Thai Cabinet OK Revenue Code amendments to deal with tax evasion

[webfact]

Cabinet OK Revenue Code amendments to deal with tax evasion



BANGKOK: -- The cabinet has approved the Finance Ministry’s draft bill to amend the Revenue Code to give more teeth to taxmen in dealing with tax evasion by business operators.

Government deputy spokesman Maj-Gen Sansern Kaewkamnerd said today that the bill seek to impose penalties against legal entities such as companies and limited partnerships which have failed to submit their tax forms together with balance sheets to taxmen as required by the law.

The proposed penalties against those who fail to submit their tax forms and relevant documents a fine of 2,000 baht up to 200,000 and/or imprisonment from two months up to seven years instead of not more than 5,000 baht and/or an imprisonment of not over six months.

Penalties against evasion of value-added taxes and fake claims of tax refund are also to be increased under the bill.

Source: http://englishnews.thaipbs.or.th/cabinet-ok-revenue-code-amendments-to-deal-with-tax-evasion


-- Thai PBS 2015-03-18

[Truroboy]

So does that mean the Tax man will chase our English developer and his Thai wife and her sister that owed the Thai Tax Man THB 161 million a few years ago?????

[Srikcir]

Amazing that there haven't been better punishments to enforce the tax code.

But in order to deal effectively with tax evasion, you need an effective, professional, and uncorruptible government organization to audit and tax evaders. Thailand is currently unable to collection tax due it. Ultimately, tax compliance needs to be voluntary, so its always instructive to go after some high profile tax cheats (individuals and companies) that sends a message to the public not to cheat. But again, if there is a lack of judicial resources to do so, all the code amendments in the world will not matter.

[seajae]

finally, looks like the days of slap and tickle are over for the fat cats that avoided paying their taxes, 200.000 baht and 7 years jail is a hell of an increase on 5,000 baht and 6 months jail, maybe now these shysters will start to do the right thing, we can only hope but it is a good start

[Warpath]

finally, looks like the days of slap and tickle are over for the fat cats that avoided paying their taxes, 200.000 baht and 7 years jail is a hell of an increase on 5,000 baht and 6 months jail, maybe now these shysters will start to do the right thing, we can only hope but it is a good start

Only the small fish will feel any pain from these amendments, the fat cats will carry on being fat cats.

Edited March 18, 2015 by Warpath