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 Amnesty
To encourage taxpayers to be in good standing, the Thai government has issued the Royal Act for the Exemption and Support of Tax Operations Under the Revenue Code, 2558 B.E., which waives tax audits, investigations, tax assessments, and payment enforcement for all taxes on revenue (corporate income tax, value-added tax, specific business tax, and stamp duty). We set below a summary of this law.
Thai sourced income and residence rules
Thailand will impose personal income tax on income that is derived from Thai sources, regardless of the nationality of recipient of the income, or the jurisdiction in which the payment is made or received. Thailand will also impose personal income tax on a Thai tax resident on his worldwide income.
Incentives for automotive industry
The Ministry of Industry will launch new incentives for car makers in 7 provinces: Phra Nakhon Si Ayutthaya, Pathum Thani, Chonburi, Rayong, Chachoengsao, Prachinburi, and Nakhon Ratchasima Provinces.
Opportunity for homebuyers
The cabinet approved measures to boost investments in immovable property, and is now considering reducing property transfer fees from 2% to 0.01%, and mortgage fees from 1% to 0.01% of the appraised value.
Additional “reasonable excuse” for half-year tax
In September 2015, the Revenue Department issued Departmental Regulation No. 152/2558 (which repeals clause 1 of Departmental Regulation No. 50/2537) regarding a “reasonable excuse” for an insufficient estimate of net profits under Section 67 of the Revenue Code.