Taxation

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 ...

Some 24,000 small and medium-sized enterprises (SMEs) have already signed up to sort out their financial accounts from 2016-17, meeting standards to avoid late payment penalties and criminal liability, says the chief of the Revenue Department. Keep reading ...

The Treasury Department has reassured that a new method for appraising land and buildings will not result in higher land and building tax rates as several parties have suggested, while the Fiscal Policy Office (FPO) estimates about Bt40 billion per year in additional government revenues ...

The Revenue Department has linked its information with the Legal Execution Department to better chase down the tax liabilities of people who went bankrupt. Cooperating with the Legal Execution Department via this technology allows the Revenue Department to get real-time information, which could help it ...

Thailand has replaced three tax-incentive regimes with one, in response to a report that found the previous approach was creating harmful tax incentives.Thailand’s International Business Centre (IBC) came into effect last December 29, replacing three prior headquarter incentive regimes -– International Headquarters (IHQ), Regional Operating ...

In a push for digital transformation within the Asean region, member countries will join forces to implement the Asean Single Window (ASW) for all 10 nations in the trade bloc by the end of next year . Keep reading ...

A recent report revealed that the government of Thailand has passed a bill that it hopes will ensure more effective tax collection, especially from e-commerce businesses. The new law will see financial institutions required to report transactions to the Revenue Department of customer accounts which ...

The e-payment law, a tool for the Revenue Department to tax the income of non-salaried earners, particularly online vendors, will go into force from Jan 1, 2020. It takes time to link systems between the Revenue Department and financial institutions, so the money transfer reporting ...