The government of Thailand recently released an emergency decree providing a “tax audit exemption program” which has become effective and available to taxpayers beginning in 2016.
According to the program, any kind of tax examination, inquiry, assessment, payment demands or criminal prosecution in respect of income generated before 1 January 2016 will be waived. Eligible taxpayers to get facility from the program are those companies and partnerships whose revenue does not exceed THB 500 million (approximately U.S. $14 million) for any accounting period ending on or before 31 December 2015. Thus the program is available for many small- and medium-size enterprises (SMEs). Therefore, income tax, value added tax (VAT), specific business tax (SBT), withholding tax and/or stamp duty due by an eligible company or partnership will get exemption from audit if those taxes are related to income generated or expenses incurred in any accounting period ending on or before 31 December 2015.
