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.
Reduced VAT Rate Extended
Currently, the value-added tax (VAT) rate is reduced from the normal rate of 10% to 7%. This reduction was set to expire after 30 September 2018, unless another law was passed extending the reduced VAT rate.
New Tax Law on Cryptocurrency and Digital Tokens
On 13 May 2018, the Royal Decree on Amendment to the Revenue Code (No. 19) (“Royal Decree No. 19”), B.E. 2561 was published in the Government Gazette, and became effective on the following day.
Tax exemption for domestic tours
On 10 April 2018, Ministerial Regulation No. 335 issued by the Revenue Department was published in the Royal Gazette.
Draft law on the taxation of digital assets
On 13 March 2018, the Cabinet approved a draft law on the taxation of digital assets. The objective of the draft law is to cause taxpayers deriving income from digital assets, and digital asset business operators, to pay tax fully and correctly under the Revenue Code, as there is currently no definition of digital assets in the Revenue Code, nor has the Revenue Code yet defined what type of income that derived from digital assets is or the withholding tax implications for income derived from digital assets.
VAT on foreign e-commerce business
In January 2018, the Revenue Department published a draft VAT bill on its website for public discussion. The bill proposes imposing VAT on foreign-based operators that provide services to customers not registered for VAT in Thailand through an electronic media or digital platform.