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.
Thailand on implementing Global Minimum Tax Rules under OECD's BEPS 2.0 Pillar Two
As part of updating its tax laws to comply with the inclusive framework on Base Erosion and Profit Shifting (BEPS) developed by the Organization for Economic Co-operation and Development (OECD), Thailand announced a plan to implement Global Minimum Tax rules, targeting large multinational enterprises (MNEs) with a total consolidated group revenue above EUR 750 million.
Reduction in tax on land and buildings
As part of the Thai government’s efforts to reduce the tax burden and to support economic recovery, Royal Decree on the Reduction in Tax on Certain Types of Land and Buildings (No. 3), 2566 B.E. (2023) (“the Royal Decree”) was published in the Government Gazette on 19 March 2023 and became effective on 20 March 2023.
Thailand to start the automatic exchange of information this year
The Emergency Act on the Exchange of Information, 2566 B.E. (“the Act”), was published in the Royal Gazette on 30 March 2023.
Extension of withholding tax reduction to promote e-withholding tax system
The Thai government previously reduced the withholding tax (“WHT”) rates from 5% and 3% to 2%, through 31 December 2022.
Extended deadlines for e-filing
In January 2021, the Thai Revenue Department issued a notification allowing taxpayers that file tax returns electronically to submit such returns 8 days after the normal deadline for another 3 years (from 1 February 2021 to 31 January 2024).