On 9 September 2020, the Revenue Department of Thailand announced to reduce fine for the late submission of the annual transfer pricing disclosure from THB 200,000 to THB 5,000 due to the Covid-19 pandemic, provided that the transfer pricing disclosure is submitted within 30 December 2020 through the E-Filing system.
Mrs. Sommai Siriudomset, Principal Advisor on Strategic Tax Administration (Energy Industry) and spokesperson of the Revenue Department, revealed that “According to the Revenue Department’s requirements, the related company or juristic partnership earning total income in financial statement not less than 200 million baht in an accounting period started on or after 1st January 2019 has an obligation to submit a Disclosure Form for first time within 150 days from the last date of such accounting period or within 31st August 2020 (In case of an extension of tax return filing). If the submission is overdue, the related company or juristic partnership required to submit the Disclosure Form must be fined not exceeding 200,000 baht. However, in order to relieve such burden of the entrepreneur who has been affected by COVID-19 pandemic, the Revenue Department, therefore, reduces a fine rate to 5,000 baht for e-filing conducted within 30th December 2020.”
