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KBank becomes Thailand’s first bank to be a licensed service provider of electronic data upon Revenue Department approval

Category: Finance
Posted Apr 27, 2020 17:19 (GMT +7)

Bangkok--(THAI BUSINESS NEWS)--Apr. 27, 2020

imgKASIKORNBANK (KBank) is the first bank in Thailand to receive a license from the Revenue Department to be a service provider of electronic data for customers, facilitating them with complete cash management, from payment to taxation. The system also represents a new dimension for data management, allowing business operators to issue e-tax invoice and e-tax receipt more swiftly while reducing the use of paper documents.

Mr. Silawat Santivisat, KBank Senior Executive Vice President, said that KBank has teamed with the Electronic Transactions Development Agency (ETDA) and the Revenue Department to develop a payment system that can accommodate e-payment in a comprehensive manner, especially e-tax invoice and e-tax receipt, in alignment with the Revenue Department’s standards.

KBank recently became the first bank in Thailand to pass the ETDA’s standard assessment and receive a license from the Revenue Department (RD) to become a service provider of e-tax invoice and e-tax receipt for businesses and organizations via the RD’s system. These services will help entrepreneurs meet all their cash management needs, from payment to taxation, thus allowing them to issue e-tax invoices and e-tax receipts per the RD’s standards at a faster pace.                    

Mr. Silawat added that the e-tax invoice and e-tax receipt represent new dimensions in Thailand’s tax data preparation and provision services, as the system aids business owners by reducing the issues that stem from managing data or paper documents. Such services help to save time and expenses associated with the submission of documents, and to support electronic transactions. System data can be processed for the benefit of the organization, thus enhancing reliability and fulfillment of legal obligations regarding electronic data.

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