Tax collection surpasses 2019 target of Bt2 trillion

[snoop1130]

Tax collection surpasses 2019 target of Bt2 trillion

By THE NATION

 

Ekniti Nitithanprapas

 

The Revenue Department collected Bt2.00931 trillion in tax for fiscal year 2019 (October 1, 2018 – September 30, 2019), which is Bt9.31 billion over the year's target of Bt2 trillion, said director-general Ekniti Nitithanprapas today (November 4).

 

“This is the first time in 7 years that we have exceeded the tax collection target,” he said, explaining that the robust performance was mainly the result of expanding by 10 per cent the tax collection base from approximately 10 million in 2018 to 11.7 million in 2019. The use of information technology also played a part, he added.

 

Ekniti said the department is planning to expand the individual tax collection base to 14 million people in the next 3 years, while the juristic tax base will be widened from 460,000 to 600,000 payers.

 

“The additional 140,000 juristic tax payers comprise small and medium enterprises,” he said, adding that “Our target for next year will be set at Bt2.116 trillion”.

 

When asked about the progress of replacing the Long Term Equity Fund (LTF) with Sustainable Equity Fund (SEF), Ekniti said that the department is considering an adjustment to its tax structure in collaboration with the Ministry of Finance and Bank of Thailand.

 

“The reason for replacing LTF is that it mainly benefits high-income earners with tax break, thus creating inequality in the society while the SEF will help reduce the income gap. We need further studies to ensure that it will have no adverse effect to the system,” he said.

 

Source: https://www.nationthailand.com/news/30378053

 

-- © Copyright The Nation Thailand 2019-11-04

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[tracker1]

Sugar tax salt tax next !

[mok199]

Lets just call it a new Hub and be done with it....

[mok199]

1 hour ago, snoop1130 said:

We need further studies to ensure that it will have no adverse effect to the system,” he said.

What could possibly go wrong??

[mduras01]

Without the burden of a

social net, they really are at an advantage. Back in the US we are hocked up to the nose in debt and in paying for other people’s social benefits. I prefer Thailand’s approach.

[webfact]

Revenue Dept. uses ‘carrot and stick’ to encourage dodgers to pay taxes

 

 

Thailand’s Revenue Department is employing a ‘carrot and stick’ approach to persuade about three million income-earners and about 140,000 entrepreneurs, who have never paid income taxes, to pay up.

 

Revenue Department director-general Ekniti Nititanprapat told a meeting of senior revenue officials today that the department has set a target of tax collection for next year at 2.11 trillion baht, against this year’s target of two trillion baht.

 

He said that the tax base for personal and corporate income taxes will be expanded and this means that the number of personal income tax payers in the department’s records will increase by 10%, from the present 11.7 million.

 

Full story: https://www.thaipbsworld.com/revenue-dept-uses-carrot-and-stick-to-encourage-dodgers-to-pay-taxes/

 

-- © Copyright Thai PBS 2019-11-05

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[leeneeds]

This year we got hit with rental tax, with price rises on water and soft drinks averaging 2 baht, that amount of revenue alone across Thailand is a large amount of money on a yearly basis, the issue for myself is how the money is managed, I use the roads and airport etc,

but doubt very much I will be asked to   take a turn steering the submarine around.

[worgeordie]

Tax collections up.....time to order more weapons of war,

we can afford it,and really need them????

regards Worgeordie

[legend49]

12 hours ago, mok199 said:

What could possibly go wrong??

Buy more submarines???

[Cadbury]

This story is all a bit meaningless really since Thailand has one of the largest shadow economies in the world at 41%. Which leaves about 59% which is the "taxable" economy.

The shadow economy or the non taxable variety comes in two shades, grey and black. The grey economy consists of street vendors, food stalls, souvenir sellers, repair shops, little mum and dad shops, makeshift entertainment venues and a variety of other "legitimate" small businesses.

The black economy is one of illegal lotteries, gasoline smuggling, prostitution, street drug trade, loan sharking, small weapons trade and the largest of all being corruption where this non taxable money goes up the food chain to the highest echelons.

I wonder how many of those 1% filthy rich, including politicians and senior bureaucrats operate wholly or partially within the black economy.

 

[colinneil]

Yippee shouts Prayuts mob, we can now go buy more subs, strykers, and get a few million for ourselves.????️‍♀️

[gk10002000]

too bad the country spent more than they took in

[PETERTHEEATER]

48 minutes ago, Cadbury said:

This story is all a bit meaningless really since Thailand has one of the largest shadow economies in the world at 41%. Which leaves about 59% which is the "taxable" economy.

