Thailand Extends Penalty Exemption Program for Voluntarily Disclosing Underpayments of Customs Duties
Thailand is extending a program that allows companies to voluntarily disclose and correct unintentional underpayments of customs duties and be eligible for penalty exemptions, according to a July 26 KPMG report. The program, extended until April 30, 2020, will give…
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companies that disclose underpayments an “exemption from customs penalties” and reduce their monthly customs surcharge rate, KPMG said. Thailand will reduce the surcharges from 1 percent to .25 percent if the disclosure is made within one year after the importation, to .50 percent if the disclosure is made within two years, and to .75-percent if the disclosure is made within three years, the report said. The exemption will not impact companies’ value-added tax surcharges and penalties, the report said. Businesses may be ineligible for the program if they are “subject to a customs post-clearance audit” or are being investigated for customs violations, according to the report.