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.
Claiming tax deductions for SSF and RMF investments
Taxpayers who would like to claim personal income tax deductions for investments in Super Saving Funds (“SSF”) or Retirement Mutual Funds (“RMF”) made from 1 January 2022 onwards must file a claim for a tax deduction with the asset management company by 31 December 2022. If taxpayers do not do this, they will not be allowed to claim a tax deduction for such investments.
Filing past due tax returns through the Revenue Department’s e-filing system
On 27 September 2022, the Revenue Department announced that, from 29 September 2022 onwards, taxpayers can file past due tax returns and pay tax through the Revenue Department’s e-filing system.
Income tax exemption for gains from disposal of shares in companies in targeted industries
In an effort to promote investments in Thai start-up companies which operate in certain targeted industries, such as technology, science, robotics, social development, etc., the Thai government has provided an exemption from income tax for capital gains made on the disposal of direct and indirect investments in such companies. The tax exemption is provided to both Thai and foreign investors.
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).