The shadow economy or the non taxable variety comes in two shades, grey and black. The grey economy consists of street vendors, food stalls, souvenir sellers, repair shops, little mum and dad shops, makeshift entertainment venues and a variety of other "legitimate" small businesses.

The black economy is one of illegal lotteries, gasoline smuggling, prostitution, street drug trade, loan sharking, small weapons trade and the largest of all being corruption where this non taxable money goes up the food chain to the highest echelons.

I wonder how many of those 1% filthy rich, including politicians and senior bureaucrats operate wholly or partially within the black economy.

 

Well said. Many of these humble roadside stalls clear over 30k per month gross yet do not pay income tax. Not because they are deliberately avoiding paying but are ignorant of the system. The current tax administration simply does not have the resources to pursue them.

 

A typical example in my area are the Mom and Pop and family building materials suppliers who employ only two or three local people as sales assistants/delivery drivers and are not in the VAT system. Receipts are the generic off-the-shelf pads of 'Sales' with not identification of the seller. They pay 'employees' cash in hand casual labour. The gross monthly turnover of some of these shops is significant yet I doubt that many declare income for tax purposes. 

 

 

[AhFarangJa]

56 minutes ago, colinneil said:

Yippee shouts Prayuts mob, we can now go buy more subs, strykers, and get a few million for ourselves.????️‍♀️

Sorry Colin, but you are way off the mark there, and you give so little credit to the caring, sharing, concerned, Government.

Allow me to correct your misplaced ideas.............

We can now go but more Condo's, Merc's, BMW's, Villas Overseas, another couple of Mia Noi's, and a few million for subs, stykers, and guns......

If you need any further help I will be happy to oblige......

[madmitch]

15 hours ago, snoop1130 said:

the robust performance was mainly the result of expanding by 10 per cent the tax collection base from approximately 10 million in 2018 to 11.7 million in 2019. The use of information technology also played a part, he added.

So that's around 56m people that don't pay tax. Yes, many are retired and others too young but with Thailand's much lauded unemployment rate of under 1% it demonstrates that most people are either living in relative poverty or they simply don't bother paying taxes.........both of which I think most on this forum would already know!

[faraday]

You see.... Stephen was right!! ????

 

Khun Prayut is doing an excellent job! ????

 

Now, the gubmint has all this extra revenue, how about improving the lives of poor people?

 

Mai dai......

 

 

 

 

[holy cow cm]

They will be looking to tax all bank accounts that have over 2 million baht. This includes a couple of bank accounts that add up to 2 million. Also ins and outs of 2 million added in a year will be taxed. So watch out, they are really digging in in 2020 to get everyone they can.

 

I am now going to shift money away from my wife's accounts. 

[cauldlad]

Unless you earn more than 12,500 bt a month you are not liable for income tax. As the minimum wage is only 9,000 bt a month I would suggest this takes the majority of working Thais out of the tax equation.

[saengd]

16 minutes ago, cauldlad said:

Unless you earn more than 12,500 bt a month you are not liable for income tax. As the minimum wage is only 9,000 bt a month I would suggest this takes the majority of working Thais out of the tax equation.

Population 70 mill.

Workforce 38 mill.

Registered for tax 10 mill.

Exempt because of low earnings 6.87 mill

Taxpayers 3.13 mill.

 

https://asiancorrespondent.com/2013/07/income-tax-equality-and-the-thai-budget/

[chilli42]

Everyone pays tax, it’s called VAT.  If they are chasing more revenue then hang on for a VAT increase.

[saengd]

I seriously doubt that. The objective is to get more people into the tax collection net, not hit the general population.

[CNXexpat]

Hotels pay taxes. people they buy condos and rent them out for Airbnb pay no taxes. The number of Airbnbs increase, the hotels loose guests (like in Chiang Mai). There are many possibilities for the government to make more money. Also to enforce the traffic laws will bring a lot of money -and safety too.  

[worgeordie]

Plus they are raking in all that extra money from

interest earned on accounts in banks, what is it

15 %...

regards worgeordie

[saengd]

14 minutes ago, worgeordie said:

Plus they are raking in all that extra money from

interest earned on accounts in banks, what is it

15 %...

regards worgeordie

That is recoverable for many people, simply by filing a tax return, low earners especially will not be taxed.