On 20 Mar 2019, Revenue Code Amendment Act (No 48) was gazetted, enacting laws requiring banks to report deposit and transfer transactions to the Thailand Revenue Department as an anti-tax evasion measure.

This Tax Insight summarizes the Revenue Code Amendment Act (No 48).

Revenue Code Amendment Act (No 48) BE 2562

Applicability

From and including 21 March 2019.

Reporting Persons

Reporting persons are:

1. Financial institutions under the law governing financial institutions;
2. State financial institutions established under a specific law; and
3. Electronic money service providers under the law governing e-payments.

Reportable Customer Information

Reportable customer information is information about customers who have:

1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified total baht amount for the year); or
2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year.

Reporting Requirement

Reportable customer information shall be provided to the Revenue Department before the end of March each year.

Power to Keep and Use the Information

The Director-General of Revenue has the power to keep and use the reportable customer information for up to 10 years from the date the Revenue Department receives the information.

Punishment for Reporting Persons

If reporting persons violate or fail to comply, the Director-General of Revenue has the power to:

• Order the reporting person to report or report correctly within a specified time; and
• If such order is not complied with, the Director-General has the power to impose a fine on the reporting person of not more than 100,000 baht and not more than 10,000 baht for each day of violation or failure to comply.

Punishment for Revenue Officers

A Revenue officer who acquires information and divulges or communicates such information to others without authority to do so is subject to imprisonment for a period up to 1 year or a fine of not more than 20,000 baht, or both.

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