(Bangkok Post file photo)The Revenue Department has led the arrest of a gang producing fake sales invoices used to claim a refund of value added tax (VAT), Director-general Prasong Poontaneat said on Monday. The fake invoices were for total sales of over 1 billion baht. The gang would have been able to claim a refund of the 7% VAT. The companies used the forged invoices to illegally claim tax refunds and to create fake expense sheets to avoid paying corporate income tax too. The penalty for issuing or using fake tax invoices is a prison term of between three months and seven years and/or a fine between 2,000 and 200,000 baht.

Source: Bangkok Post September 12, 2016 09:56 UTC