Tax Section - Doing Business
You will find here a series of summaries providing an overview of useful tax regulations, processes and tax issues for Doing Business in Thailand.
Payment of Stamp Duty for Electronic Instruments
The Thai Revenue Department issued Notification of the Director-General on Stamp Duty No. 58 in June 2019 together with Notification of the Director-General on Stamp Duty No. 59 in July 2019 to specify the methods to be used for paying stamp duty on electronic instruments. Those Notifications took effect on 1 July 2019.
Tax deduction on e-tax system investments
To encourage corporate income taxpayers to develop an electronic tax system, the Revenue Department issued Royal Decree No. 683 to allow additional deduction of expenses paid by corporate income taxpayers for investment in developing such a system. This Royal Decree came into effect on 13 June 2019. We set below a summary of this Royal Decree.
Tax deductions to stimulate the economy
On 15 May 2019, several Ministerial Regulations issued by the Revenue Department were published in the Government Gazette. Those regulations allow personal income tax deductions to stimulate the economy in regard to domestic travel, purchasing educational and sporting equipment and clothing, OTOP (One Tambon One Product) products, e-books, and residential property.
Update on International Business Centre
On 26 March 2019, the Thai Cabinet approved three Royal Decrees to cancel all tax incentives provided under the Regional Operating Headquarters (ROH), International Headquarters (IHQ), and International Trading Centre (ITC) regimes, effective 1 June 2019 for corporate income tax incentives, and effective 1 January 2020 for personal income tax incentives.
Consent required for interest on savings to be tax exempt
On 4 April 2019, the Revenue Department issued Notification of the Director-General of the Revenue Department Regarding Income Tax No. 344 (“the Notification”). The Notification sets out rules, procedures, and conditions for interest from savings accounts being exempt from personal income tax.