Thai Revenue Department mandates online platforms to submit trader income data from 2023
The Thai Revenue Department has mandated online platforms to submit income data of online traders into the system, starting from the accounting period of January 1 in the upcoming year. The conditions were announced on today. Kulaya Tantitemit, the Director-General of the Revenue Department, announced on December 27, about income tax concerning the regulation for electronic platforms to prepare special accounts for submitting income information of entrepreneurs to the Revenue Department. This will be applicable to data for accounting periods from January 1, 2024, onwards, reports Khaosod.
As per the conditions, electronic platforms registered in Thailand, and those that have or have had an income exceeding 1 billion baht (US$29 million) in an accounting period, must prepare special accounts. These accounts should display the income information of the electronic platform received from entrepreneurs, online traders who sell goods or services on the platform. They are required to submit these accounts to the Revenue Department within 150 days from the last day of the accounting period. Additionally, they are required to connect and submit information through the Revenue Department’s electronic system. This rule affects many platforms offering services in Thailand, as they are numerous, including e-commerce businesses, food and goods delivery services, such as Shopee, Lazada, Line Man, Grab, Tiktok, to name a few.
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