The Revenue Department is moving forward with the process of raising the level of tax collection on online platforms and large multinational businesses. Dr. Kullaya Tantitemit, Director-General of the Revenue Department, revealed that in the first 11 months of fiscal year 2024, taxes were collected at over 1.963 trillion baht, exceeding the target by 8,482 million baht or 0.4 percent and higher than the same period last year by 47,911 million baht or over 2.5 percent, reflecting the country's economy starting to improve. In addition, the "Easy E-Receipt" measure stimulates trading through stores issuing electronic tax invoices and tax measures to support domestic tourism. Therefore, it is expected to exceed the target for the whole year, in line with the National Economic and Social Development Board (NESDB)'s view that the GDP in 2024 will expand by only 2.5 percent from the low GDP figure for the first half of the year at only 1.9 percent. The Revenue Department is moving forward with amending the law to require all online platforms to submit Value Added Tax. It is expected that the collection will start in March 2025. During this period, if you buy things online, when you import them, you must pay VAT for every item. The tax collector will collect and submit it to the Revenue Department. For the Thai ESG fund, which can deduct 300,000 baht per person, the fund will normally start promoting and marketing it, and investors will start buying the fund towards the end of the year to promote long-term savings. Including accelerating the proposal of laws to the new government, preparing to support the collection of additional taxes according to the Pillar 2 principle of collecting a minimum corporate income tax, requiring large multinational corporations to pay income tax at an effective tax rate of not less than 15 percent, and proposing an amendment to Section 41 of the Revenue Code, stipulating that both Thais and foreigners who reside in Thailand for more than 180 days, if they go out to invest, trade, employ, deposit money, or have income in foreign countries, they must report the income tax by linking the information with the CECD group of countries, whether they bring money into the country or deposit money abroad, they must pay taxes to the Thai Revenue Department. Source: Thai News Agency
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