revenue
- Business News
Baht appreciation leads to 4 to 5 billion baht revenue shortfall
Revenue collection for the 2024 fiscal year fell short of government expectations by 4 to 5 billion baht due to the appreciation of the baht. This shortfall occurred as the fiscal year concluded in September, impacting the value-added tax (VAT) revenue from imports, particularly affecting oil imports. Finance Permanent Secretary Lavaron Sangsnit explained that the rapid strengthening of the baht…
- Tourism News
National parks revenue soars 50%, reaching 2.2 billion baht
The Department of National Parks, Wildlife, and Plant Conservation (DNP) reported a significant increase in income, reaching 2.2 billion baht in the fiscal year 2024, marking a nearly 50% rise. Hat Noppharat Thara-Mu Koh Phi Phi in Krabi emerged as the top revenue generator, contributing 629 million baht (US$19 million). Khao Yai in Nakhon Ratchasima was noted as the most…
- Tourism News
Thailand welcomes 26 million tourists, earns 1.214 trillion baht
Thailand welcomed over 26 million international tourists from January 1 to yesterday, October 1, generating an impressive 1.214 trillion baht in revenue. Sorawong Thienthong, the Minister of Tourism and Sports, confirmed these figures, underscoring the nation’s strong recovery as a premier global travel destination. Among the top contributing countries, China led with 5,227,573 tourists, followed by Malaysia with 3,734,847, India…
- Thailand News
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…
- Business News
Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
- Guides
Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data and analytics to predict demand, adjust prices, manage risk, and distribute rooms effectively to maximise profits. Surprisingly, despite its effectiveness,…
- Business News
Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
- Thailand News
Duty-free shutdown drama: Thai airports set to lose big bucks
Airports of Thailand (AOT) is bracing for a colossal monthly loss of 143 million baht after announcing the closure of all duty-free shops in the arrivals areas of five major airports. This shocking move, aimed at boosting domestic spending, was approved by the Cabinet on July 2 and will come into effect on August 1. The closure affects duty-free shops…
- Tourism News
Thailand aims for 3.4 trillion baht in tourism revenue by 2025
Thailand’s Tourism Authority (TAT) plans to achieve 7.5% revenue growth or 3.4 trillion baht in 2025, while private operators advocate for airfare subsidies to boost income, to mark the upcoming year as Thailand Grand Tourism Year. During the TAT Action Plan 2025 meeting yesterday, July 8, Chairman Natthriya Thaweevong announced that the government aims to mark 2025 as the Thailand…
- Thailand News
Thailand’s national parks smash revenue records
Thailand’s national parks achieved a monumental milestone, breaking revenue records by collecting a whopping 1.785 billion baht between October 1 last year, and June 20 this year. This incredible sum surpasses the total amount collected in the whole of 2023, which stood at 1.467 billion baht. Leading the charge is the Nopparat Thara Beach National Park, Phi Phi Islands, raking…
- Thailand News
TAT’s plan to lure long-haul tourists with 3.5 trillion baht goal
The Tourism Authority of Thailand (TAT) unveiled an ambitious strategy to boost tourism revenue to a staggering 3.5 trillion baht by year-end, focusing on long-distance markets. Siripakorn Cheawsamoot, TAT’s Deputy Governor for Europe, Africa, the Middle East, and the Americas, outlined the plan yesterday, revealing that tourists from far-flung corners of the globe are crucial to hitting the government’s lofty…
- Business News
Lay’s chips in: PepsiCo to grow revenue by 15% for Thai farmers
Pepsi-Cola (Thai) Trading Co (PepsiCo), the producer and distributor of Lay’s potato chips, has intensified efforts to boost agricultural productivity among its 5,800 contract farmers, aiming to increase revenue by 15% for 35% of these farmers by 2030. General Manager of Indochina Foods and Chief Commercial Officer for Asia-Pacific, Sudipto Mozumdar highlighted the challenges posed by climate change and rising…
- Thailand News
Land and building tax revenue to hit 43 billion baht this year
The Finance Ministry anticipates the land and building tax collection to reach 43 billion baht this year, marking an increase of 8 billion from the previous year due to the discontinuation of the tax discount. Finance Permanent Secretary Lavaron Sangsnit, speaking at a property seminar on the fifth anniversary of the tax’s implementation, revealed that the ministry is currently reviewing…
- Business News
Tax refund delays: Stricter checks put paperwork in slow lane
Stricter document verification has led to delays in personal income tax refunds this year, the Revenue Department reported. An increase in the submission of fraudulent documents, particularly fake income certificates (50 Tawi), prompted the department to scrutinise tax refund documents more meticulously. Vinit Visessuvanapoom, Deputy Director-General and principal advisor on tax base management stated that the department’s heightened caution stems from…
- Thailand News
