In May 2017, the Thai government issued Royal Decree Number 640. This law allows the 100% additional deduction, for corporate income tax purposes, of the cost of acquisition of an electric data capture equipment (e.g. a credit or debit card reader or “the Equipment”). It also allows the 100% additional deduction of a transaction fee for receiving payment by debit card through the Equipment, for both corporate income tax and personal income tax purposes.
On 17 May 2017, the Revenue Department issued Notification of the Director-General of Revenue Number 296, which requires corporate income taxpayers to file audited financial statements with the Revenue Department office of the district in which the taxpayer’s office is located, even if the taxpayer has filed the year-end corporate income tax return (Form Phor. Ngor. Dhor. 50) electronically.
In our tax article for February 2017, we noted that the government issued a law which exempts the transfer of an individual’s property to a company or legal partnership, and the sale of goods by that individual to such a company or partnership, from various taxes.
Under the Revenue Department’s Board of Taxation Ruling No. 10/2528 issued in 1985, tax penalties, surcharges, and criminal fines that are non-deductible for corporate income tax purposes only include those that are imposed under the Revenue Code.
In March 2017, the Thai government issued Royal Decree No. 639, which allows a corporate income taxpayer to deduct a greater amount of expenses incurred for employing elderly people for its income tax purposes.