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.
Due Date for Claiming a Tax Refund Extended
On 13 November 2014, the Act amending the Revenue Code (No. 38) was announced in the Royal Gazette. According to this Act, the previous provision of Section 63 of the Revenue Code has been repealed and superseded by the new provision which stipulates that if a withholding tax is made against any person’s income and remitted in an amount exceeding that is required by the Revenue Code, a claim for refund must be submitted within 3 years from the date of the original deadline of the tax return.
Tax Measures for Boosting Domestic Tourism
On 14 October 2014, the Cabinet approved the draft Royal Decree which grants a tax break on domestic tour packages and hotel accommodation to boost the local tourism industry.
Taxing Bodies of Persons and Ordinary Partnerships
On 21 October 2014, the Cabinet approved in principle the draft act to amend the Revenue Code as proposed by the Ministry of Finance.
CIT and PIT Cuts Maintained
The tax rate for non-SME companies has been temporarily reduced by Royal Decree No. 530 issued by the previous Government from the statutory flat rate of 30% prescribed by the Revenue Code to the temporary rate of 20% which is set to expire at the end of the 2014 accounting period.
Tax Reform – September 2014 Update
The Revenue Department is slated to present its tax reform proposal to the Finance Ministry. The package will cover inheritance and gift tax, land and buildings tax, the restructuring of VAT and personal income tax and measures for preventing international tax evasion.