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 implications of gifts to customers
A company may promote its sales by giving products or gifts to customers on certain occasions. In such cases, the company should consider the VAT implications of gifts given to customers, which are summarized.
Reminder about filing half-year corporate income tax returns
For a company or legal partnership with an accounting period ending on 31 December, the deadline for filing the half-year corporate income tax return (Form PND. 51) and paying any half-year income tax due for the accounting period ending on 31 December 2022 is 31 August 2022 (paper filing) or 8 September 2022 (electronic filing).
Tax measures to support tourism and related industries
On 12 July 2022, the Cabinet approved the following tax measures proposed by the Ministry of Finance to stimulate tourism and the domestic economy.
Additional tax deduction for the purchase of biodegradable plastic products
Under Royal Decree No. 749, a company or legal partnership can claim a tax deduction of 1.25 times (1 time as a normal deduction and 0.25 times as an additional deduction) the amount paid for the purchase of biodegradable plastic products from a manufacturer which is a VAT registrant with a certificate to manufacture products from the Office of Industrial Economics, Ministry of Industry. The expenses must be paid from 1 January 2022 to 31 December 2024.
Tax issues relating to trading inventory
Inventory is an asset that can be problematic to deal with from a tax perspective, such as when actual inventory is lower than that recorded, or when inventory becomes damaged, lost, or obsolete. These issues can create tax risks for business operators.