Tax Section - Doing Business
You will find here a series of summaries providing an overview of useful tax regulations, processes and tax issues for Doing Business in Thailand.
Tax implications of New Year’s gifts and events
It is common at this time of year to give gifts to your employees or customers, to hold a party or to take your employees on a trip. But what are the tax implications? Are you treating the personal income tax, VAT or corporate income tax correctly?
Transfer-pricing disclosure form in 2019
On 7 November 2019, a Notification of the Director-General of the Revenue Department was issued to specify a form for reporting information about companies or legal partnerships that are related, and the total value of transactions between them during an accounting period. This form can be printed from the Revenue Department website for filing together with the annual corporate income tax return (Form PND. 50), commencing from accounting periods beginning on 1 January 2019.
Reduced value-added tax rate extended
The reduced value-added tax (VAT) rate of 7% was set to expire after 30 September 2019, unless another law was passed extending it.
Update on electronic tax filing and documentation in Thailand
Since 2012, the Revenue Department (“RD”) has had a policy of supporting the preparation and delivery of electronic tax invoices (“e-tax invoices”) or electronic receipts (“e-receipts”) to support electronic transactions in the private sector and to increase the efficiency of electronic services (“e-services”) of the government.
Extension of the reduced VAT rate
Currently, the value-added tax (VAT) rate is reduced from the normal rate of 10% to 7%. This reduction was set to expire after 30 September 2019, unless another law was passed extending the reduced VAT rate.