Thai Cabinet OK Revenue Code amendments to deal with tax evasion

BANGKOK: — The cabinet has approved the Finance Ministry’s draft bill to amend the Revenue Code to give more teeth to taxmen in dealing with tax evasion by business operators.

Government deputy spokesman Maj-Gen Sansern Kaewkamnerd said today that the bill seek to impose penalties against legal entities such as companies and limited partnerships which have failed to submit their tax forms together with balance sheets to taxmen as required by the law.

The proposed penalties against those who fail to submit their tax forms and relevant documents a fine of 2,000 baht up to 200,000 and/or imprisonment from two months up to seven years instead of not more than 5,000 baht and/or an imprisonment of not over six months.

Penalties against evasion of value-added taxes and fake claims of tax refund are also to be increased under the bill.