Thai AirAsia’s first quarter: Revenue skyrockets yet net loss stings
Asia Aviation PLC (AAV), the powerhouse behind Thai AirAsia Co. Ltd (TAA), unveiled a tale of contrasting fortunes in its first-quarter performance of 2024. Revenue rocketed by an impressive 52%, hitting 13,793.7 million baht, while positive earnings before taxes soared by 78% to 3,094.2 million baht. But amidst the celebratory air, a storm brewed as the company recorded a staggering…
- Business News
Central Retail reports 6% revenue boost to 67.3 billion baht
Central Retail Corporation‘s first quarter earnings report revealed a robust performance, with a 6% revenue increase to 67.3 billion baht (US$1.84 billion). Significantly, the company’s net profit jumped by 14% to 2.52 billion baht (US$ 70 million) compared to the same period last year. Under the leadership of Yol Phokasub, the company has seen a notable shift towards omni-channel retailing,…
- Business News
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
- Business News
Samsung aims for 20% revenue rise with enterprise-focused mobile devices
Samsung is set to enhance its footprint in the corporate user base by unveiling an array of smart devices and solutions. The technology giant anticipates a 20% rise in revenue from mobile devices specifically tailored for the enterprise market this year, revealed Panupat Kasemsuk, the head of B2B mobile experience at Thai Samsung Electronics Co. Panupat highlighted that business customers…
- Business News
Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
- Business News
Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
- Thailand News
Taxpayers perplexed by mysterious income entries
A prominent company named Infofed clarified unusual income sources that surfaced when taxpayers submitted their tax forms online, urging explanations from the Revenue Department. The ease of digital tax filing has been marred by these mysterious entries, sparking widespread concern. The Facebook page Drama-addict raised the alarm yesterday, February 16, about a peculiar issue encountered by taxpayers who ventured online…
- Business News
Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
- Business News
National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
- Economy News
Phuket continues promotion as timeless destination to boost tourism
Championed by the Tourism Authority of Thailand‘s (TAT) local office, Phuket is set to continue its promotion as a timeless destination, void of an official low season. Director Lertchai Wangtrakuldee confirms this strategy following the significant triumph of last year when the resort province achieved its arrival and revenue targets ahead of schedule. By the end of November, the visitor…
- Thailand News
Thai Revenue Department mandates online platforms to submit trader income data from 2023
The Thai Revenue Department has mandated online platforms to submit income data of online traders into the system, starting from the accounting period of January 1 in the upcoming year. The conditions were announced on today. Kulaya Tantitemit, the Director-General of the Revenue Department, announced on December 27, about income tax concerning the regulation for electronic platforms to prepare special…
- Thailand News
Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
- Thailand News
Phuket paradise beckons: TAT teams up with Saudia Airlines for tourism extravaganza
The Tourism Authority of Thailand (TAT) has joined forces with Saudia Airlines, setting their sights on a jaw-dropping target of 300,000 arrivals and a staggering 27.68 billion baht in revenue. TAT Governor Thapanee Kiatphaibool revealed ambitious plans after a high-stakes meeting in Riyadh with Saudia Airlines bigwigs. Thapanee disclosed discussions that could make this a game-changer for Saudi tourists seeking…
- Business News
Thailand’s tourism revenue falls short of annual target
The Tourism Authority of Thailand (TAT) projected a shortfall in its annual tourism revenue target, with this year’s earnings expected to reach 2.07 trillion baht (US$58,773,427,200) instead of the projected 2.38 trillion baht. TAT Governor, Thapanee Kiatphaibool, attributes this shortfall to the sluggish performance of international tourism receipts, which were significantly lower than the state’s target of 1.6 trillion baht.…
- Business News
ACE’s 18 solar projects to boost revenue with 665m baht annually
Absolute Clean Energy (ACE), a prominent biomass power developer and operator based in Bangkok, is set to see a significant increase in revenue following the selection of its 18 solar power generation ventures to feed the national grid. The projects are being executed under the umbrella of ACE’s 14 entirely owned subsidiary companies. ACE, in a recent announcement by its…
- Business News
Gulf Energy eyes 50% revenue surge with power plant operations boost
Gulf Energy Development, a Stock Exchange of Thailand (SET)-listed firm, is looking forward to a 50% revenue surge, breaking past the 100 billion baht (US$3.03 billion) mark this year. This significant increase is due to the addition of electricity generation capacity and the full operation of its power plants. In the previous year, the company’s earnings stood at 95 billion…
