revenue
- Business News
Revenue department sees 2.1% rise in revenue collection
Collection by the Revenue Department has shown a notable increase in the first two months of fiscal 2025, with a 2.1% year-on-year growth. The surge is largely credited to initiatives aimed at integrating individuals outside the tax system into compliance, along with intensified measures against tax evasion. Director General Pinsai Suraswadi reported that in October, the department successfully collected 146…
- Business News
Excise Department to reassess retail prices for higher tax revenue
The Excise Department is set to reassess the recommended retail prices that form the foundation for calculating excise taxes. This revision comes as many products’ current prices are estimated to be 5% to 10% below the actual selling prices. According to Bangkok Post, a source from the department indicated that setting recommended retail prices too low results in reduced revenue…
- Thailand News
Airline industry poised to surpass US$1 trillion despite delays
The global airline industry anticipates surpassing US$1 trillion in revenue due to record passenger numbers, despite facing significant challenges in acquiring new aircraft, according to the International Air Transport Association (IATA). Issues with Boeing and Airbus have caused delivery delays, impeding airlines‘ ability to upgrade their fleets with more efficient planes that could reduce fuel expenses while accommodating increased passenger…
- 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
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…
- Thailand News
Khao Kheow Zoo earns 12 million baht from Moo Deng’s live stream fame
Khao Kheow Open Zoo has captured global attention with live streaming of Moo Deng, a baby pygmy hippo, drawing fans from around the world. The zoo reported a significant surge in visitors, earning over 12 million baht from September 1 to 19, and anticipates revenue up to 200 million baht from one million visitors by the end of its fiscal…
- 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…
- 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…
- Thailand News
Nation Group announces partial salary suspension
Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary. Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in…
- 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
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
PM Srettha sees a revenue-boosting recipe for Q4
Thailand’s government is exploring strategies to enhance state revenue, with Prime Minister Srettha Thavisin expressing optimism about economic improvement in the fourth quarter. The Bangkok-born PM convened a meeting yesterday with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and representatives from key revenue collection agencies, including the Excise Department, the Customs Department, and the Revenue Department, to discuss…
- 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…
- 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
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
- 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
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,…
- Business News
Southern Thailand sees room revenue surge due to European visitors
Southern provinces of Thailand are experiencing a boost in room revenue in the first quarter, thanks to extended stays by European visitors. This increase has occurred despite the lesser number of tourists from China. Room rates have reached a new high, setting a record. Pongsakorn Ketprapakorn, the ex-president of the Tourism Council of Phangnga predicted the surge. “The first quarter…
- 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
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…
- Tourism News
Thailand’s tourism revenue surges by 44% as new year ushers in boom
The start of the new year saw a significant boom in Thailand’s tourism sector, with a 44% spike in tourism-related revenue. The Tourism Authority of Thailand (TAT) attributes this surge to the visa-free scheme and extended entertainment hours in select provinces. Thapanee Kiatphaiboon, the Governor of TAT, revealed that the country amassed a staggering 54.4 billion baht (US$1,588,321,152) from December…
- 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
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.…
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