Update on Country-by-Country Reporting Submission Deadline Extension and Channels

According to the Notification of the Director-General of the Thai Revenue Department (TRD) regarding Corporate Income Tax no. 408 dated 30 Sep 2021, Thai taxpayers who are a part of Multinational Enterprise (MNE) groups with total consolidated revenue of at least THB 28 billion are obliged to submit the Country-by-Country Report (CbCR) to the TRD […]

Legal Updates: Revisions of Interest Rate and Interest Calculation under the Thai Civil and Commercial Code

With no end of the economic downturn caused by the COVID-19 pandemic in sight, the government sector has been launching a series of measures to alleviate financial burdens and increase cash circulation in order to loosen up the economic stiffness. These measures range from legal amendments, enforcement of new tax regulations, and revisions to fiscal policies. To this same extent, on 9 March 2021, the Cabinet approved the amending of traditional provisions in the Thai Civil and Commercial Code (“TCCC”) regarding interest rates which have […]

New Tax Measures for Covid-19: 26 January 2021

On 26 January 2021, the Thai cabinet has approved the tax measurements to help individuals and companies during the Covid-2019 pandemic for 2021 below. The Royal Decree will be publicized in Thai Royal Gazette soon. 1. Extension of Annual Personal Income Tax return filing for the year 2020 (P.N.D.90 and P.N.D.91): Filing type Original deadline Extension […]

Amendment to the Thai Civil and Commercial Code to Promote Start-Up Enterprises

Ever since the Cabinet’s approval granted on October 17, 2017, the Act amending the Thai Civil and Commercial Code (“Act”) is still pending consideration by the Office of the Council of State. Despite this prolonged legislative process, the draft gives us a glimpse of a striking revolution of the Thai Civil and Commercial Code (“TCCC”) […]

2021 Options for Minimizing Personal Tax and Maximizing Your Savings Plan

Super Saving Fund (SSF) Contribute up to max. 30% of taxable income (capped at THB 200,000). When combined with contributions to “Other Programs” (listed below), total contributions may not exceed THB 500,000 in aggregate: “Other Programs” include: Retirement Mutual Fund (RMF), Provident Fund, Government Pension Funds, Private Teacher Aid Fund contributions, National Saving Fund and […]

Legal Update: The Revival of Investment Promotion for Electric Vehicles

On 4th November 2020, the Thailand Board of Investment (“BOI”) has resolved to approve the incentive measures to accelerate the development of electric vehicles (“EV”) production and related supply chain in Thailand, with a focus on battery electric vehicles (“BEVs”), local production of essential parts, and the inclusion of commercial vehicles of all sizes as well […]

Thai Legislation: One Person Company Act

As recently approved by the Office of the Council of State, the One Person Company Act (“Act”) is finally near its official enforcement after the first draft in 2017. According to the Act, a one person company is a type of juristic person established for profit-seeking purposes with an ordinary person as a sole capital […]

Reduction of the Contribution to Social Security Fund

With Thailand heading into economic recession as a result of the COVID-19 pandemic suffered nationwide, the employment sector has been adversely affected by the substantial market downturn. To cut costs during this abnormal operation, businesses are laying off employees and adjusting the monthly salaries paid to their workers. To acknowledge this economic situation, on 1 […]

Land and Building Tax: Clarified

With the effective date on 13th March 2019, the Land and Building Tax Act B.E. 2562 (“Act”) initially scheduled the implementation of tax collection on 1st January 2020. Nevertheless, due to the prolonged economic recession and the COVID-19 impacts which have been suffered nationwide, there have been two Royal Decrees enacted to reduce tax liability in this […]

Have your tax withheld at one step with e-withholding tax?

The new e-Withholding Tax system manages withholding tax completely in one step. As an electronic medium service that meets international standards of security, it is an alternative way to cover the withholding tax steps in what has been a daunting process and makes the system shorter and more pleasant. Expense on messengers and printing are […]