Online filing of Transfer Pricing disclosure forms now mandatoryHLB Thailand Transfer Pricing Team
The Director-General of the Revenue Department has issued a notification making it mandatory for companies to submit their transfer pricing disclosure forms online unless they have reasonable grounds for filing a paper form.
The notification was issued on on 14 January and is effective for accounting periods commencing on or after 1 January 2020. Many companies in Thailand adopt a 31 December year end, and will need to follow the notification when filing a disclosure form for the 31 December 2020 year.
Only companies with Baht 200 million (USD 6.7M) or more in revenues in an accounting period must file the disclosure form with the Revenue Department, disclosing details of their related parties and transactions during the year with related parties.
Companies must register to submit the form online. Registration and filing of the form must be done through the Revenue Department’s website, either directly or via the Ministry of Finance’s “Tax Single Sign On” system.
The form will be considered submitted upon receiving the reference number from the online filing system.
If a disclosure form is filed by paper it must be accompanied by a letter explaining the reasons why the company cannot submit the form online.
Compulsory online filing of transfer pricing forms will greatly enhance the Revenue Department’s ability to review and analyse the information disclosed in the forms, and assist in the selection of taxpayers for transfer pricing audits.