Revenue Dept collects more tax than estimated

[snoop1130]

Revenue Dept collects more tax than estimated

By The Nation

 

(File Photo) Ekniti Nitithanprapas/Photo by The Nation

 

The Finance Ministry’s Revenue Department reported tax collection worth Bt1.59 trillion in the first 10 months of this fiscal year (October 1, 2018 to July 31, 2019), the department’s director-general Ekniti Nitithanprapas told Finance Minister Uttama Savanayana, who visited the department on August 26. 

 

He added this is higher than the earlier estimation of Bt48.44 billion or 3.1 billion higher than the Bt101.84 billion collected in the same period last year.

 

“We believe the department will be able to achieve Bt2 trillion in tax revenues by the end of this fiscal year,” he said. 

 

He said the department has created a software to manage tax payers by using big data and data analysis to study tax payers as well as the tax system. The department will also develop a service under the My Tax Account system, which will involve e-stamps, e-donation and VRT Blockchain, he said.

 

Source: https://www.nationthailand.com/business/30375383

 

-- © Copyright The Nation Thailand 2019-08-26

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[worgeordie]

Oh ! you can buy a lot of weapons,tanks,subs,planes with that,

the tax is sure to rise now they are taxing interest on all bank

deposits.

regards worgeordie

[justin case]

5 more useless submarines, anyone ?

 

let's spend it all, we could be dead tomorrow

[Beggar]

No wonder since now they tax interest income starting with the first Satang. Before they started after reaching 20.000 Baht. But wait - next year the people will get tax refunds for this. Perhaps it is just borrowed money? 

[rwill]

1 hour ago, Beggar said:

No wonder since now they tax interest income starting with the first Satang. Before they started after reaching 20.000 Baht. But wait - next year the people will get tax refunds for this. Perhaps it is just borrowed money? 

there is still the 20K baht exemption.  But for farang accounts they take the tax out anyway, not for thai accounts though.  I'm sure they figure most farangs won't claim the tax back.

 

[Antonymous]

13 minutes ago, rwill said:

there is still the 20K baht exemption.  But for farang accounts they take the tax out anyway, not for thai accounts though.  I'm sure they figure most farangs won't claim the tax back.

 

 

This is true. My wife doesn't get any tax on her accounts for interest under 20K, but I do on all of mine. I see this as blatantly discriminatory and unfair.

 

For my savings accounts that have small amounts in, it probably isn't worth the time and hassle of getting individual bank letters to support the tax reclaims on the annual tax return.

 

But when you add up all those small unclaimed amounts from all 'farang' accounts, it is probably a sizeable amount for the banks to pocket.