Revenue Dept poised to rid the country of businesses engaged in tax evasion

Friday, 20 July 2012 From Issue Vol. XX No. 29 By  NNT

The Revenue Department is set to battle tax evasion in the private sector.

Director-General Satit Rungkasiri said that the Revenue Department is now working on the development of a system to monitor all trade transactions, by adopting a similar system implemented in South Korea.

Under this new system, local business operators will be required to report all purchase and sales tax to the Revenue Department.

Satit said that the reports from business operators will be cross-checked with relevant data, a move that will enable the Revenue Department to track the origins and the ends of all transactions.

He stated that the new system will work for business operators who have and haven’t completed the VAT registration.

The Revenue Department Director-General is hopeful that, with sufficient state support both in personnel and equipment, its tax collection will rise at least 30 percent.

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