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Thai government clarifies rules for withdrawing cash from digital wallets
Merchants must show tax compliance for the last two fiscal years, or continuous tax records if in business for less than two years, to be eligible for cash withdrawals.
Deputy Government Spokesperson Karom Polpornklang clarified the procedures for merchants in the Digital Wallet scheme, countering online claims about alleged transaction limitations.
Key Takeways
- Deputy Government Spokesperson Karom Polpornklang clarified the procedures for merchants in the Digital Wallet scheme, countering online claims about alleged transaction limitations. He emphasized that the scheme supports small merchants allowing local, face-to-face, electronic payments, and excludes large department stores and wholesale entities.
- Karom explained that while immediate cash withdrawals post-consumer transactions aren’t allowed, merchants can withdraw cash after meeting legal sales criteria among themselves. These transactions must involve merchants who adhere to tax laws including VAT, corporate, or personal income tax regulations.
- The Ministry of Commerce has extensively debunked misleading claims, offering clear operational guidelines. Merchants must show tax compliance for the last two fiscal years, or continuous tax records if in business for less than two years, to be eligible for cash withdrawals. The deputy spokesperson urged stakeholders to consult official sources for accurate information to maintain the project’s credibility.
BANGKOK (NNT) – Deputy Government Spokesperson Karom Polpornklang recently clarified the procedures for cash withdrawals by merchants participating in the Digital Wallet scheme. His remarks were in response to incorrect online claims that suggested limitations on merchant transactions, specifically that cash withdrawals were not permitted and transactions were confined to large retail stores.
At a press conference, Karom explained that the project is designed to support small merchants. It allows them to conduct transactions within their local districts through an electronic payment system, ensuring these are direct and face-to-face. The system explicitly excludes transactions with large department stores and wholesale entities.
Karom specified that while immediate cash withdrawals are not available after transactions with consumers, merchants can withdraw cash following sales among themselves, provided they meet legal sales criteria and adhere to tax laws, including VAT, corporate income tax, or personal income tax regulations.
The Ministry of Commerce has thoroughly investigated and debunked the false claims, providing clear guidelines on the operational framework of the project. For eligibility to withdraw cash, merchants must demonstrate consistent tax compliance, having filed returns for at least the previous two fiscal years. Those who have been in business for less than two years must show uninterrupted tax records since their inception.
To avoid misinformation affecting the project’s credibility, the deputy government spokesperson urged sellers and buyers to access information directly from the Ministry of Commerce’s official website at www.moc.go.th or contact its dedicated call center at 1203.
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