Online traders will soon be taxed

The Revenue Department is set to propose a bill later this month to the Finance Ministry aimed at collecting taxes from online traders and online advertisers.

The Director-General of the revenue Department, Prasong Poontaneat said that the proposed decision to tax online traders and advertisers is a result of their growing popularity.

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The new bill will see all online trade and money transactions that occur in the country be subject to taxation.

Currently the ceiling is set at 15% of the total money paid higher than the previously suggested 5%. Though the Director-General did make it clear a fair tax rate would be applied for each type of business.

The move is set to help legalise online businesses.

Phavud Pongwithayaphanu president of the Thai E-commerce Association agrees with the decision to tax online business however said the government may be better to educate online retailers and get them to opt into taxation willingly rather than force them into the new system.

Source : Englishnews

Content : LovePattayaThailand

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