New Revenue Department Requirements for Value Added Transactions Expected Next Year

In response to the Revenue Department's efforts to boost tax revenue, businesses may soon be required to submit summary tables and implement a new cash receipt system to allow the Revenue Department to more easily examine transactions across supply chains.  Director-general Satit Rungkasiri says the department wants to mirror systems currently used in South Korea to manage value-added tax collections and expects to introduce the changes next year.

Summary tables will need to be submitted electronically and are intended to link upstream and downstream transaction data, including transactions between companies within the value-added tax system and those outside it.

The goal of the new cash receipt system is to manage cash-based transactions by having participating buyers and sellers use an electronic card to send real-time data about transactions to the Revenue Department.

We will provide further updates on this issue as more details on the proposed summary tables and cash receipt system are disclosed.  The full article in the Bangkok Post can be found here.