenses, the country ran a balance of budget deficit of B404 billion.
Dr Somchai also pointed out that the Thai economy is growing continuously as a result of domestic consumption as well as government spending, while the treasury reserves remain strong.
He said this will enable the government to continue to promote investment and encourage consumer spending to further drive the Thai economy this year.