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Agency uses technology for tax cheats

Agency uses technology for tax cheats

The Revenue Department is warning corporate taxpayers that it has already adopted data analytics and a risk-based auditing system that can better track the accuracy of tax payments.

The tax-collecting agency is using high-tech software to evaluate the financial position of operators relative to their industry peers, using data analytics and a risk-based auditing system to create a balanced scorecard to analyse tax payments of those classified as risk groups for tax avoidance, said Kriengsak Prasongsukkarn, deputy director-general of the department.

Risk groups that must be examined seriously include businesses with more cash transactions, those recording low income but high inventory, or loss-making firms that lend to their board of directors.