Reports coming for taxes

Reports coming for taxes

The Revenue Department has amended the Revenue Code to require financial institutions, specialised financial institutions and electronic payment service providers to report those who deposit or provide at least 3,000 transactions a year.

The amendment is aimed at collecting withholding tax and value-added tax more efficiently to aid the economy, the department said in a paper prepared for public hearings to run through April 15.

Moreover, these financial institutions and e-payment service providers must report the information of those who deposit or offer fund transfer services for at least 200 transactions for a combined value of 2 million baht or more per year to the Revenue Department.

Financial institutions and e-payment operators that fail to report the required information to the tax-collecting agency by March each year will be subject to fines of up to 100,000 baht, plus 10,000 baht per day.

The first report must be made by March 31, 2020, the paper said.

The amended draft will come into force one day after publication in the Royal Gazette.

The draft also empowers the Revenue Department director-general to hold on to such information for up to 10 years.

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