accountants and business advisers
09 Apr 2019
The Thai Revenue Department has recently issued new tax regulations to encourage SME corporate entities to file tax returns appropriately by providing exceptions to laws relating to tax penalties and surcharges, including criminal liability.
On March 25, 2019, the Act Exempting Penalty, Surcharge and Criminal Liability for Assisting Tax Compliance under the Thai Revenue Code B.E. 2562 was published in the Royal Gazette and became effective on March 29, 2019 (“Tax Amnesty 2019” or “Act”). The Tax Amnesty 2019 provides penalty and surcharge exemptions for taxes stipulated in the Act and the criminal liabilities under the Revenue Code for SME’s having total income not over THB 500 million from the last financial year period of not less than 12 months, ending on or before 30 September 201,8 and filing corporate income tax returns to the Thai Revenue Department (“TRD”) before the Act entered into force.
Apart from the requirement above, a taxpayer who will be qualified to obtain the tax and criminal liability exemptions under Tax Amnesty 2019 must proceed as follows:
Please note that in the case a Tax Assessment letter or Notice of Stamp Duty and Surcharge payment was issued before the enforcement of the Act, the tax exemption under Tax Amnesty 2019 will not apply. Also, if a taxpayer does not comply with the requirements aforementioned, the benefit under Tax Amnesty 2019 shall terminate and TRD shall proceed in accordance with the relevant Revenue Code.
Additional sources in Thai language:
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