On March 22, 2019, Mr. Pinsai Suraswadi, acting advisor on tax collection strategy and spokesperson for the Revenue Department, announced that the amendment to the Revenue Code (No. 48) B.E. 2562, aimed at supporting the tax system and electronic transaction documents under the National Electronic Payment infrastructure development strategy, has been published in the Royal Gazette and will take effect from March 21 onwards. The law mandates that financial institutions and electronic money service providers (e-wallets) must submit specific transaction data to the Revenue Department. This includes accounts with deposits or transfers of at least 400 times per year and a total of 2 million baht per year, or accounts with deposits or transfers of at least 3,000 times per year.

           Additionally, e-tax invoices and e-receipts are available for businesses to create tax invoices and electronic receipts to submit to the Revenue Department themselves. Furthermore, payers can choose to pay withholding tax through banks or intermediaries, and the e-filing system has been opened to provide online tax filing options for all types of taxes.

           The reporting of specific transaction account information will cover both individual and corporate accounts, including both Thai and foreign entities. Financial institutions must start collecting account data for the year 2562 to report to the Revenue Department by March 2563 and continue this annually. The specific transaction data will only count incoming transfers and deposits, excluding outgoing transfers or withdrawals, and will aggregate transfers from all accounts held by the same account owner at the same bank.

           Once the Revenue Department receives the specific transaction data from financial institutions, it will analyze the information using big data technology and artificial intelligence (AI) to categorize taxpayers into four groups: 1. Those already paying taxes and at risk, 2. Those already paying taxes but not at risk, 3. Those who have never paid taxes and are at risk, and 4. Those who have never paid taxes but are not at risk. They will be called in for further information. This law is not intended to harass online sellers or anyone else, as it simply requires those whose income meets the specified thresholds to pay taxes.

 

Thank you for the information from www.thaipost.net