Digital Wallet Project Sales Exempt from Revenue Department Access

[webfact]

 

Deputy Finance Minister Julapun Amornvivat confirmed today that sales figures from the Pheu Thai-initiated digital wallet project will not be accessible by the Revenue Department as initially feared. 

 

The announcement follows widespread concerns among small- to medium-sized retailers and vendors who worried that the data could be used for income tax collection. Julapun alleviated these concerns by stating that the Ministry of Commerce will not share trading figures from the 10,000-baht digital wallet transactions with the Revenue Department.

 

Julapun emphasised this during a public statement on 5th August, highlighting that the digital wallet sales data will remain separate from tax-related databases. This reassurance comes as a significant relief to small business owners concerned about potential tax implications on their sales profits under the Pheu Thai-initiated handout programme.

 

The initiative, aimed at providing 10,000 baht via digital wallets, has seen substantial interest with nearly 24 million Thai nationals aged 16 and over already registered through the Stateway App. The registration deadline has been set for 15th September, with the project anticipated to launch in the fourth quarter of this year.

 

All retailers and vendors wishing to participate in the digital wallet project will still need to register online with the Ministry of Commerce. However, this will not link their sales data to the Revenue Department, Julapun confirmed.

 

The digital wallet handout project is seen as a populist measure designed to boost consumer spending and aid the country's economy. However, it has also faced scrutiny and cautious optimism from various sectors. 

 

Julapun’s assurance was intended to encourage broader participation from small vendors who were hesitant due to potential tax risks. With an estimated potential pool of 45 million participants, this project could play a pivotal role in revitalising local market economies without the added burden of new tax liabilities for participating retailers and vendors.

 

Picture courtesy: Amari TV

 

-- 2024-08-06

 

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[ikke1959]

I surely believe that many people will get a tax form next year. We all know that many Thais don't pay taxes and with this digital wallet system the Government knows how much money they earn and what they have in the bankaccounts..So it is easy to tax them now.

[Pouatchee]

1 hour ago, ikke1959 said:

I surely believe that many people will get a tax form next year. We all know that many Thais don't pay taxes and with this digital wallet system the Government knows how much money they earn and what they have in the bankaccounts..So it is easy to tax them now.

 

watch this

 

 

[Tropicalevo]

8 hours ago, webfact said:

Deputy Finance Minister Julapun Amornvivat confirmed today that sales figures from the Pheu Thai-initiated digital wallet project will not be accessible by the Revenue Department

Really?

In a country that monitors and censors what we do on the internet?

[transam]

I haven't taken much notice of this digy wallet thingy, until last night, Mrs.T said..."Look, I have a digital wallet"....Flashing her phone in front of my eyes.....

I asked.."Dose this mean we are going to be given a few quid"....

 

She said..."I don't know, but everybody is trying to get one."...🙄

 

"Oh", I said, "Let me know when I can borrow from it".......

 

 

[Presnock]

5 hours ago, ikke1959 said:

I surely believe that many people will get a tax form next year. We all know that many Thais don't pay taxes and with this digital wallet system the Government knows how much money they earn and what they have in the bankaccounts..So it is easy to tax them now.

But that is exactly why many businesses didn't sign up for the program - and that is why the government now is saying that the revenue department will not be checking their income so they won't pay taxes on any of this money plus whatever is mixed in with it.  Seems an easy way to keep from reporting anything business wise to the dept.  

[hotchilli]

5 hours ago, ikke1959 said:

I surely believe that many people will get a tax form next year. We all know that many Thais don't pay taxes and with this digital wallet system the Government knows how much money they earn and what they have in the bankaccounts..So it is easy to tax them now.

Surprised they haven't tried to tax the 10K at source, before payment to eligible people.

[PETERTHEEATER]

Can anyone tell me the full and correct name for the 'Stateway app'?

[Will B Good]

7 minutes ago, PETERTHEEATER said:

Can anyone tell me the full and correct name for the 'Stateway app'?

 

Just a little aside.....if you are on iOS...the app is only available if your account is registered to the Thai App store....sorry if that is obvious, but I spent most of yesterday trying to find the damn thing.

 

Can't remember the name now and the wife is out.

[jcmj]

Well, they want to tax all of the foreigners so why not tax the local businesses making money. Crazy how their minds work. 

[Callmeishmael]

On 8/6/2024 at 7:18 AM, ikke1959 said:

I surely believe that many people will get a tax form next year. We all know that many Thais don't pay taxes and with this digital wallet system the Government knows how much money they earn and what they have in the bankaccounts..So it is easy to tax them now.

I've been saying all along that the two reasons for pushing the digital wallet is 1- to buy votes and 2- to start tracking income/expenditures so that taxes can be collected more easily!

[john donson]

but why not ?

 

this free gift should be for TAX payers only

 

and merchants whom maybe never paid any tax on their income are shielded...