Thailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
See MoreThailand declares tax incentive for machinery investment
Thailand has published Royal Decree No. 690, which allows 50% deduction for investments in machinery between 1 September 2019 and 31 May 2020, with following conditions: The machinery is located in ThailandThe machinery has to be
See MoreThailand: 15% withholding tax on interest payment
On 6 December 2019, Thailand has published Ministerial Regulation No. 353 in the Official Gazette regarding withholding tax (WHT) on interest payments to a resident mutual fund that required deducting 15% WHT. The WHT amount should remit to the
See MoreThailand: BOI approves Thailand Plus incentive package
On 20 September 2019, Thailand Board of Investment (BOI) approved a set of new incentive measures aimed at attracting foreign business to relocate and expedite large-scale investment as well as strengthening workforce development. These new
See MoreThailand extends e-filing deadline
The Revenue Department of Thailand, announced that, Companies, juristic partnerships, foundation and association or any other legal entity that having accounting periods ending on 31st December 2018 are required by law to file annual corporate
See MoreThailand launches tax amnesty plan for SME sector
The Revenue Department of Thailand announced an opportunity for SMEs to re-submit correct tax returns without penalty and surcharge, that covers outstanding corporate income tax, value added tax, specific business tax, withholding tax, and stamp
See MoreThailand repeals tax incentives under ROH, IHQ and ITC regime
On 26 March 2019, the Thai Cabinet approved three Royal Decrees cancelling all tax incentives provided under the Regional operating headquarters (2010) regime (ROH), International headquarters regime (including Treasury Centres) (IHQ),
See MoreThailand implements IBC regime in line with OECD inclusive framework for BEPS
On 28 December 2018, Thailand published a Royal Decree regarding implementation of the International Business Center (IBC) regime in the Official Gazette and became effective as of 29 December 2018, which replaces the International Headquarters
See MoreThailand: New Transfer Pricing Law effective from January 2019
On 21 November 2018, the Transfer Pricing Act of Thailand was published in the Royal Gazette and will be effective for accounting years beginning on or after 1 January 2019. Taxpayers with related parties, regardless of having related-party
See MoreThailand enacts Transfer pricing law
On 21 November 2018, Thailand's new transfer pricing law was enacted and published in the Official Gazette and will be effective from 1 January 2019, which was approved by the National Legislative Assembly in 27 September 2018. Tax assessment
See MoreThailand: National Legislative Assembly publishes revised draft transfer pricing act
On 27 September 2018, National Legislative Assembly released the revisions to the draft Transfer Pricing Act (the draft TP Act). The revenue threshold for subject to transfer pricing documentation is THB200 million (US$6 million) per year
See MoreThailand approves an amendment of tax incentive in response to BEPS Action 5
The Thai Cabinet approved an amendment of the tax incentive criteria on 19 June 2018 for the International Headquarters (IHQs) seemingly in response to BEPS Action 5. It limits types of qualified royalty income to only those that are for the result
See MoreThailand: Government submits the draft transfer pricing law to the National Legislative Assembly
On 5 June 2018, the Government submitted the draft of law amending the Revenue Code on transfer pricing to the National Legislative Assembly for approval. The draft law clarifies that taxpayers who meet the income threshold must prepare and submit
See MoreThailand publishes various tax incentives
Thailand issued a series of Royal Decrees on 13 May 2018, which provide for various tax incentives. One of the main incentives is under Royal Decree No. 658, which extends the five-year corporation tax (exemption) for start-ups in certain target
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreThailand launches SMART visa to enhance Thai industries
By mid-January 2018, the Government of Thailand will launch a “Smart Visa” scheme which grants 4 years permission to investors and highly skilled professionals working within 10 specialized fields. The Smart Visa targets foreign entrepreneurs,
See MoreThailand: Cabinet approves draft Transfer Pricing Act
On 3 January 2018, the Thai Cabinet approved the draft transfer pricing act following a public hearing held in July 2017 on the first draft Act that was approved in principle in May 2015. Subject to a legislative procedure and announcement, the
See MoreThailand: OECD concludes Thai incentives as harmful tax practices
The Thai government upon joining the base erosion and profit shifting (BEPS) inclusive framework, agreed to implement certain minimum standards under Action 5 (harmful tax practices). Part of the minimum standard under Action 5 relates preferential
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