E-tax update on the cards

The Finance Ministry is planning to develop an integrated electronic tax system, aiming to facilitate swift tax payments and refunds.

The Revenue Department is tasked with developing all tax systems to be compatible with an electronic platform, including a system to offset tax payments and refunds, said Finance Minister Apisak Tantivorawong.

Earlier the ministry planned to implement an electronic interlink system to integrate import and export information between the Customs Department and the Revenue Department, intending to facilitate doing business and eliminate tax evasion.

Thailand is regarded as having the best payment system in Asean, Mr Apisak said, noting how PromptPay, a consumer-to-consumer platform for electronic fund transfers, has registered 45 million accounts.

The rapid pace of technological development has resulted in innovations in finance and blockchain, he said.

Any industry refusing to make necessary changes will be disrupted, while some industries have chosen to embark on self-disruption to enhance competitiveness, Mr Apisak said.

For the industrial sector, the government has initiated development of 12 industries under its S-curve policy, such as robotics and biotechnology, to enhance Thailand’s competitiveness, he said.

The country has not invested in any new industries the past decade, Mr Apisak said, and this could impede economic growth.