Keywords: Mazars, Thailand, Tax, NACC, PND 50, Revenue Department
Such accounts must be prepared and filed separately for each contract. In addition, the contractual entities with government agencies will also be required to retain supporting documents for at least five years.
The Notification became effective on 1 April 2012. For the first year (1 April 2012 - 31 March 2013), only the government contracts with a value of THB 2,000,000 or more will be liable to the reporting requirement. From 1 April 2013 onwards, the reporting requirement will apply to all government procurement contracts with a value of THB 500,000 or more.
Any government contracts which are executed before 1 April 2012 will not be subject to this new reporting requirement. However, if there is any significant amendment made to such contracts after 2012, the reporting requirement will also be applied to such contracts.
It is important to note that, failure to comply with the new reporting requirement will subject the contractor to strict penalties. The punishment for noncompliance is disqualification from entering into new procurement contracts with government agencies. In addition, the violator could be also investigated by the NACC and the Revenue Department.