Traders of artifacts and amulets have come under fire from the Thai tax authorities. The director general of revenue, Satit Rungkasiri, has called on producers and traders to report to the tax offices to make sure they declare the exact amount of their revenue. "There is a large number of operators in this sector - explained Satit Rungkasiri - and the turnover is very respectable".
A sector research would have revealed extensive tax evasion which is now being remedied. The Ministry of Finance wants to officially make the rules known to operators and explain what they face if they are "caught" evading.
The fight against evasion becomes necessary at a time when rates are progressively decreasing. In 2012, the Thai government reduced taxes corporate to 23% after a decade in which they were at 30%. In January 2013, the new rate will be 20 percent. As a result, Bangkok will see tax revenues cut by 80 billion baht in 2012-2013, according to recent calculations. "We estimate that within four or five years we will return to current revenue levels" explained Satit, provided that the fight against tax evasion leads to some concrete results. Following a technological upgrade, the tax authorities have encouraged the payment of taxes by credit card.
Read in the Bangkok Post
