Thai companies ordered to enter e-payment system
(3 June 2016 – Thailand) Companies in Thailand must enter into the national e-payment system by 2019, the country’s Finance Minister said.
In a move to try and reduce tax evasion and boosting government revenue, Finance Minister Apisak Tantivorawong said large companies (annual revenue of 500 million baht or more) must join the system next year. Mid-sized firms (annual revenue between 30-500 million baht) will be expected to join by 2018 and businesses earning below 30 million baht will be given until 2019.
The e-payment scheme is designed to transform Thailand from a cash-based society to a cashless one. It will also help the government to stem tax avoidance and provide direct subsidies to low earners and elderly people.
Under the scheme's five modules, Any ID is a system that enables people, even those without a bank account, to transfer money and make payments using a mobile phone and ID.
Other modules include expansion of electronic data capture (EDC) machines to service e-payment and an e-tax system that will allow the Revenue Department to plug all e-payment transactions into its data system to boost efficiency.
Apisak said a trial run of electronic payments under Any ID will be made in September, with individual registration for the scheme open from July 15.
Thailand’s central bank governor, Veerathai Santiprabhob, added that the Commerce Ministry will issue a ministerial regulation requiring newly registered companies to offer EDC services to their clients from next year.
The Bank of Thailand is working with commercial banks about e-payment transaction fees, but the rates should not burden consumers and must be on par with those in neighbouring countries, he said.
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