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Legal Updates: Revisions of Interest Rate and Interest Calculation under the Thai Civil and Commercial Code
Articles - 2021-03-22

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 been enforced for over 95 years. With such aims, the Act Amending the Thai Civil and Commercial Code on the default interest calculation (“Act”) is proposed to eliminate outdated provisions that no longer accord with the evolving economy and impose an excessive burden on all stakeholders in the system. 

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New Tax Measures for Covid-19:  26 January 2021
Articles - 2021-01-26

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.

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Amendment to the Thai Civil and Commercial Code to Promote Start-Up Enterprises
Articles - 2021-01-22

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) provisions, which have been enforced ever since its enactment in 1992. Having been initiated by the Office of Small and Medium Enterprises Promotion (OSMEP), the primary intent of the Act is to promote start-up enterprises in Thailand, and this draft could be another critical step toward the modernization of Thailand's corporate regulatory scheme and the essential incentives to boost the investment section.

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2021 Options for Minimizing Personal Tax and Maximizing Your Savings Plan
Articles - 2021-01-11

2021 Options for Minimizing Personal Tax and Maximizing Your Savings Plan

The Covid-19 crisis underscores the impact of tax benefits on people and businesses. This article aims to study the tax benefits of long-term investment promotion and has the following key findings:
1) Type of Tax Saving Plans namely , SSF , RMF , Life Insurance and Health Insurance
2) 2-Cases study which show the tax saving amount in difference perspective

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Articles - 2020-12-08

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 as ships.

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Articles - 2020-10-28

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 contributor, who shall not be liable more than the registered capital of the company.

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Articles - 2020-10-05

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. 

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Articles - 2020-09-29

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 regard. As an introductory perception, this article will firstly outline the main concepts of land and building tax as per the Act and the correlation with the tax reductions under the Royal Decrees. Then, it will touch upon the temporary mitigating measures of the tax collection in 2020.

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Articles - 2020-08-27

Have your tax withheld at one step with e-withholding tax?

The new e-Withholding Tax system manages withholding tax completely in one step. As an electronic medium service that meets international standards of security, it is an alternative way to cover the withholding tax steps in what has been a daunting process and makes the system shorter and more pleasant.

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Articles - 2020-08-10

Cabinet approved amendments to the Thai Civil and Commercial Code (“TCCC”) Concerning Corporate Laws

On 23 June 2020, the Thai Cabinet has approved amendments to the TCCC and Act for the Prescription of Penalty Imposed on Registered Partnerships, Limited Partnerships, Limited Company, Associations and Foundations B.E. 2499 (1956) (Penalty Act) related to the corporate registration, penalty for delayed payment of dividend, and the combinations of limited companies.

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