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Attention! Thailand Revenue Authority Requires E-commerce Platforms To Provide Sellers’ Income Information
Jayson 02 Jan 2024 03:05
It is reported that on December 27, the Thai Taxation Bureau issued an announcement on income tax, requiring online platforms to establish a "special account" to provide operator income information to the tax bureau. This regulation will take effect from January 1, 2024.
The tax bureau requires that online platforms registered in Thailand whose account income exceeds 100 billion baht (excluding platforms supervised by the Bank of Thailand) must make a special account to display the online retailer's income information on the end of the accounting period, submit it to the tax bureau within 150 days.
In addition, online platforms must connect and transmit data through the tax office's electronic systems in accordance with prescribed standards.
People familiar with the matter said that the tax bureau has provided a list of income that operators on the platform need to provide, including fee income, commission income, the basic amount for calculating income, resident ID number, bank account information, etc.
It is reported that many online service platforms in Thailand, such as Shopee, Lazada, Line, Grab, etc., will be affected.
The tax bureau requires that online platforms registered in Thailand whose account income exceeds 100 billion baht (excluding platforms supervised by the Bank of Thailand) must make a special account to display the online retailer's income information on the end of the accounting period, submit it to the tax bureau within 150 days.
In addition, online platforms must connect and transmit data through the tax office's electronic systems in accordance with prescribed standards.
People familiar with the matter said that the tax bureau has provided a list of income that operators on the platform need to provide, including fee income, commission income, the basic amount for calculating income, resident ID number, bank account information, etc.
It is reported that many online service platforms in Thailand, such as Shopee, Lazada, Line, Grab, etc., will be affected.
