Bangkok Business Supplement - Dec 2016

BUSINESS SUPPLEMENT
E-TAX SYSTEM ROLLOUT WILL
CLOSE MANY LOOPHOLES
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038 416 285
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Banglamung, Chonburi 20150
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South Pattaya Rd.
Sukhumvit Rd.
Soi 17
Land
Office
3rd Road
Soi 8
Thepprasit Rd.
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EDEN
HOTEL
The Revenue Department recently
estimated that it will see a
doubling to four trillion baht once
the much-vaunted e-tax system
is rolled out in 2019. This will be
because tax avoidance loopholes
will be effectively closed or, at
worst, seriously reduced.
Once the system is in place, all
purchases of goods and services
will go through the e-tax system
and by this means the Revenue
Department will be aware of all
transactions and this should enable
it to calculate tax payments
more accurately.
The e-tax system is just one major
cog in what will be the larger
national e-payment system which
is aimed at transforming Thailand
into a largely cashless society
with a digital economy.
The e-tax system is designed
to enable the Revenue Department
to become more efficient at
tax collection by use of big data
analytics, while electronic data
capture terminals, which will be
installed in shops across the
country, will allow the Department
to gather information about tax
payment transactions.
A budget of 2.3 billion baht has
been set aside to facilitate the installation
of the e-tax system. The
process will take up to two years
to complete because it has to
encompass all other state agencies,
as well as non-government
operators and financial institutions.
It also needs to be tested
and refined as there will be inevitable
teething problems with the
installation of such a mammoth
technological setup.
The Revenue Department has announced
plans to begin educating
private companies and taxpayers
including goldsmiths, small and
medium-sized enterprises, travel
agents and pharmacies on how to
record accounts accurately as the
Department will be basing each
tax bill based on the information
that is logged into the e-tax system.
As well, the Bank of Thailand is
currently coordinating with banks
to require companies seeking
loans to present financial statements
that will also be filed with
the Revenue Department as a
document to be used for loan
scrutiny. This is in a bid to encourage
single financial accounts. This
requirement is expected to come
into force on January 1, 2019.
The Revenue Department has
also expressed confidence that
its tax-collection target of 1.87
trillion baht for this fiscal year is
reachable. It bases this on its own
improved efficiency regarding its
collection streams as well as the
recovering economy (especially
in the export sector), and its measures
at drawing more taxpayers
into the formal system.
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