New Provision: Tax Office Can Access Company Bank Account Details

With the implementation of the new Economic Act 2081, tax offices can now access the bank account details of any company. The Inland Revenue Department has stated that this provision must be updated in the online system.

Key Provisions

Updating Bank Accounts: The Act introduces a new provision requiring all bank accounts opened in the name of a business to be updated in the online system. This will enable tax offices to easily obtain the bank account details of companies.

Convenience of Information Collection: Tax offices can now access any company's bank account details through the online system. All bank accounts opened in the name of a business must be updated for this purpose.

Impacts

This new provision aims to make tax administration more efficient and to discourage tax evasion. Since companies must now update their bank account details, tax offices will be able to monitor them more effectively.

Conclusion

The new Economic Act 2081 aims to improve tax administration and increase transparency. With the requirement for companies to update their bank account details, tax offices will be able to easily access this information. This is expected to make the tax system more efficient and reliable.

What Are Your Thoughts?

What is your opinion on the impact of the new provision on companies? How might it improve the tax system? You can share your thoughts below.