Taxation

The Customs Department’s tax revenue collection missed its target by 1.1% in the first month of fiscal 2020.The tax-collecting agency in October gathered 52.1 billion baht, of which 8.7 billion was the Customs Department’s revenue and the remainder was revenue the department collected on behalf ...

The Revenue Department plans to adopt a carrot-and-stick approach in an effort to add 3-4 million individual and corporate taxpayers to the system, its chief says. The department must convince those with taxable income to enter the tax system, said Ekniti Nitithanprapas, director-general of the ...

Finance Minister Uttama Savanayana confirmed on Tuesday (September 10) that the Cabinet has agreed to maintain value added tax (VAT) at 7 per cent for another year and has vowed to keep a close eye on the economy.Keep reading ...

The Revenue Department estimates that value-added tax (VAT) collection will fall short of the target for this fiscal year because of waning domestic consumption and the stronger baht, and the shortfall could extend to next year if the situation remains unchanged.Keep reading ...

The Revenue Department and the Comptroller-General’s Department are set to launch a pilot project using blockchain technology in the next few weeks, aiming at streamlining work processes.The innovative technology will also help provide information associated with value-added tax and inspecting VAT refunds to reduce fraud, ...

The Finance Ministry expects to introduce a value-added-tax on electronic businesses next year, aiming to collect between 3 billion to 4 billion baht a year, a ministry official said on Monday, tapping a boom in e-commerce in the country.Keep reading ...

The Revenue Department is studying two options for the government’s personal income tax cut campaign promise — one an outright 10-percentage point cut across tax brackets and the other a 10% cut across brackets.For the cut by 10 percentage points, individual taxpayers who are liable ...

Finance Minister Uttama Savanayana on Saturday pledged to consider adjusting income tax and corporate tax to bring the two rates closer.The maximum bracket for income tax is 35% while that of the corporate tax is 20%, he said.The impact of any adjustments to these taxes, ...

The Revenue Department is warning corporate taxpayers that it has already adopted data analytics and a risk-based auditing system that can better track the accuracy of tax payments. The tax-collecting agency is using high-tech software to evaluate the financial position of operators relative to their ...

The Revenue Department aims to add 200,000 individuals to the income tax base every year, says director-general Ekniti Nitithanprapas. The number of individual income tax filers surged by 300,000 from 10.9 million in 2017 to 11.2 million last year, he said. Salary earners and small businesses ...