The government’s revenue collection for fiscal 2026, which ended in September, slightly exceeded the target by 0.9%, according to the Finance Ministry.
As of Sept 30, 2026, the final day of fiscal year 2026, the government recorded net revenue of 2.95 trillion baht after deducting tax refunds and value-added tax (VAT) allocations to local administrative organisations, up 4.3% from the corresponding period of the previous fiscal year and 0.9% above the government’s revenue target.
According to a document released by the Finance Ministry, the accelerated refunding of corporate income tax during the past fiscal year resulted in tax refunds exceeding the estimated amount, thereby reducing the government’s net revenue. However, speeding up tax refunds helped improve business operators’ liquidity.
The revenue categories that exceeded their targets included VAT collected from domestic consumption, VAT on imported goods and corporate income tax, as well as remittances from state-owned enterprises. The higher-than-target and year-on-year revenue collections were consistent with the economic growth trend, supported by expanding domestic consumption and higher prices for imported crude oil, as well as growth in the oil refining and power generation sectors.
A breakdown of government revenue by source, particularly collections by the three main tax agencies — the Revenue Department, the Excise Department and the Customs Department — showed that the Revenue Department collected a total of 2.52 trillion baht in fiscal 2026, up 8% from the previous fiscal year and 3.1% above its target.
The Excise Department collected 565 billion baht, an increase of 5.3% year-on-year, although the figure was 2.2% below its target. Meanwhile, the Customs Department collected 116 billion baht, down 2.5% from the previous fiscal year and 5% short of its target.
State-owned enterprises, which are required to remit revenue to the Finance Ministry, contributed a total of 203 billion baht in fiscal 2026, up 14.6% from the previous year and 11.3% above the target.
Other government agencies that generate revenue, such as the Treasury Department, remitted a combined total of 177 billion baht, down 20.1% from the previous year but 7.5% above the target.
In addition, the government issued tax refunds through the Revenue Department and the Customs Department totalling 478 billion baht. A further 157 billion baht in VAT revenue was allocated to local administrative organisations in accordance with the laws governing fiscal decentralisation.
For fiscal 2027, which began on Oct 1, the government has set its expenditure budget at 3.78 trillion baht and expects to collect 3 trillion baht in revenue.
The budget will therefore remain in deficit, with 788 billion baht in borrowing planned to finance the shortfall. However, the amount of borrowing required to cover the deficit is 8.4% lower than the budgeted amount for the previous fiscal year.