The Thai Revenue Department has issued a regulation that allows approved VAT registrants to raise and send tax electronic invoices and receipts to their customers. Also, there will be no requirement to print out and deliver those documents in hard copy.
Einvoicing in Thailand, a bit like Latin America
The process to be allowed to issue electronic invoices is similar to the e-invoicing regimes in Latin America. It includes the following steps and requirements:
1
The VAT registrant submitting an application for approval by the Director-General of the Revenue Department.
2
The applicant meeting certain qualifying criteria:
– Being a limited or public company having fully paid-up registered capital of Baht 10m or more or being a government agency
– Having a track record of carrying on business over a period of time, and
– Having sound internal control systems
– Being a limited or public company having fully paid-up registered capital of Baht 10m or more or being a government agency
– Having a track record of carrying on business over a period of time, and
– Having sound internal control systems
3
Once approved by the Director-General of the Revenue Department, the applicant must follow the rules and conditions prescribed by this regulation for preparing and keeping electronic tax invoices and receipts:
– security of data
– maintaining an audit trail
– user access levels and passwords
– security of data
– maintaining an audit trail
– user access levels and passwords
4
Electronic tax invoices and receipts must contain two digital signatures created by means prescribed under this regulation, together with a certificate and the signatory’s certificate number issued by a certification authority approved by the Thai Revenue Department.
5
The data contained in the electronic tax invoices, credit and debit notes, and receipts (e.g. customer’s name and address, price of goods or services, and amount of value added tax) must be exported every month and provided to the Thai Revenue Department.
It is currently not very clear how the above conditions will be monitored and assessed by the Revenue Department. This will be better understood over time as the Revenue Department encourages companies to adopt this scheme.
For more information: http://www.rd.go.th/publish/31224.0.html
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