Internet services now subject to VAT in Thailand

The domestic tax legislation of most countries has been written from the standpoint that a business requires to be in the country and have a base from which to operate from in order to serve its customers. Such legislation never imagined that any company could be located in another country and sell to mass customers […]

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 […]

In step with BEPS transfer pricing rules

Thailand is currently going through a period of rapid improvement and development which is creating opportunities and benefits for foreign businesses. Improvements are being made in many areas, including changes to its tax laws to implement certain international tax standards. Notably, Thailand has adopted the OECD’s Inclusive Framework on ‘Base Erosion and Profit Shifting’ (BEPS) […]

The perfect location

Thailand’s economy and markets are rapidly developing, not least because it is geographically placed in the centre of Asia where more than half of the world’s population reside. This makes Thailand a perfect location from which to operate a global finance centre or position a holding company or park the global headquarters. This realisation has […]

The golden age of investment

Against the backdrop of temporary Covid-19 measures being introduced to protect and stabilise the economy of Thailand, the Government has also launched a whole raft of great investor-business incentives to dramatically boost the economy going forward, including years of being able to earn tax-free profits.  The numerous incentives have created an air of excitement and […]

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 […]