Thunderstorm : tax revenues drop 30 % in february !

Read my article yesterday…. And the one about drop of VAT in january

We just got the figures for february… It’s even worse than my own forecasts…

Last month, the government collected 82.43 billion baht of revenue, 23.48 billion baht or 22.2 per cent lower than initially estimated. The amount was also 29.1 per cent lower than the revenue gained in February last year. (Bangkok Post)

On the first 5 months of the fiscal year, the drop is 8,4 %.

Same for the VAT (a very good indicator of consumption) : in february the fall was 25,23 %, compared to february 2008 !

The trend is worsening. It’s obvious.

With his stupid economic policies (“let’s give 2000 THB to 8 millions of people to boost the economy” and “let’s give electricity for free“), Abhisit was a clown.

Now he is a gravedigger.

[I will update the charts about VAT later]

[on the report of the Finance Ministry, I don’t see -29,1 %, but -25 %… Some accounting creativity from Bangkok Post reporters ? 😉 In any case, the fall is bad, really bad]

4 Responses to “Thunderstorm : tax revenues drop 30 % in february !”

  1. 1 Bedwyr 10 March 2009 at 11:51 am

    yes, I think the stage is set for an implosion and a more or less immediate keystone cops response from the government.

    When the crash happens and Mr Cardboard-cut-out is exposed, they will be running around like headless chickens seeing who can shout the loudesrt and who has the latest bright idea for instant recovery. Still trying to assure everyone they are still doing a grand job and all will be well if they only trust them for a bit longer.

    I think this will be even more entertaining than I thought and I already thought it would be very, very funny to watch.

    Exports – up shit creek
    Tourism – up shit creek
    Confidence – up shit creek
    Inward investment – up shit creek

    I hope Abhisit has got some brown trousers, and Newin must be working on an ulcer already.


  2. 2 fall 10 March 2009 at 1:43 pm

    Is it just me or have anyone else notice that all these shitty news aint being discuss on any front-page medias in Thailand?

    Ignorance if bliss.

  3. 3 ThaiCrisis 10 March 2009 at 3:22 pm

    Yep. Nothing to worry about. We are just a little bit lower… than the “targets“.
    But thanks to the gods, tax collections will increase 23465354 % beyond the “targets” next year. So overall, everything is sabai.

  4. 4 ray 11 March 2009 at 4:53 am


    i was thinking the same thing. if exports drop by 25%, imports dropping, tax collections dropping as the numbers suggest we ( thailand, govt) should be in panic mode!! the govt should have a spending freeze. they should cut taxes, cooperate taxes and cut their spending. i have a gut feeling that by end of 2009 we might realize that this could be more painful than 1997. no exports to lead us out of this implosion.

    the real estate sector is starting to slow down. the developers are getting nervous. their main target customers are singaporeans, japs and hongkong and these economies are in the dumps. and most developers have borrowed atleast 75-85% from banks for their projects and will have huge problems with cash flow and repaymnt to banks. this thing is just getting started.

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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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