SMEs urged to comply with tax changes
The majority of small and medium enterprises are still unaware of how to comply with new tax regulations that came into force at the end of last year, according to an Economy Ministry official. Srun Angkaren, a deputy director in the general department of taxation, said officials are organising training to help SMEs comply with the “real tax” regime. The government began abolishing the old estimated regime for tax payments in 2015. All businesses with more than $125,000 a year in turnover were to register to be taxed under the more rigorous real regime by the end of last year. A two-year income tax exemption for SMEs that registered with the ministry will last until the end of 2018, Mr Angkaren said, which makes training vital between now and then.
