Thai Cabinet Approves Tax Incentive for Businesses Using One Book Accounting

[webfact]

Thai Cabinet Approves Tax Incentive for Businesses Using One Book Accounting
BY JACOB MASLOW



BANGKOK: -- Thailand’s Cabinet approved a new tax incentive under a Royal Act that was made at the end of 2015. Thailand businesses that register under the One Book accounting system will be exempt from tax audits on transactions relating to: corporate income tax, special business tax, stamp duty and VAT. All transactions must have been made before January 1, 2016.

Businesses that will be exempt from audits must have made Bt500 million or less in the last completed account period. Registration is available to through the revenue department and will be open from January 15 to March 15, 2016.

The Revenue Department has also passed measures that will benefit small and medium-sized businesses (SMEs) in Thailand.

Full story: http://ethailand.com/business-news/thai-cabinet-approves-tax-incentive-for-businesses-using-one-book-accounting/1458/

-- eThailand 2016-01-26

[Balance]

Let's see, if a business promises not to keep two sets of books, the Government will give them a discount on the taxes due. No wonder there is no tax revenue coming in.

[maoro2013]

There are thousands of little businesses out there where the proprietors cannot so much as read or write. How are they going to keep books?

[Srikcir]

Let's see, if a business promises not to keep two sets of books, the Government will give them a discount on the taxes due. No wonder there is no tax revenue coming in.

No, just exemption from an audit. But previous government actions in 2015 have substantially lowered or eliminated corporate tax rates to encourage business investments in 2016 going forward.