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.
Proposed Reduction in Corporate Income Tax Rates
The Cabinet has announced a reduction in corporate income tax rates, with the aim of improving the competitiveness of Thailand on the global market.
Tax Flood Relief Measures for BOI Promoted Companies
The Cabinet has approved tax relief measures for Board of Investment (‘BOI’) promoted companies that have been affected by the flooding.
Information for Businesses Impacted by the Floods
Updated: 28 October 2011
The flooding in Thailand has overwhelmed many of the Northern and Central provinces and now threatens Bangkok. The situation is only expected to worsen in the coming days. The Thai Government announced a five day government holiday in Bangkok and the affected provinces from Thursday 27 October to Monday 31 October 2011. Many companies in Bangkok are closed during this period and all businesses should continue to assess the situation on a daily basis.
The flooding in Thailand has overwhelmed many of the Northern and Central provinces and now threatens Bangkok. The situation is only expected to worsen in the coming days. The Thai Government announced a five day government holiday in Bangkok and the affected provinces from Thursday 27 October to Monday 31 October 2011. Many companies in Bangkok are closed during this period and all businesses should continue to assess the situation on a daily basis.
Specific Business Tax Reduction
Clarification of the specific business tax reduction for financial institutions. In 2008, Royal Decree No.469 announced a specific business tax (‘SBT’) reduction from 3.00% to 0.01% for certain financial institutions.
Specific Business Tax Payable on Loans to Directors
The Supreme Court has ruled that where a company lends money to its director on a regular basis without interest charge the transactions will be considered similar to that of a commercial bank. Thus, the company is liable to pay Specific Business Tax (‘SBT’) and the Revenue Department Officer has the authority to set an appropriate rate of interest.