WEB BBS FEB 18

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E-BUSINESS TAX ON ITS
SECOND HEARING
The Revenue Department’s director-general,
Prasong Poontaneat,
expects the annual tax
growth rate to triple once a new
e-business tax commences. The
e-business tax will be a levy on
any online transaction, regardless
of where the operator is located.
Currently, overall tax revenue has
increased year-on-year by about
five per cent per year, but this
figure is expected to jump to 15
per cent once the e-business tax
is fully in force. The director general
has a revenue target of 1.93
trillion baht this year. A target of
2 trillion baht is set for the 2019
budget. The Revenue Department
slightly missed its targets in previous
years with a shortfall of
around 70 billion baht. (0.07 Trillion
baht)
Website operators who have a
Thai domain name and who accept
payments in Thai Baht will
be subject to the new e-business
tax. Those website operators who
earn a passive income from advertising
will be required to put
aside an amount in the form of a
withholding tax and remit this to
the Revenue Department.
The initial rate ceiling of the withholding
tax is to be set at 15 per
cent but the rate will vary depending
on what various websites offer
and how their incoming revenue is
gained. As well, overseas website
operators who sell into Thailand
will need to register for VAT if their
annual sales exceed 1.8 million
baht. With VAT in mind, the new
e-business tax will remove the
VAT exemption for goods bought
online from an overseas vendor
that are worth less than 1500 baht.
The draft bill has already been
submitted and will be subject to
a second hearing by the Revenue
Department later this month
before a proposal for cabinet approval
gets underway. A measure
of public opinion about the tax is
also to be taken as part of the
second hearing.
The e-business tax system is likely
to be very efficient and streamlined,
as the department will be
alerted to every transaction on
line automatically.
As part of the e-business tax
system implementation, the Revenue
Department expects to
spend some 2.3 billion baht on a
data collection and data analytics
system.
Other measures to increase tax
revenue, aside from the e-business
tax, are the expectations
that investment in the Eastern
Economic Corridor (EEC) will
generate tax revenue as goods
and services start to roll out from
the region.
Revenue from the construction
sector is expected to be the forerunner
as construction of industrial
parks, housing and transportation
hubs takes place. The EEC will
also generate tax revenues as a
boost of exports of farm produce
and oil products takes place, both
of which are seeing rising prices
of late.
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