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COVID-19 batters Phuket tax revenues

COVID-19 batters Phuket tax revenues

PHUKET: The economic impact of COVID-19 has halved the tax revenues collected by the local office of the Revenue Department, despite a major bump from the outstanding tax payments collected from last year.

COVID-19economics
By The Phuket News

Thursday 15 October 2020, 09:00AM


Tax revenues collected in Phuket plunged after the COVID crisis gripped the island’s economy. Image: The Phuket News

Tax revenues collected in Phuket plunged after the COVID crisis gripped the island’s economy. Image: The Phuket News

According to figures provided directly to The Phuket News by the Phuket Area Revenue office, total tax receipts from January through August year on year fell by just over 46%.

January began with an year on year increase of 5.38% rising from B1.033 billion to B1.092bn, before February saw tax revenues fall by -5.22%, from B1.086bn to B1.032bn.

However, once the ban on inbound international tourists came into effect, tax receipts on personal and business incomes plunged dramatically. Tax revenues in March fell by -42.31% (from B1.134nbn to B797bn), followed by a fall in April of -296.86% (from B1.243bn to B313bn).

May saw a year-on-year decrease of -175.02% (from B1.363bn to B495bn), while June saw a fall of -209.85% (from B1.720bn to B555bn) and July saw a fall of -103.78% (B861bn to B422bn).

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August saw a year-on-year increase of 38.55% (B1.118bn to B1.819bn), but only because the deadline for filing tax returns, postponed by the national government as a COVID-19 benefit, fell due by the end of that month.

Overall, year on year from January through August, Personal Income tax receipts fell by -40.83% (from B1,928bn to B1.369bn), Corporate income tax fell -68.94% (from B2.862bn to B1.694bn), and VAT receipts fell -32.46% (from B3.964bn to B2.993bn).

Meanwhile, Specific business tax receipts fell -77.39% (B664bn to B374bn), Revenue stamp receipts fell -44.41% (from B135bn to B93bn), and tax revenues described as “Others” fell -72.85% (from B7.34bn to B4.25bn).

While willing to provide the tax receipt figures for so far this year, the Phuket Area Revenue office declined to comment or provide any further insight into the plunging figures.

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CaptainJack69 | 15 October 2020 - 10:32:23

Here again we see the governments amazingly generous (not) COVID concessions in action. Deferred payment is still payment. Thanks gov.

 

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