“What are they doing with my taxes?” “I pay taxes, why shouldn’t I have rights?”!”  No, this is not an English translation of the above statement, but the meaning is not too different.

Let’s get to the point.

          It is clear that at the beginning of next year, the law requiring all financial institutions to report the transactions of customers in all accounts that meet the specified criteria to the Revenue Department will come into effect. “Of course.”

This means anyone with an account at a financial institution

who has deposits or transfers in all accounts combined of at least 3,000 transactions per year (counting the number of transactions)

and has deposits or transfers in all accounts combined of at least 200 transactions and a total amount of at least 2 million baht per year (number of transactions + total amount) averaging 17 transactions per month or 170,000

          Financial institutions must submit this information to the Revenue Department, which will then call the individuals in question to explain the source of their funds. If they cannot provide a clear explanation, their income will be reassessed, and they will be liable for back taxes along with hefty fines, and may even face criminal charges.

It doesn’t matter what type of business it is, whether online, offline, sideline, or any underground business like loan sharks, gambling, lottery, organ sales, etc.

So, we can see the picture and understand each other, right?

          Given the upcoming situation, businesses that are sure to thrive will be those that open online stores immediately, and likely to sell well will be businesses selling clay pots designed for easy digging and moisture protection for burying money. Because transferring money abroad or carrying cash is definitely not worth it.

Financial institutions or banks must submit this information by March 2020.

The penalty for failing to report is only 100,000 baht, but after that, you will be fined 10,000 baht per day.

          Normally, tax evasion, attempts to evade taxes, or tax fraud or falsely claiming tax refunds or using deceitful means or other similar methods, such as those under Section 37, Section 37 bis, and Section 90/4 of the Revenue Code, are already criminal offenses under the Revenue Code. However, such actions are also considered a predicate offense under the Anti-Money Laundering Act. Designating tax-related crimes as predicate offenses under the Anti-Money Laundering Act carries numerous penalties, far more than the number of stars in the sky. --- TerraBKK


Article by: TerraBKK Investment Tips
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