On August 9, 2016, the Thai Cabinet approved tax incentives for small and medium enterprises registered as legal entities.
According to Natthaporn Jatusripitak, the new incentives include:
- A corporate tax deduction of 60% of expenses starting from January 1, 2017
- Corporate income tax and VAT benefits
- A reduction of business tax from 2% to 0.01%
- A reduction of the transfer registration fee for transferring ownership to another legal entity from 2% to 0.01%
These incentives were set to remain in effect until December 31, 2017.
To qualify, companies must meet the following criteria:
- Registered capital of less than 5 million Baht
- Annual revenue of less than 30 million Baht
Source: bangkokpost.com