Picture courtesy of Bangkok Submit

Vinit Visessuvanapoom, the director-general of the Income Division, has introduced a brand new requirement for all employers to submit payroll tax returns electronically. The transfer is a component of an effort to forestall fraudulent tax return varieties.

The director-general highlighted that earlier than the division’s notification on revenue tax No.438, the electronic submission was voluntary. Nevertheless, beginning from January 1, 2024, all tax return varieties for private revenue tax withheld by employers (CIT 50 kind) have to be filed through the division’s electronic system, reported Bangkok Submit.

The target behind this initiative is to offer a handy strategy for people, particularly these with a number of revenue streams, to confirm their revenue info. This may be achieved by the “My Tax Account” system, which might be out there for submitting private revenue tax returns from January 1, 2024, to March 31, 2025.

Vinit emphasised the advantages of on-line tax submitting. Employers will not want to take care of paper varieties, thus eliminating storage prices. Extra importantly, it ought to forestall fraudulent tax refund requests and guarantee correct tax reporting by stopping employers from overwithholding.

The Income Division’s objective is to centralise all info associated to non-public revenue tax in the My Tax Account system. This can make it simpler for particular person taxpayers to confirm the eligibility of their deductions.

Nevertheless, the director-general conceded that some info can’t but be linked by the net system. This contains provident funds, which employers deduct from workers’ revenue and ship to fund managers.

Within the earlier yr, round 11.4 million tax return varieties for private revenue tax had been submitted, with 96% submitted through electronic channels. 4 million individuals filed for tax returns.

By February 5, roughly 2.1 million varieties had been submitted. This determine is a rise from the 1.7 million varieties submitted throughout the identical interval final yr.

In associated information, Thailand aimed to spice up tourism by proposing the cancellation of duty-free retailers for arrivals, together with tax reductions and streamlined VAT refund processes for vacationers.

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