A news report last week about VAT fraud of 3.6 billion baht by more than 30 companies claiming exports of empty containers reminds everyone of the 1997 incident that misled the government to believe that Thailand's economy was still doing well due to healthy exports.
If the VAT fraud report is confirmed, at the rate of 7%, it means that the government will need to deduct least 50 billion baht from export figures during 2012 and 2013.
Not all news stories about the world of tax get such high-profile attention. Today we'd like to talk about another issue that many people might have missed entirely, since it has taken so long to develop.
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