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.
Another Flood Relief Measure for Individuals
On 4 January 2012, the Cabinet approved another flood relief measure for individuals affected by floods during 25 July 2011 to 31 December 2011. This tax deduction will apply to repairs and maintenance of immovable properties and vehicles.
Depreciation Allowance for Energy Saving Assets
The Thai Revenue Department has announced that energy saving assets will receive an additional 25% depreciation allowance (i.e. 125% depreciation on the acquisition cost). This is granted as a tax deduction for the computation of both personal and corporate income tax.
Donations that Cannot be Deducted from Income Tax
An additional income tax deduction of 50% (over and above the 100% deduction previously allowed) will now be granted to any person that donates money or goods to any company, juristic partnership or juristic person who acts as an agent for the distribution of donated goods and money to victims of natural disasters during the period 1 September 2011 to 31 December 2011.
Corporate Income Tax Rate Reduction
The corporate income tax rate reductions have been passed into law and come into immediate effect for accounting periods commencing on or after 1 January 2012.
Tax Relief Measures for BOI Companies Announced
The Board of Investment (‘BOI’) has announced tax relief measures for factories affected by the floods whose investment privileges have not yet expired.