Faster tax rebates would boost economy!
Before the end of March, all individual income earners are obliged to file tax forms. As usual, the Revenue Department's website will be flooded by e-files, as income earners believe that method will yield a faster tax rebate than filing forms at the dep
It has been so for years, but this year they may be disappointed.
The Revenue Department will spend similar time screening the tax filings. Yet, the rebates would be a bit slower than usual due to a tiny change at Krungthai Bank, which singly dominates the issuance of rebate cheques on behalf of the department.
It was learnt that the bank introduced a change in the cheque design on February 12. Due to the change, no cheques will be issued. As a result, all taxpayers who are eligible for rebates will receive cheques 10 working days later than usual.
This was learnt accidentally, when our reporter contacted the department’s counter at Zeer Rangsit. Her tax rebate was approved on February 17 and she expected the cheque a week later. Yet, by February 27, no mail had arrived. Normally, the cheque could be expected within three and five days.
“I approved your tax rebate on February 17 but you will have to wait 10 working days as Krungthai Bank redesigns its cheque,” a staff at Revenue Department at Phathum Thani branch told the reporter.
Last week, the government unveiled the plan to launch stimulus measures to boost the economy. Well, a faster tax rebate may help it save some money.
Let’s say if one million taxpayers win Bt10,000 each in tax rebate, that means some Bt10 billion. If this amount is entirely spent, it would create a multiplier effect, probably meaning the spending of some Bt20 billion in the economy.
Unfortunately, this is delayed because of a change in cheque design.
