December 2019
Ministry Postpones Land & Building Tax
The Ministry of Interior has extended its property assessment period from November 2019 to March of next year. The authority has also postponed collection under its land and building tax law from April to August of next year. This is, according to its Ministerial Order No. 0808.3/w7475, dated December 11 of this year.
November 2019
Thailand’s Revenue Department issues Transfer Pricing Disclosure Form
Companies with revenues exceeding Baht 200 million during an accounting period must disclose information about their inter-company transactions under this Transfer Pricing Disclosure (“TPD”) Form together with their annual Corporate Income Tax Return.
August 2019
Draft Ministerial Regulations on Transfer Pricing
The Revenue Department recently disclosed draft Ministerial Regulations, Nos. xxxx and yyyy, under the Revenue Code. Both laws designate calculations of revenue and expenses of related juristic companies and provide certain exemptions under Section 71 ter of the Revenue Code.
Read more
Read more
June 2019
Thailand’s New Data Protection Act
In the near future, processing, collecting or using personal data will be prohibited unless explicitly permitted by its owner.
Draft Thailand Data Protection Act (the “Act”) was approved by the National Legislative Assembly on 28 February 2019. The draft Act is expected to come into force one year after its publication in the Royal Government Gazette.
May 2019
Severance Hits New High in Thailand
On 5 April 2019, the Labor Protection Act (No.7) B.E. 2562 (the “LPA No. 7”) was published in the Government Gazette. LPA No. 7 introduces severance pay equivalent to 400 days of an employee’s latest wage, a new highest rate. The new law will come into effect on 5 May 2019 (30 days from publication in the Government Gazette) amending Labor Protection Act B.E. 2541 (“LPA”)
April 2019
Thailand’s New Amnesty Act for Corporate Taxpayers
The Narcotics Act (No7) B.E. 2562 (A.D. 2019) permits the use of marijuana in Thailand if under the control of a licensed physician or dentist. The law was published in the Royal Government Gazette on 18 February and became effective the very next day. By this step, Thailand is the Southeast Asia’s first country to legalize weed for a particular use.
April 2019
Thailand is Region’s First Country to Legalize Medical Marijuana
On 25 March 2019, the Act for the Exemption from Tax Penalties, Surcharges, and Criminal Liabilities for Supporting of Operations under the Revenue Code, B.E. 2562 (the “Act"), was published in the Government Gazette. The Act became effective on 26 March 2019. The Act can offer amnesty in exchange for the offending taxpayer compliantly entering Thailand’s tax regime.
Read more
Read more
February 2019
Thailand’s New Land and Building Tax Act
Estimating Tax for Commercial Land and Buildings
The Land and Building Tax Act was published in the Governmental Gazette on March 12, 2019, and starts to impose tax from January 1, 2020 onwards.
Read more
The Land and Building Tax Act was published in the Governmental Gazette on March 12, 2019, and starts to impose tax from January 1, 2020 onwards.
Read more
January 2019
Thailand International Business Center (IBC)
On 28 December 2018, Royal Decree No. 674 was published in the Royal Gazette to improve tax measures to replace the Regional Operating Headquarters (ROH) and the International Headquarters (IHQ) schemes. The law intends to address the concerns set out by the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS) of which Thailand is a member.