Thailand

Actualizaciones

08.04.23

Actualizaciones de los países

VAT Reverse Charge scheme for scrap metal industries The Revenue Department of Thailand intends to introduce a VAT reverse charge scheme in the scrap metal industry in 2024 as a means of combating VAT refund fraud. Lavaron Sangsnit, Director General, says more than half of the fake VAT invoices were issued by scrap metal businesses to get tax refunds. Businesses involved in the scrap trading ecosystem, including iron smelters businesses and the ultimate buyers, will be required to submit purchase or sale invoices to the department. An official decree will be issued by the RD in January 2024.

07.18.23

Actualizaciones de los países

Incentives for taxpayers to adopt e-invoicing Thai Revenue Department (RD) introduced e-invoicing regulations in 2017. While there is no obligation to adopt e-invoicing, taxpayers who opt to do so must comply with the regulations. Taxpayers are required to transmit their e-invoices to RD by the 15th of the following month under the e-invoicing regulation. Invoices transmitted to RD must carry digital signature and certificate, which can be obtained using a specific USB-like hardware from RD. A three-year deduction incentive was implemented by the Thai Revenue Department in 2019 to encourage the use of e-invoicing, which was further extended to 2025 by Royal Decree No. 766 released in June 2023.  In accordance with Decree 766, a company or juristic partnership is eligible to deduct up to 100% of the following expenses:

Expense for investment in an electronic system including computer equipment and software for eInvoice and eReceipt; Equipment for storing electronic certificates or other equipment used together with a computer for preparing, delivering, receiving, or maintaining e- tax invoices or e- receipts.
Fees paid to service provider of eInvoice and eReceipt systems.

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