Chart : VAT collections plunge by 18 % in january

-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.


Source (report from the Ministry of Finances for january 2009)

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 :

Mike Shedlock
Calculated Risk

5 Responses to “Chart : VAT collections plunge by 18 % in january”

  1. 1 Bedwyr 7 February 2009 at 9:42 am

    Well, given this, it sure is nice that the stupid woman at BOT can see ‘signs of recovery’.

    Give me a half a kilo of whatever it was she was smoking at the time.


  2. 2 Bedwyr 7 February 2009 at 12:52 pm

    But Bewdyr just remembered the government saying they could continue to pay government salaries because there would be lotsa dosh from tax collections in April/May.

    Perhaps it is not related. If it is we can expect to see a few more buskers in downtown Bangers.


  3. 3 ThaiCrisis 7 February 2009 at 5:09 pm

    It is related of course. Korn is a real clown, like I wrote. Because he relies on resources that are drying up. And at the same time, the government increases its spendings…

    The alleged Finance minister is even unable to understand that when businesses export less, work less, they make less profits, and therefore they pay less taxes.

    We have a massive global crisis, but those inane politicians still believe that everything is sabai, that everything will return to normality in six months, and that companies will be able to pay ever increasing amounts of taxes.

    Over and over again it’s the Titanic : the band will play. Until the end.

  4. 4 Insanity 8 February 2009 at 4:49 am

    Situation is worsening.

    The world’s available money supply is tied largely to the attempted bailout of financial institutions, and you’ve got a shortage of money, of any kind of credit, building up rapidly into catastrophic levels in every other area.

    With no money available for useful production, and most world leaders still not willing to address the necessary bankruptcy reorganization of the entire international financial system, unemployment is skyrocketing, factories are closing, state and national governments around the world are teetering at the edge of insolvency, and world trade is grinding to a halt. In late January, the usually staid United Nations’ International Labor Organization (ILO) issued a report forecasting that 50 million jobs would be lost worldwide by the end of 2009, and that there will shortly be 1.4 billion “working poor”—about half the planet’s working-age population.

    The ILO’s forecast is actually “optimistic,” given the accelerating disintegration of the global economy.

    People are going to start dying as a result of these economic conditions.

  5. 5 Yeti 8 February 2009 at 10:39 am

    Excise taxes are down 12.85% for liquor (+26.92% for beer) and -20.22% for tobacco.
    When people begin to smoke and drink less we are in a real crisis.

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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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