(Bangkok Post file photo)Transforming from owner-operated small and medium-sized enterprises (SMEs) to juristic persons will help operators save 40-50% on their income tax bill, says the head of the Revenue Department. This is because of a lower corporate income tax rate and higher deductible expenses, said Prasong Poontaneat, the department's director-general. Juristic entities are liable for a lower tax bill than individual taxpayers such as SMEs, when the operators do not understate their tax payment, said Mr Prasong. The country's largest tax-collecting agency is encouraging drugstore and gold shop owners to register as juristic persons to enter the formal tax system. Apart from drugstores, the Revenue Department recently held talks with the Gold Traders Association to encourage around 7,000 gold shops to register as juristic entities and 5-10% of them have already done so.

Source: Bangkok Post September 08, 2016 00:11 UTC