According to the Bangkok Post, the Revenue Department has urged businesses to use electronic receipts and electronic tax invoices to lower the costs associated with tax compliance.
Department Director-General Ekniti Nitithanprapas explained, “Entrepreneurs who issue paper-based tax invoices shoulder a total cost of around five baht per card. If they use the e-tax invoice system, the cost will be less than one baht per card.”
To this end, the department has inked a Memorandum of Understanding (MoU) with the state-run Electronic Transactions Development Agency (Public Organization) to promote the use of e-receipts and e-invoices.
According to Ekniti, the private sector can greatly increase its competitive edge and waste less time on tax invoice calculation and accounting by switching to e-invoices and submitting tax filings through online systems.
The country imposes 7% value-added tax (VAT) on all sales of goods and services, but tourists are eligible for tax refunds on select goods at participating stores displaying the ‘VAT Refund For Tourists’ sign. Currently, tourists must apply for these refunds by presenting paper tax invoices to Customs and Revenue officials at airport departure terminals.
The move marks the latest push by the Thai government to promote digital business operations. In April 2019, the Cabinet approved a double tax deduction to incentivize businesses to make the digital transformation. With this measure, businesses can choose whether to invest in an electronic system or engage a service provider for digital solutions.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us