BANGKOK, 25 April 2014 – The Revenue Department has ordered its officers to quickly provide all personal income tax returns to taxpayers by May in a bid to bolster the economy.
Director-General Suthichai Sangkamanee revealed that he has instructed Revenue officials to speed up the personal income tax return. As of now, the department has refunded at least 70 percent of these taxes and needs to refund the remaining 30 percent, which is worth a total of 20 billion baht. The move is intended to stimulate consumer spending and increase the circulation of money across the economy, as most people usually spend their tax returns to buy goods and other items.
Mr. Suthichai also stated that the Revenue Department was able to collect more value-added tax (VAT) throughout the country. However, the VAT collection on imported goods has reduced after many business operators have delayed their manufacturing and investment activities.
He further said that around 10.2 million people have filed taxes this year, which is an increase of 400,000 people or 2.8 percent from last year. Out of the total, 6.5 million were needed to pay additional tax. Nonetheless, personal income tax collection has reduced by 25 percent this year, as the government has mandated a policy to lower the tax rates for all individuals.
