(Bangkok Post file photo)The Revenue Department has voiced concerns that the government's planned establishment of border trade towns could be used as a loophole for tax evasion, an informed source at the Finance Ministry says. Those who want to exploit duty-free privileges to be offered in border trade town areas may cheat the taxman by including transactions in non-border trade towns and paying through the electronic channel in border trade town areas, the source said. Apisak: Towns in provinces with SEZsThe smuggling of products from border trade towns to be sold outside the areas is another worry, the source said. The border trade towns are aimed at boosting cross-border transactions. Electronic payments will also be adopted as the sole payment channel in border trade towns to allow the tax-collecting agency to learn more about ongoing transactions.

Source: Bangkok Post November 21, 2016 01:59 UTC