Joint system to prevent tax evasion

The Finance Ministry has stepped up efforts to battle tax
 evasion by announcing a plan that will link the tax data systems
of the three tax-collection agencies.

During a meeting chaired by Finance Minister Apisak
Tantivorawong yesterday, the Revenue, Excise and Customs
 departments were instructed jointly to install a system that
will connect their tax databases, finance permanent secretary
Somchai Sujjapongse said. Installation must be completed
 within the next six months.

The joint tax database is one part of the Finance Ministry's

 plan to prevent individuals and legal entities from understating

 or avoiding tax payments.

The ministry will also introduce a single financial accounting

 system and a national e-payment system, the latter of which

will be linked with the Revenue Department's tax database

to make tax collection more efficient and boost government

 revenue.

The department said small and medium-sized enterprises

 (SMEs) with annual sales of no more than 500 million baht

 had until March 15 to register in order to show their

 intention of using a single financial account.

Those SMEs that have registered by the deadline will be

 shielded from retroactive scrutiny.

 Registered SMEs with capital not exceeding 5 million baht

 and revenue of 30 million or less for the 2015 accounting

 year will have no tax burden for the 2016 accounting year,

 a 10% corporate tax rate for net profits over 300,000 baht

for the 2017 accounting year and tax exemption for

net profits of no more than 150,000.

 They will resume paying normal tax rates from 2018.

SMEs are currently exempt from paying corporate taxes

 on net profits of no more than 300,000 baht but pay a 15%

 tax for net profits of 300,0001 to 3 million baht and 20%

 for net profit of more than 3 million.

Mr Somchai also said the Finance Ministry would compel

 its officials who owed the Student Loan Fund (SLF) to pay

 off their debts as part of its anti-corruption drive.

 At present, 60,000 state officials have failed to repay their

 loans to the SLF.

 

News,Business,Finance,Bangkok Post,9 February 2016.

 

In my viewpoint ,SME and  medium-sized enterprises

will be interested in  the implement of  a single financial

 accounting system and a national e-payment system

or  not  depend on how the Finanace Ministry make them

to understand the benefit of the system for them if they

register to use it.

 

Sincerely Yours.