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.
Promoting investment in southern border provinces
In the Cabinet meeting on 27 September 2016, the Cabinet agreed on and approved draft Royal Decrees to promote investment in the southern border provinces Yala, Pattani, and Narathiwai, (collectively called “the Area”).
PIT incentives under the IHQ programme
Under the Revenue Department’s IHQ incentives programme, a flat PIT rate of 15% (reduced from the normal maximum progressive rate of 35%) will apply to the employment income of an expatriate employee of the IHQ, subject to certain conditions.
Depreciation of a car used for R&D
A car defined in excise tax law as having 10 seats or less can only be depreciated, for corporate income tax purposes, for no more than 1 million baht.
Tax benefits from a life insurance savings account
On 26 July 2016, the Cabinet approved in principle a draft ministerial regulation (MR) that will grant a personal income tax deduction of up to 100,000 baht for the amount of money deposited by taxpayers into a life insurance savings account. In addition, money or any benefit received due to such deposit will also be exempt from personal income tax.
Conditions on the tax deduction during Songkran
Expenses paid for food and beverages (excluding alcohol), tour package services, and accommodation for travelling in Thailand during Songkran are deductible for Thai personal income tax purposes.