Internet services now subject to VAT in Thailand
The domestic tax legislation of most countries has been written from the standpoint that a business requires to be in the country and have a base from which to operate from in order to serve its customers. Such legislation never imagined that any company could be located in another country and sell to mass customers […]
AGM 2022 : No Flexibility on the AGM Deadline this Year
Last year, 2021, the Department of Business Development (DBD) has granted flexibility regarding the deadline for holding the mandatory Annual General Meeting of Shareholders (AGM) in light of the disruption caused by the COVID-19 crisis. However, in this year, 2022, there is no such flexibility anymore. According to the guidelines for filing of the financial […]
Update on Country-by-Country Reporting Submission Deadline Extension and Channels
According to the Notification of the Director-General of the Thai Revenue Department (TRD) regarding Corporate Income Tax no. 408 dated 30 Sep 2021, Thai taxpayers who are a part of Multinational Enterprise (MNE) groups with total consolidated revenue of at least THB 28 billion are obliged to submit the Country-by-Country Report (CbCR) to the TRD […]
Legal Updates: New Lending Services for Trade and Investment Support Offices (TISOs) and International Business Centres (IBCs)
The change in the scope to increase what TISOs and IBCs can do is very welcomed. These categories of business can now lend funds (in accordance with the exchange control regulations) to related companies both locally in Thailand and overseas.
In step with BEPS transfer pricing rules
Thailand is currently going through a period of rapid improvement and development which is creating opportunities and benefits for foreign businesses. Improvements are being made in many areas, including changes to its tax laws to implement certain international tax standards. Notably, Thailand has adopted the OECD’s Inclusive Framework on ‘Base Erosion and Profit Shifting’ (BEPS) […]
Update on Information Exchange and Transfer Pricing Disclosure Form
On the path to enforce the Country-by-Country Reporting (CbCR) requirements in Thailand, there are a few developments regarding the TP rules in Thailand over the past month including the development of information exchange and the newer version of the Transfer Pricing Disclosure Form (TPDF).
The perfect location
Thailand’s economy and markets are rapidly developing, not least because it is geographically placed in the centre of Asia where more than half of the world’s population reside. This makes Thailand a perfect location from which to operate a global finance centre or position a holding company or park the global headquarters. This realisation has […]
The golden age of investment
Against the backdrop of temporary Covid-19 measures being introduced to protect and stabilise the economy of Thailand, the Government has also launched a whole raft of great investor-business incentives to dramatically boost the economy going forward, including years of being able to earn tax-free profits. The numerous incentives have created an air of excitement and […]
Legal Updates: Thailand Approves New Measures to Attract Skilled and Wealthy Expats
The epidemic of coronavirus disease 2019 (“COVID-19”) has been severed and protracted from 2020 until today. As a result, the Thai government has implemented strict epidemic prevention and lockdown measures to prevent the spread. Consequently, gross domestic product (“GDP”) and domestic investment are greatly reduced. Intending to inject foreign money into an economy and to […]
Transfer Pricing Documentation Requirements in Thailand
According to Section 71 bis and Section 71 ter of the Thai Revenue Code, taxpayers that have related parties and earn annual revenue of at least THB 200 million are required to prepare and submit a transfer pricing disclosure form within 150 days after the year-end (the same deadline as the Corporate Income Tax return […]
