-18,31 %. This is the striking plunge of VAT collections in january, compared to january 2008 (from 44,17 billions THB to 36,08 billions).
The fiesta is over. The clowns start to understand that the crisis is not virtual… it has direct effects on the real economy, on the consumption, on businesses, therefore on state’s revenues… etc… Exactly when the gvt needs more money for its “stimulus package”…
The vicious circle, the negative loop is on the move. Nothing, yet, can stop it.
Now, let’s have a look on the other items of the report for january.
The total (gross) is falling by 11,68 % (and – 17,20 % in net). Nothing surprising. It will continue to go down, while the crisis is deepening.
For the first four months of fiscal 2009 from October to January, net government revenues stood at 363.7 billion baht, or 70.4 billion (16.2%) below target and down 13.9% from the same period the year before. For the period, Revenue Department collections were 5.6% below target at 302 billion baht, Excise Department revenues off 27.2% to 72.3 billion and Customs Department revenues 11.2% short at 30.3 billion.
Dr Somchai said that of the 70.4- billion-baht budget shortfall, 17 billion could be attributed to government policies on oil taxes. For fiscal 2009, he expects revenues to be short by 7%. (Bangkok Post)
– 7 % for the current fiscal year (ends 30 september) ? 😉 What a joke.
The clowns must understand that there is no bottom, yet. Consumers from Jupiter, Mars and other solar systems are not going to save the Earth’s economy. They are not going to buy the chinese stuff, the thai stuff, and the cars that GM, Toyota, Ford do not produce anymore. 😉
Hope for a “recovery” in the second half of 2009 is nothing but a scam, an intellectual fraud to put the masses, the sheeps, the clowns, to sleep.
You don’t want to be a sheep anymore ? Open your mind. And point your browser on 2 major US blogs :