BANGKOK (NNT) – Thailand’s Finance Ministry has teamed up with the World Bank and the Asian Development Bank (ADB) to conduct a study into how the government can ensure sustainable revenue growth through the tax restructure.
Fiscal Policy Office Director-General Kulaya Tantitemit said the new tax structure would ensure fair treatment, keep pace with the economic environment and be in line with international best practices.
She said the ministry has taken many measures to improve its tax collection capacity and to provide greater convenience to people when paying tax, in order to further expand its taxpayer base. Among the measures included is the support for online tax payments and adoption of technology, such as blockchain, to bolster tax collection management and tax payment monitoring.
According to Kulaya, the Finance Ministry has reviewed tax-related laws, to make sure they are in line with the current situation, including the introduction of an e-service tax. Starting Sept 1, overseas businesses, providing online services in Thailand, will be required to register for 7% VAT liability, if their annual income exceeds 1.8 million baht.
