The Revenue Code 2006 is the primary legislation governing revenue collection in Thailand. It came into effect on 1 January 2007 and replaced the Revenue Code of 1979. The code covers a wide range of topics, including taxation, customs, excise, stamp duty and value-added tax.
The most notable change introduced by the Revenue Code 2006 is the move to a self-assessment system of taxation. Under the old system, taxpayers were required to file an annual tax return and submit supporting documentation. The new system requires taxpayers to keep records of their income and expenditure, and to declare their tax liability themselves. This change wasintroduced in order to reduce the burden on taxpayers and to make the tax system more efficient.
Another significant change introduced by the Revenue Code 2006 is the introduction of a value-added tax (VAT). This is a tax levied on the sale of goods and services, and is payable by the buyer. The rate of VAT is 10%, and it is payable on all goods and services except for those specifically exempt.
The Revenue Code 2006 also introduced a number of changes to the way in which customs duty is calculated. These changes are designed to simplify the process and to make it more transparent.
In general, the Revenue Code 2006 represents a significant change to the way in which taxes are collected in Thailand. It is designed to make the tax system more efficient and to reduce the burden on taxpayers.
