Fiscal Year 2017 Taxation To Focus On Huge Enterprises, Say Thailand’s Auditing Services

Permanent secretary for finance Somchai Sujjapongse said the new program would be implemented by means of three state agencies, these becoming the Revenue Department, the Excise Department and the Treasury Department.

The focus for the 3 departments will be the successful taxation of big enterprises.

Somchai emphasized the importance of the taxation of major corporations, which constituted among 70 and 80 per cent of corporate income tax. He stated that tax revenue from these corporations over the previous three to 4 years had not reached target, which could have resulted from loopholes in the taxation technique. Some firms had benefited from lowered overheads and other costs while sustaining the cost of their items or services, yet tax revenue in recent years had not reflected the increased income.

The permanent secretary also stated that the Revenue, Excise and Treasury Departments need to enforce taxation in an indiscriminating manner on each bricks-and-mortar shops and on-line firms.

Meanwhile in yet another improvement to do with on the internet firms and the growing e-commerce sector in Thailand, the Central Committee on Prices of Goods and Solutions at the Commerce Ministry issued new regulations in March 2017 regarding the display of online pricing and add-on expenses. The regulations apply to any organization operator promoting goods or services by means of an e-commerce method or on the internet.

The sale of goods and solutions on any on-line platform such as social media internet sites, mobile applications and on the internet marketplaces are to comply with the following specifications:

*The price tag, service fee, kind, kind, nature, size, weight, other expenditures and other information of goods or services need to be entirely and clearly displayed.
*Although the value and service fee can also be shown per unit in any figure, Arabic numerals need to be utilized.
*Even though an accompanying translation into one particular or more other languages is permitted, the description and/or any information to be shown along with the cost or service fee should be in Thai.
*The retail value of goods or services displayed online should be the same as the sale cost or service charge to clients, except where the buyer is charged a value less than that shown online.

Any company operator that fails to comply with these specifications may possibly be subject to a fine.

Commenting on the new regulations, a spokesman for leading international law firm in Thailand BSA Law, said: “The e-commerce organization sector is growing in Thailand even though there are only a couple of regulations governing it. The new regulations issued in March are a welcome move by the Commerce Ministry and we hope more will comply with, to see that e-commerce right here continues to develop in the appropriate way.”

Established more than 30 years ago, BSA Law provides legal tips and a complete range of industrial and corporate legal and financial solutions to the Thai and foreign communities. Its regions of knowledge incorporate Thai labour law, Thai law in common, business law, contracts, notarization and certification, intellectual house, insurance, genuine estate, investment, starting a company in Thailand and taxation, accounting and auditing services.

The Thai law firm also has a Thai visa service department handling visa and Thailand function permit connected concerns.