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.
Revenue Department and Customs Department integrate data access to streamline tax administration
The Thai Revenue Department and the Thai Customs Department took a significant step towards improving the efficiency of tax collection through digital integration on 9 August 2024 by signing a Memorandum of Understanding (“MoU”) on data linkage.
Flat 15% withholding tax on profits on investment tokens for individuals
On 24 September 2024, Royal Decree No. 789, which brings about a significant change in Thailand’s tax treatment of investments in digital tokens made by individuals, was published in the Royal Gazette. This decree grants an exemption from personal income tax for individuals earning income under Section 40(4)(b) of the Revenue Code, specifically covering dividends or profits derived from investments in digital tokens.
Royal decree on trading of cryptocurrency and digital tokens being exempt from VAT
On 24 September 2024, Royal Decree No. 788, which introduces significant enhancements and extensions related to VAT applied to cryptocurrency and digital token transactions in Thailand, was published in the Royal Gazette.
Thailand extends reduced VAT rate of 7% for another year
On 20 September 2024, Royal Decree No. 790, which extends the current reduction in the VAT rate for another year, from 1 October 2024 through 30 September 2025, was published in the Royal Gazette.
Results of public hearing on draft legislation related to Pillar 2 of the OECD’s framework on base erosion and profit shifting.
On 1 March 2024, the Thai Revenue Department (“RD”) held a public hearing on draft legislation (the Top-Up Tax Act) related to Pillar 2 of the OECD’s framework on base erosion and profit shifting.