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.
Individuals to register a company or partnership
In our tax article for February 2017, we noted that the government issued a law which exempts the transfer of an individual’s property to a company or legal partnership, and the sale of goods by that individual to such a company or partnership, from various taxes.
Non-deductible tax penalties, surcharges and fines
Under the Revenue Department’s Board of Taxation Ruling No. 10/2528 issued in 1985, tax penalties, surcharges, and criminal fines that are non-deductible for corporate income tax purposes only include those that are imposed under the Revenue Code.
Additional deduction for employing elderly people
In March 2017, the Thai government issued Royal Decree No. 639, which allows a corporate income taxpayer to deduct a greater amount of expenses incurred for employing elderly people for its income tax purposes.
Tax Benefits for Individuals
In our tax article for August 2016, we noted that the government had put together a proposal to encourage individuals who conduct business to register a company or legal partnership.
BOI Exemption from Income Tax
Previously, if a company received investment incentives from the Board of Investment of Thailand, where such incentives included an exemption from corporate income tax on profits made by the business for a certain period, the dividends paid out from such profits were exempt from income tax for the recipient, but only if they were paid during the tax holiday.