Finance Ministry casts around for new ways to raise taxes

[webfact]

Finance Ministry casts around for new ways to raise taxes

By The Nation

 

Uttama Savanayana

 

Finance Ministry is continuing its search for a way to collect taxes from giant global e-commerce and global tech firms

 

Finance Minister Uttama Savanayana, said yesterday that the ministry will put greater effort into expanding the tax base.

 

The government is seeking increased tax revenue to cover rising expenditures, he said. The tax on e-commerce is one option, as the draft law is now being scrutinised by the State Council, the government’s legal advisory body, he said.

 

Thai government is eyeing the tax potential of global e-commerce firms such as Alibaba and Amazon, as well as tech firms such as Google and social media behemoth Facebook.

 

Uttama said Thailand will monitor the approaches other countries as they seek a way to collect taxes from global e-commerce companies. He would follow the standard approach as it emerges, said Uttama.

 

The Fiscal Policy Office has also been assigned to study how to expand the tax base, with the study given a three-month deadline, he added.

 

Government tax revenue is about 16-17 per cent of gross domestic product in Thailand, with one study suggesting it could be increased to slightly over 20 per cent of GDP. Thailand has also run fiscal deficits almost every year since the 1997 financial crisis.

 

Source: https://www.nationthailand.com/news/30374275

 

-- © Copyright The Nation Thailand 2019-08-06

Follow Thaivisa on LINE for breaking Thailand news and visa info

[rodknock]

allow alcohol sales 24hours.

[davehowden]

Follow the French approach and stuff two fingers up Trumps nose.

 

https://www.theguardian.com/world/2019/jul/11/france-us-tax-big-digital-companies-donald-trump-amazon-facebook

[BestB]

Really awesome team they have there . First order of business is to increase taxes and this is before they have even come up with any policy to boost the economy 

[Puchaiyank]

Expat community let's mobilize to help Thailand increase it's tax revenues...

 

Any ideas for new immigration requirements?  How about charging for 90-day reports and TM-30 filings?

 

Charge for parole officer to visit your residence and ask totally personal questions?

 

What you think?   ????

[Fex Bluse]

1 hour ago, webfact said:

The government is seeking increased tax revenue to cover rising expenditures, he said.

There it is. I've been saying that the government may be on the brink of insolvency for long now.

 

All the schemes to tax tourists and expats and force everyone into expensive healthcare and various fines like TM30 related fines makes much more sense now.

 

Notice how there are no plans to figure out how to tax Thai tax dodgers. The Thais go straight for the foreign companies. Typical 

Edited August 5, 2019 by Fex Bluse

[Fex Bluse]

42 minutes ago, davehowden said:

Follow the French approach and stuff two fingers up Trumps nose.

 

https://www.theguardian.com/world/2019/jul/11/france-us-tax-big-digital-companies-donald-trump-amazon-facebook

Problem Thailand has little of any value to make demands on these big companies.

Thailand has a moderate sized market but almost no qualified people to work in these companies and nothing else of interest.

The companies will easily abandon Thailand without any downside.

Thailand can then follow its Chinese affinity and use Chinese tech if they like.

[Lungstib]

Taken from Forbes;   Thailand's Richest 2018: Top Heavy List Sees Wealthiest Add Close To $25 Billion.

or;   27 Thais who made Forbes' 2019 Billionaires List. 

Here's a place to start. 

 

[holy cow cm]

I'm sure this guy will find a way to suck chrome off a bumper. Here it comes to hit the common people!

[FarFlungFalang]

3 hours ago, webfact said:

Finance Ministry is continuing its search for a way to collect taxes from giant global e-commerce and global tech firms

The saying Time and Taxes wait for no man is no longer true.The global digital firms have done away with borders,taxes and banks might be next.

Edited August 6, 2019 by FarFlungFalang
Correction

[Cadbury]

4 hours ago, webfact said:

Finance Ministry casts around for new ways to raise taxes

One thing for sure he wont be casting his net anywhere near the Palang Pracharat Party's disgustingly rich elite friends. He is there to protect their wealth.

Here is Finance Minister Uttama Savanayana himself rubbing shoulders with those elite friends at the PPP 600 million baht fundraising pigfest. Money raised to be used for vote buying.

