The Revenue Department has already fulfilled 83% of personal income tax refund requests, according to the department chief.
Director-general Pinsai Suraswadi said as of April 3, a total of 11.1 million personal income tax returns had been filed. Of those, 4.37 million or 39% included requests for tax refunds.
For taxpayers who filed but have yet to receive refunds, the delay may be due to additional required documentation, and the department is expediting this process, he said.
Regarding revenue collection, Mr Pinsai said the department collected more than 170 billion baht in March, an uptick of 6.6 billion baht or 4% year-on-year, and 1 billion baht (0.6%) higher than the department's projection.
For cumulative revenue collection over the first six months of fiscal 2025, the department collected more than 960 billion baht, a gain of 36 billion baht or 3.9% year-on-year, and more than 10 billion baht or 1.1% higher than the projected estimate.
He said the strong performance in March was attributed to increased revenue from domestic value-added tax (VAT), which was up 7.6% year-on-year.
In addition, the department entered into advance pricing arrangements (APA) with foreign tax authorities, which help to ensure fair corporate income tax revenues from cross-border transactions for Thailand.
An APA refers to an agreement on the determination of transfer pricing for transactions within the same group of companies in advance, based on appropriate methods, criteria and conditions, for a specific period of time.
For the first five months of fiscal 2025, Pornchai Thiraveja, director-general of the Fiscal Policy Office and spokesperson for the Finance Ministry, said the government's net revenue collection from October 2024 to February 2025 tallied 996 billion baht, close to both the target and last year's figure for this period.
He said this revenue performance was driven by: VAT on domestic consumption; the transfer of income carried over from the previous year for certain state-owned enterprises; and higher remittances than expected from surplus bond sales issued to finance the budget deficit.
Tax refunds from the Revenue Department, which are a deductible item, were higher than estimated, while vehicle tax collections were lower than expected because of fewer vehicles paying taxes and the impact of measures promoting electric vehicles.
The ministry confirmed net government revenue collection over the first five months of fiscal 2025 remains within expectations and it plans to manage revenue collection to stay near targets, maintaining fiscal stability and strength.
