Shall we eat the Green Shoots ? Or shoot at them ? Hum… It’s tax day. And therefore it’s time to analyse the april report, from the Finances Ministry.
First, the headline from the thai press :
Thai govt revenue in first seven months of fiscal 2009 down 16.67% from projection (TNA)
First comment : nobody gives a rat shit about “projections“, made a year and half ago (for the budget), by some bureaucrats and politicians. We have to compare revenues to… revenues from the previous year. A year on year comparison. Everything else is fantasy.
Second comment : before to look at a summary of the seven months of the fiscal year, let’s have a look on… april.
APRIL FACTS :
-VAT collections went down 19,35 % compared to april 2008. Hum… Green shoots are cracking under my teeth. Tasty. In march ? We were at minus 18,81 %.
–the pace of the drop is accelerating for corporate taxes (-21 %), that’s a bad sign. I don’t understand : the clown Korn, alleged Finances Minister, told us that corporate taxes would save the day… Hum… sorry folks, that was in february… Like a century ago.
-but overall, the very bad sign is the historic drop of total (net and gross) of government revenues in april : -28 % (net) compared to april 2008 ! One expression is coming to my mind : punch. A punch into the face.
[mistake on the chart : units are not “millions” THB. Multiply by 1000. Example : april corporate tax = 15 589 000 000 THB = 15,58 billions THB]
Let me put in another way : in one year, almost 30 % of the government’s revenues have just vanished… Into som tam, into thin air, into the Chao Praya River… who knows ?
Now, from a budget point of view, this is a serious problem… 😉
Particularly when the alleged government, led by Abhisit, is doing everything it can to increase the damages (by following inane policies, giving money away, subsidies, by political games… and of course by sheer stupidity, I mean lack of competences).
Anyway. Here is the chart about VAT.
What a nice salad of Green Shoots. And let me remind you (like the mustard touch into the vinaigrette), that the Clown Abhisit (a very bad chef) gave 20 billions THB, as a national bribe… in april…
A large chunk of this money was spent in shops. Generating VAT of course…
Let’s make a quick calculation : 7 % of 20 billions = 1,4 billion… hum… 😉
Anyway. Let’s finish with the official report for april, with amounts and % of change year on year, and types of tax.
Enjoy the corporate tax, the excises taxes… Speaking about excises… you’ll notice a striking +50 % for tobacco taxes. 😉 That’s smoking… And what do you think about the fact that the increase of tax on tobbaco… has just been approved by the House… I mean today ? Now, you are smoked. And in the Rabbit Hole. 😉
And don’t worry about the minus 46 % for car taxes. Everything is sabai. Everything is green.
Go in peace.
And remember : may 25, it’s GDP Q1 report day…
Nicknamed : Abhisit’s Day. Nicknamed : The Slap Into The Face Day.