[worgeordie]

Need to increase taxes...because there's Submarines,tanks,planes

and more weapons of war to pay for.

regards worgeordie

[PatOngo]

[kevin612]

Lower the baht first, then raise tax

[david555]

For those who think it is not "Paradise lost" ..... jus wait ….little bit patience for the grab on your farang wallet 

They would have a very good  legal excuse example for a "regularization tax " for all those bypassed foreign quota "company form houses & condos..."  ( let us hope they never get that idea ….! )

Edited August 6, 2019 by david555

[sammieuk1]

Could just hire some planes and bring all the money back from the unexplained very wealthy a tax that would get 99% support for sure???? 

[mikebell]

'Finance Ministry casts around for new ways to raise taxes'

lots of NEW hungry mouths to feed!

[BestB]

Dumbo’s, legalise e cigs, this is a multi billion dollar industry already . Tax on equipment and ejuice would bring you billions of baht per year and  make people happy .

 

But no, that’s too obvious and too easy 

[cmsally]

I thought legalised marijuana was meant to be the next big earner. Maybe it didn't quite work out.

It's like having a multilayered cake and trying to get more money out of the already cheap bottom sponge layer (which is already eggless to save money); when you have a diamond encrusted, platinum cased, extremely expensive maraschino cherry sitting on the very top untouched!

[seajae]

maybe if they collected taxes from those doing cash sales all the time it  might improve, I know one guy that gets over 1 million baht every year and pays no tax, there are a lot more doing it too. Problem is the lack of enthusiasm of the ones that are supposed to be controlling it, a few backhanders here and there when they do find the cheats and its allowed to go unchallenged. When so much business is done in cash what can we expect, how many thais would willingly show what they really earned in the year or be looked at, much easier to make the farangs pay more rather than have to go after their own people

[Misterwhisper]

In a country where more than 80% of working people pay either no income tax at all because they are engaged in the non-regulated, so-called "informal sector" (street vendors, market stall operators, artists and craftsmen, scores of freelancers in all sorts of industries, etc.) or file heavily doctored tax declarations in order to fall below the non-taxable threshold or into a lower tax rate bracket, I'd know where to start.   

[Orton Rd]

They probably already decided- put up VAT to 10% and see the money roll in for military spending

[Eric Loh]

The FM can talked to his boss about his vowed to push through tax hikes like the inheritance tax and the land and building tax. He had the power during his coup installed regime but decided to delay delighting his wealthy elites. The Land and Building tax alone would have raised about 100 billion baht in additional revenue. Lets see if the FM is just full of talk and bs and will not push through with new taxes for the rich and instead lay more taxes and sufferings to the middle class. 

[VocalNeal]

9 minutes ago, Misterwhisper said:

or file heavily doctored tax declarations in order to fall below the non-taxable threshold or into a lower tax rate bracket,

They pay their taxes when they buy a big (deleted) imported car to show their friends and family.

[ChipButty]

They do collect tax it just goes in the wrong pockets 

[Almer]

Easy, just fine all the wrong doers on the road, its a win win with associated costs of accidents going down and a considerable revenue stream assured, those who cant or wont pay has there wheels auctioned off, oh yes i forget the revenue stream to the bus companies would increase from all the not payers when they have to find other means of travel.

Win win win all the way all you have to do is give the order and get the police in gear, ok whats the next problem to be solved, immigration, ah thats a bit more difficult i fear.

[RichardColeman]

Raising the tax on envelopes would be their best bet

[mlmcleod]

I am sure that tobacco, alcohol and ex-pats will provide many opportunities for more taxation!  The immigration offices are full of useless paper pushers (ie relatives) that need to be paid for.  Used car imports are being banned so the auto dealers are happy. The military desperately needs new submarines and a modern aircraft carrier.  So much to buy and so little income!

[geoffbezoz]

Oh dear , more taxes needed for the obscenely rich by the sound of it. How about keeping the taxes raised in country for the benefit of all of the population rather than allowing 60% to be skimmed off to offshore banks  and European property investments by "others".   That way there would be sufficient monetary resources to improve the countries infrastructure and education for the future of Thailand's worthy citizens, not the depraved, immoral and corrupt upper classes or those connected to them, that currently solely benefit.

[LazySlipper]

7 hours ago, webfact said:

Thailand has also run fiscal deficits almost every year since the 1997 financial crisis.

 

God damn! They make things look bleek but my country's currency keeps going down against the bht. Crossing my fingers hoping to see the bubble burst before its too late for me!