Tax bosses eye Facebook currency tax

[snoop1130]

Tax bosses eye Facebook currency tax 

By The Nation 

 

 

The Revenue Department (RD) said that Facebook’s new Libra currency will face a 15 per cent withholding tax if the digital currency is a digital asset.

 

The department is awaiting the Securities and Exchange Commission’s consideration. 

 

Ekniti Nitithanprapas, revenue director-general, said that digital transactions will be increasing and the department has to adjust itself. 

 

The Libra token will be launched next year. 

 

Now, the department has been using the digital system to facilitate taxpayers. 

 

In particular, the department employs the digital system in the jurisdiction person registration, having a linkage with Department of Business Development for business operators’ online value added tax registration and allowing the private sector to develop Revenue Department’s digital system.

 

The problem for tax collection on online transactions in the digital world is that, by law, businesses which will be taxed must have a permanent residence in Thailand.

 

However, online business does not need to have a permanent residence in Thailand by being registered in any countries and will not levied a corporate income tax in Thailand. 

 

“Now, the OECD [Organisation for Economic Cooperation and Development] is considering the problem and must have international cooperation. If only Thailand taxes, it will not succeed,” Ekniti said. 

 

From the beginning of this year to May, the Revenue Department’s tax collection was Bt38 billion higher that its target, from higher tax collection efficiency with the digital system and rises in crude prices. 

 

Ekniti expressed confidence that the tax collection will meet the target of Bt2 trillion in this fiscal year. 

 

In regard to the single account scheme, about 67,000 businesses already registered for adjusting their balance sheets with a deadline on this October 1. 

 

Ekniti said that the policy of the Palang Pracharat Party of a 10 per cent tax reduction in every tax ladder, means the department is studying its impacts to the fiscal stance, pros and cons, estimated revenue loss and types of revenue as substitutes.

 

Source: http://www.nationmultimedia.com/detail/Economy/30371890

 

-- © Copyright The Nation 2019-06-27

Follow Thaivisa on LINE for breaking Thailand news and visa info

[Chang_paarp]

27 minutes ago, snoop1130 said:

The Revenue Department (RD) said that Facebook’s new Libra currency will face a 15 per cent withholding tax if the digital currency is a digital asset.

 

The department is awaiting the Securities and Exchange Commission’s consideration. 

 

Ekniti Nitithanprapas, revenue director-general, said that digital transactions will be increasing and the department has to adjust itself. 

 

It looks like the revenue Department are struggling with the reality of the digital age by trying to drag people back to the 1970's or so. It isn't so much back to the future, as more, forward to the past. 

 

Why are they so scared of this crypto-currency? It is not as if crypto is new, it has been around for over 10 years. Is it because the dreaded Facebook are involved? Or is it because they felt the need to comment as it is in the news and needed to feel relevant? Libra will not launch for some time yet, there are issues in the US as well as other large economies they need to resolve. Another case of Relevance Deprivation Syndrome by a large organisation.

[Lenny Jones]

Now this is gunna be fun to watch!

Smarter countries have tried and failed to milk Farcebook's revenue - - - -

[dcnx]

Good luck with that.

[sammieuk1]

Sometimes you have just got to accept some people just have bigger watch collections than you ????

[NightSky]

As they say only two things are certain..

 

..taxes are one of them.

 

 

..Oh I almost forgot, the other is world domination by robots with superior artificial intelligence that learns more in one day than humans can in 1000 years.

 

Scary eh! 

 

Edited June 27, 2019 by NightSky
almost forgot

[Redline]

23 hours ago, snoop1130 said:

In particular, the department employs the digital system in the jurisdiction person registration, having a linkage with Department of Business Development for business operators’ online value added tax registration and allowing the private sector to develop Revenue Department’s digital system. 

 

The problem for tax collection on online transactions in the digital world is that, by law, businesses which will be taxed must have a permanent residence in Thailand.

 

However, online business does not need to have a permanent residence in Thailand by being registered in any countries and will not levied a corporate income tax in Thailand. 

This is really clear ???? They have no clue how to tackle this.  Facebook will always be 10 steps ahead

[happy chappie]

I thought the whole idea of crypto currency was to hide it and avoid any forms of government getting their greedy hands on it or tracing it.i don't think many of the crypto investors will be interested in something you've got to inform the tax man and give him 15%...or is it he will give reimburse you if it crashes.

makes me laugh,thailand never wants to learn anything from outside its bubble unless there's big bucks to be made.maybe they should be the hub of crypto currency and teach the world how to monitor and tax it.

Edited June 28, 2019 by happy chappie