Bangkok: Total revenue collection in the first five months of fiscal year 2025 surged to 795,334 million baht, surpassing the target by 8,676 million baht. The Thai economy shows signs of recovery, as the accumulated revenue exceeds last year's figures by 3.8%. Authorities emphasize timely tax filing to avoid fines.
According to Thai News Agency, Ms. Sasikarn Wattanachan, deputy government spokeswoman, announced that the Revenue Department's collection from October 2024 to February 2025 was significantly higher than expectations. In February alone, revenue reached 149,117 million baht, exceeding last year's collection for the same month by 4.0% and surpassing the budget estimate by 0.7%.
The rise in revenue is primarily driven by the Value Added Tax (VAT) from domestic consumption, which increased by 7.8% compared to the previous year. Another contributing factor is the personal income tax, showing a 7.9% increase, attributed to effective withholding tax remittance and timely personal income tax filings.
Ms. Sasikarn urged citizens to file their taxes by March 31, 2025, to avoid potential fines and additional charges. She outlined that late filing could result in fines up to 2,000 baht, with possible reductions upon request. Furthermore, failing to pay taxes by the deadline could incur a surcharge of 1.5% per month on the overdue amount.
Taxpayers are encouraged to utilize the Revenue Department's online platform for filing or seek assistance through their office or hotline. Ms. Sasikarn emphasized the convenience and necessity of adhering to the tax filing deadlines to avoid financial penalties.