Deposit and Transfer Transactions Reporting
On 20 March 2019, the Government published the Act to Amend the Revenue Code (No. 48), 2562 B.E., in the Government Gazette. This Act became effective on 21 March 2019.
Keywords: Mazars, Thailand, Tax, Government Gazette, Revenue Department, Deposit and Transfer Transactions
Under this Act, the following entities have the duty to report information about a person who made certain types of transactions during the previous year to the Revenue Department by March of the following year:
1. Financial institutions under the law governing such businesses
2. Governmental financial institutions established under specific laws
3. Electronic money service providers under the law governing payment systems
These certain types of transactions must have one of the following characteristics:
1. Depositing or accepting transfers of money in all bank accounts 3,000 times or more in the previous year.
2. Depositing or accepting transfers of money in all bank accounts 400 times or more, for a total amount of THB 2 million or more in the previous year.
The entity liable to prepare such a report must submit the first report for the year 2019 to the Revenue Department by 31 March 2020.
Ministerial regulations or announcements under this Act shall be completed within 180 days of the date that this Act comes into force.
The information to be reported, and the reporting method, shall be as specified in ministerial regulations.
If the entity responsible for reporting this information fails to do so as prescribed under this Act, the Director-General of the Revenue Department has the power to instruct that entity to file the report by the period required. Failure to report the information by the time specified by the Director-General of the Revenue Department may result in that entity being subject to a fine of no more than THB 100,000, and no more than THB 10,000 per day, until the report is submitted.