Thai Finance Ministry Plans New Tax Structure to Ensure Sustainable Revenue Growth

[snoop1130]

 

BANGKOK (NNT) - Thailand’s Finance Ministry has teamed up with the World Bank and the Asian Development Bank (ADB) to conduct a study into how the government can ensure sustainable revenue growth through the tax restructure.

 

Fiscal Policy Office Director-General Kulaya Tantitemit said the new tax structure would ensure fair treatment, keep pace with the economic environment and be in line with international best practices.

 

She said the ministry has taken many measures to improve its tax collection capacity and to provide greater convenience to people when paying tax, in order to further expand its taxpayer base. Among the measures included is the support for online tax payments and adoption of technology, such as blockchain, to bolster tax collection management and tax payment monitoring.

 

According to Kulaya, the Finance Ministry has reviewed tax-related laws, to make sure they are in line with the current situation, including the introduction of an e-service tax. Starting Sept 1, overseas businesses, providing online services in Thailand, will be required to register for 7% VAT liability, if their annual income exceeds 1.8 million baht.

 

-- © Copyright NNT 2021-06-22

 

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[hotchilli]

So many businesses dealing in cash only I wonder how the tax is worked out?

[MrJ2U]

Thailand citizens are missing out on so many good products available in other countries because of the hellishly high import/luxury taxes here.

Now they want to add/increase the taxes again!?!

[JomtienRay]

Ahhh...

The Thai strategy to increase the Govt income (taxes), at a time when the economy is failing significantly, due to inept Govt decision making...

 

Devise a new strategy to squeeze more out of the previously squeezed lemon.. even though there is nothing left to give..