Finance ministry sees record revenue of 14.4 billion baht

The Ministry of Finance announced that the Treasury Department has achieved record-breaking revenue collection for the fiscal year 2024, amounting to 14.4 billion baht. This represents a 57.9% increase from the previous year and exceeds projections by 25.4%, marking the highest revenue since the department’s establishment on September 30, 1924.

The Deputy Minister of Finance, Paophum Rojanasakul attributed this remarkable achievement to several strategic measures. These include accelerating the auctioning of state properties nationwide, renewing major lease agreements with strategic considerations, expanding beneficial use areas, and compensation for land expropriation.

The department reported having 225,820 lessees of state property, with 86% of these leases being for social purposes and 14% for commercial use. Despite the larger number of social leases, commercial leases contributed to 98% of the department’s revenue, while social leases accounted for only 2%.

The Treasury Department provided low-cost rental properties for housing and agricultural purposes to support the public, particularly through the Thanarak Aua Ratchat project.

The Treasury Department aims to increase the beneficial use of state properties by 9% to 10% annually. Efforts are underway to reclaim underutilised state properties currently held by government agencies. In the fiscal year 2024, approximately 24,000 rai (around 9,450 acres) of land has been reclaimed, which is expected to contribute to increased revenue in the future.

The department has set an ambitious target to generate 55,000 million baht in revenue over a five-year plan from 2023 to 2027. This goal includes raising commercial rental rates for private sector businesses, with a target Return on Assets (ROA) of 3%.

However, the department will continue to offer lenient rental policies for residential and agricultural leases to support the public.

Additionally, for the fiscal year 2025, the Treasury Department plans to continue the Thanarak Aua Ratchat project, providing low-cost land rental agreements to citizens nationwide. The goal is to improve housing stability and occupational security for low-income individuals.

Through these comprehensive strategies, the Ministry of Finance and the Treasury Department are poised to further enhance revenue collection while supporting social welfare and economic stability, reported KhaoSod.