Thailand is looking to introduce a value-added tax on electronic businesses in 2020

Thailand is looking to introduce a value-added tax on electronic businesses in 2020 amid an ecommerce boom in the country, Reuters reported.

BANGKOK (Reuters) – Thailand expects to introduce a value-added-tax on electronic businesses next year, aiming to collect between 3 billion to 4 billion baht ($98 million to $131 million) a year, an official said on Monday, tapping a boom in e-commerce in the country.

The tax is expected to seek parliamentary approval this year, Ekniti Nitithanprapas, director-general of the Revenue Department, told reporters, without elaborating.

E-commerce is surging in Thailand where entrepreneurs sell products directly to customers via Facebook, Instagram and messaging apps like Japan’s Line Corp (3938.T).

Driven by upgrades to mobile banking apps, sales via social media in Thailand more than doubled to 334.2 billion baht ($10.92 billion) in 2017, according to the latest report from the country’s Electronic Transaction Development Agency.

Ekniti said the government is targeting overall tax revenue of 2 trillion baht in the current fiscal year to Sept. 30, and rising to 2.116 trillion baht in the next fiscal year.

Source: Reuters

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