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About 40,000 SMEs have registered to enter tax system

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About 40,000 SMEs have registered to enter tax system

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BANGKOK: -- About 40,000 small- and medium-sized enterprise operators have registered with the Revenue Department to enter the tax system under a tax amnesty scheme which will require them to keep one single accounting book.


The number of registered SME operators entering the tax system has exceeded the set target of about 35,000 SME operators estimated by the Revenue Department.

Revenue Department chief Prasong Poonthanet said Tuesday that the registration would be more beneficial to the SME operators than staying out of the system because when the national E-payment system is fully operational, revenue officials will be able to quickly detect whether tax payments by the SMEs are proper or not.

The Revenue Department expects to collect an addition of 30 percent in revenue tax or about 100 billion baht within next year thanks to the E-payment system.

Meanwhile, the department deputy chief Ms Patcha Pongkiratiyuk said tax detectives would be dispatched to investigate SME operators who have refused to enter the tax system.

She warned that those who stay out of the tax system will lose several incentives offered by the department.

It is a normal practice for many SMEs in Thailand to keep more than one accounting books to evade tax – one to be shown to the Revenue Department for taxation and the other which is the real one which shows their profit and loss.

Source: http://englishnews.thaipbs.or.th/content/155211

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-- Thai PBS 2016-03-16

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