KBank supports TCP Group to manage withholding tax with less time and expense for increased business efficiency

KASIKORNBANK (KBank) is ready to provide e-Withholding Tax service to TCP Group. To start with, auto debit and e-withholding tax will be offered to Durbell Co., Ltd. – a company under TCP Group – to facilitate the one-stop withholding tax process with less time and expense for enhanced business efficiency. KBank aims to provide this service to all companies within TCP Group by year-end.

Mr. Silawat Santivisat, KBank Senior Executive Vice President, said that in response to Revenue Department policy, KBank is prepared to support electronic transactions of the e-Withholding Tax service which the department introduced late last year. This innovative system aims to ease business operators’ burdens in preparing and submitting withholding tax forms to the Revenue Department. As KBank acts as an intermediary between entrepreneurs and the department, the service helps save time, and streamlines the document storing and checking process, thus reducing costs. Through such innovations, KBank can help address the business needs of each customer, regardless of management system or size. KBank is pleased to offer this service to TCP Group, the country’s leading producer and distributor of numerous consumer products, namely Red Bull and Ready energy drinks, Som Plus ginseng extract drink, Sponsor electrolyte beverage, MANSOME vitamin water, Puriku ready-to-drink teas and herbal teas, Hi! vitamin water and Sunsnack snacks.

Mr. Saravoot Yoovidhya, Chief Executive Officer, T.C. Pharmaceutical Industries Company Limited (TCP Group), said that as TCP Group has always been a client of KBank’s financial management and digital financial services, the company has absolute trust in the e-Withholding Tax service of KBank to support the group’s withholding tax management. Additionally, this service will help the company respond to the Revenue Department’s policy during the era of digital transformation and reduce the document management process and costs while also enhancing operational efficiency. KBank’s e-Withholding Tax service was first introduced to Durbell, a logistics and distribution subsidiary of TCP Group, because it has many withholding tax transactions with its counterparties. Moreover, TCP Group – a manufacturer and distributor of food and beverages – expects to use the service by mid-2021. The e-withholding tax service should be available to every company under the TCP Group by year-end.

At present, over 36,000 corporate customers are subscribed to KBank’s K-Cash Connect Plus. As an incentive for businesses to use e-Withholding Tax in line with the Revenue Department’s guideline to reduce operational burdens, KBank is offering new applicants a fee waiver through 2021 when signing up for the e-Withholding Tax service via KBank’s K-Cash Connect Plus from today until December 31, 2021. Interested parties are advised to contact their relationship managers, or call the K-Biz Contact Center at 02-888-8822.

Source: Kasikorn Bank

Symbol: KBANK