Prime Minister Prayut Chan-o-cha has reminded residents of Thailand of the importance of fulfilling their tax payment obligations to the state. He also warned that any attempts to evade taxes may result in audits covering the past five years of tax payments. The Prime Minister emphasized that the government will strictly monitor compliance with tax …
The Board of Investment Thailand has set new targets to attract investments totaling 550 billion Baht this year, compared to 450 billion Baht in the previous year. According to Deputy Prime Minister Somkid Jatusripitak, the BOI needs to improve and accelerate its internal processes—both domestically and in its overseas offices—to attract new investments, particularly from …
Taxes are always a relevant and unavoidable topic. Fortunately, in Thailand, recent developments—especially regarding personal income tax—have generally been positive. At the time, the tax rates established in 2013 were still in force. The main goal—to reduce undeclared “cash-in-hand” salaries—has largely been achieved through a progressive tax system, along with deductions and allowances that reduce …
Can a foreigner rent out their condominium unit on a daily basis? And can they do so without a work permit? Here is what the current laws say. Condominium Act The Condominium Act Thailand does not contain a direct prohibition on short-term rentals. However, it does restrict commercial activities to specifically designated areas and requires …
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: These incentives were set to remain in effect until December 31, 2017. To qualify, companies must meet the following criteria: Source: bangkokpost.com
The Department of Employment Thailand announced that under a Memorandum of Understanding (MoU) signed with four countries—Myanmar, Laos, Cambodia, and Vietnam—Thai companies are allowed to legally employ foreign workers from these nations. Workers from Myanmar, Laos, and Cambodia are permitted to work in labor-intensive roles across 24 business sectors, including domestic work. Workers from Vietnam …
Employment of Workers from Myanmar, Laos, Cambodia, and Vietnam Read More »
On July 4, 2016, the long-awaited Secured Transactions Act Thailand came into force, providing small and medium-sized enterprises (SMEs) and startups with easier access to financing. The law allows businesses to use inventory, raw materials, and intellectual property as collateral. According to Apiradi Tantraporn, the new legislation helps remove financial barriers for entrepreneurs seeking loans …
Starting next year, a new property tax law will come into effect in Thailand. Under this legislation, private houses and agricultural land with an assessed value of 50 million Baht or more will be subject to taxation. Tax Rates Owners of private homes and farms valued below 50 million Baht will be exempt from this …
The Board of Investment Thailand has approved a personal income tax exemption for researchers and specialists working in 10 targeted industries prioritized by the Thai government. These industries include: Another important development: work permits for foreign specialists employed by companies operating in these sectors will be issued for up to 5 years. In addition, the …
Personal income tax in Thailand is calculated using a progressive rate system and depends on the total annual income — the higher the income, the higher the applicable tax rate. On Tuesday, April 19, the government approved a number of amendments to the Revenue Code. Starting from 2017, individuals earning less than 26,000 THB per …
Government Approves New Personal Income Tax Structure Read More »
