BOI revises requirements to apply for corporate income tax incentives

Key updates for management and companies 

1. Revised report template 

• The previous report template under BOI Announcement No. P. 2/2559 has been officially revoked. 
• A new standardized template has been introduced, incorporating the latest professional standards.  

2. Enhanced management responsibilities  

The Board of Directors now has explicit accountability for: 

• the accuracy and completeness of all information in tax exemption applications; 
• maintaining proper documentation to support applications; and 
• recognizing that auditors do not provide opinions on the appropriateness of procedures performed. 

3. Strengthened framework on professional standards  

Reports will now include explicit statements regarding: 

the auditor’s compliance with professional ethics and independence requirements; 

the use of firm-level quality management systems in accordance with ISQM 1; and 

the distinct roles and responsibilities of management and auditors within the application process. 

Impact on companies  

For management 

Be prepared for enhanced documentation requirements to support tax exemption applications. 

Understand and take ownership of the Board of Directors’ expanded responsibilities in the process.  

For companies 

Anticipate more detailed communication regarding the scope and limitations of auditor engagements. 

Recognize that the updated format provides improved clarity on roles, ensuring alignment with regulatory expectations. 

Next steps  

These updates aim to enhance transparency and effectiveness in regard to the process of applying for tax incentives. To ensure compliance and smooth processing, companies are advised to: 

• review the new template and align internal processes accordingly; 
• train management teams and boards on the updated responsibilities; and 
• seek professional guidance, if necessary, to navigate the revised reporting requirements. 

For further details, see the BOI and TFAC resources linked below: 

• BOI Announcement No. P. 11/2567 (in Thai) 
• TFAC Article on TSRS 4400 (in Thai)