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.
Amendment to Married Couples’ Tax Filing from 2012
As a consequence of the Constitutional Court’s judgment handed down in July this year, the Thai Government has issued an emergency decree to repeal the unconstitutional provisions of the Revenue Code that requires husbands to combine their wives’ income in their personal income tax return.
Personal Income Tax Rate Reduced
The Cabinet approved the personal income tax rate reduction on 18 December 2012 as proposed by the Ministry of Finance.
7% VAT Rate Extended for Another Two Years
As expected, Royal Decree No. 549, published in the Royal Gazette on 9 October 2012, extended the reduced VAT rate of 7% (from 10%) for another two years.
Tax Incentives for Goods Exhibitions
Royal Decree No. 545, published in the Royal Gazette on 9 October 2012, allows a double deduction for corporate income tax purposes for expenses (i.e. rental and construction costs, insurance premiums, freight, transportation of goods and equipment used for the exhibition) incurred from participating in a goods exhibition held in Thailand during the first six months of 2012, provided that the company has a certificate certifying its participation in the exhibition issued by the appropriate government agency.
Tax Incentives for Infrastructure Funds
Royal Decree No. 544, published in the Royal Gazette on 9 October 2012, promotes Infrastructure Funds (“IFF”) by granting various tax incentives: