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 draft Act will be enacted and become effective for accounting years beginning on or after 1 January 2017.
Under the revised draft of the Transfer Pricing Law approved by the Thai Cabinet on January 3, 2018, corporate taxpayers with an annual income of at least Baht 30 million (US $ 930,000) or higher will be exempted from the annual transfer pricing requirement based on the ministerial regulations to be published by law.
The revised draft of the Transfer Pricing Law would apply to accounting periods beginning on or after 1 January 2017, so the first filing date for the transfer pricing disclosure form is 31 May 2018 (for the period 1 January – 31 December 2017).
