Legal Updates: Revisions of Interest Rate and Interest Calculation under the Thai Civil and Commercial Code
With no end of the economic downturn caused by the COVID-19 pandemic in sight, the government sector has been launching a series of measures to alleviate financial burdens and increase cash circulation in order to loosen up the economic stiffness. These measures range from legal amendments, enforcement of new tax regulations, and revisions to fiscal policies. To this same extent, on 9 March 2021, the Cabinet approved the amending of traditional provisions in the Thai Civil and Commercial Code (“TCCC”) regarding interest rates which have […]
New e-VAT Legislations for Foreign Source Digital Service and e-Platform
On 10 February 2021, a new Act Amending to the Thai Revenue Code (No.53) B.E. 2564 was legally enacted concerning foreign companies’ duty to collect and remit VAT on digital services and e-platforms as published in the Thai Royal Gazette. This new VAT filing obligation applies to all foreign companies who provide their digital/electronic service and/or e-platform service to Thai individuals. These foreign companies are required to apply for Tax I.D. status as Thai VAT registrants if their annual revenues reach the minimum threshold of […]
New Tax Measures for Covid-19: 26 January 2021
On 26 January 2021, the Thai cabinet has approved the tax measurements to help individuals and companies during the Covid-2019 pandemic for 2021 below. The Royal Decree will be publicized in Thai Royal Gazette soon. 1. Extension of Annual Personal Income Tax return filing for the year 2020 (P.N.D.90 and P.N.D.91): Filing type Original deadline Extension […]
Amendment to the Thai Civil and Commercial Code to Promote Start-Up Enterprises
Ever since the Cabinet’s approval granted on October 17, 2017, the Act amending the Thai Civil and Commercial Code (“Act”) is still pending consideration by the Office of the Council of State. Despite this prolonged legislative process, the draft gives us a glimpse of a striking revolution of the Thai Civil and Commercial Code (“TCCC”) […]
2021 Options for Minimizing Personal Tax and Maximizing Your Savings Plan
Super Saving Fund (SSF) Contribute up to max. 30% of taxable income (capped at THB 200,000). When combined with contributions to “Other Programs” (listed below), total contributions may not exceed THB 500,000 in aggregate: “Other Programs” include: Retirement Mutual Fund (RMF), Provident Fund, Government Pension Funds, Private Teacher Aid Fund contributions, National Saving Fund and […]
Legal Update: The Revival of Investment Promotion for Electric Vehicles
On 4th November 2020, the Thailand Board of Investment (“BOI”) has resolved to approve the incentive measures to accelerate the development of electric vehicles (“EV”) production and related supply chain in Thailand, with a focus on battery electric vehicles (“BEVs”), local production of essential parts, and the inclusion of commercial vehicles of all sizes as well […]
Thai Legislation: One Person Company Act
As recently approved by the Office of the Council of State, the One Person Company Act (“Act”) is finally near its official enforcement after the first draft in 2017. According to the Act, a one person company is a type of juristic person established for profit-seeking purposes with an ordinary person as a sole capital […]
Reduction of the Contribution to Social Security Fund
With Thailand heading into economic recession as a result of the COVID-19 pandemic suffered nationwide, the employment sector has been adversely affected by the substantial market downturn. To cut costs during this abnormal operation, businesses are laying off employees and adjusting the monthly salaries paid to their workers. To acknowledge this economic situation, on 1 […]
Land and Building Tax: Clarified
With the effective date on 13th March 2019, the Land and Building Tax Act B.E. 2562 (“Act”) initially scheduled the implementation of tax collection on 1st January 2020. Nevertheless, due to the prolonged economic recession and the COVID-19 impacts which have been suffered nationwide, there have been two Royal Decrees enacted to reduce tax liability in this […]
Thailand Long Stay “Special Tourist Visa”
Since the start of the Covid-19 pandemic, the number of tourists in Thailand has been significantly reduced. The Thai tourism business and other related industries are severely affected by this situation. However, Thailand has been effectively controlling the spread of Covid-19 and the government is trying to restore the economy. Hence, the Thai Cabinet just […]
