Fine reduction for filing the TP disclosure form
Keywords: Mazars, Thailand, Tax, Transfer Pricing, Revenue Department, Corporate Income Tax, COVID-19
20 October 2020
The first deadline for filing the transfer-pricing disclosure form was extended to 31 August 2020. Failure to file the transfer-pricing disclosure form by the deadline will result in a fine of no more than THB 200,000.
However, on 9 September 2020, the Revenue Department announced that the fine for filing the transfer-pricing disclosure form late was reduced from THB 200,000 to THB 5,000. Nevertheless, the transfer-pricing disclosure form should be filed electronically by 30 December 2020. This reduction was made to relieve the burden on business operators due to the COVID-19 outbreak.