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.
Tax Incentives on Personal Travel Costs
The Revenue Department has announced Ministerial Regulation No. 305, dated 15 December 2014, which allows a personal income tax payer to deduct expenses paid to Thai tourist industry service providers, tour guides and hotels, against his or her income. The deductible amount is capped at THB 15,000.
New Year Need Not Be Taxing
New year is a time for giving but all companies need to consider the potential tax impact of those employee gifts and new year parties. In this article Mazars addresses the Personal Income Tax, Corporate Income Tax and VAT implications of a variety of typical new year expenditure.
Introduction of Inheritance and Gift Tax
The Inheritance Tax Act was formally announced on 5 August 2015. The act has been effective since 1 February 2016.
Royal Decree for the Reduction of PIT Rates
The Personal Income Tax (‘PIT’) rate is temporarily reduced from the normal progressive rates (5% - 37%) prescribed under the Revenue Code to 5% - 35%, according to the Royal Decree No. 576 which will expire on 31 December 2014.
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 According to this Act, the previous provision of Section 63 of the Revenue Code has been repealed and superseded by the new provision which stipulates that if a withholding tax is made against any person’s income and remitted in an amount exceeding that is required by the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.