On 13 May 2018, the Royal Decree on Amendment to the Revenue Code (No. 19) (“Royal Decree No. 19”), B.E. 2561 was published in the Government Gazette, and became effective on the following day.
On 10 April 2018, Ministerial Regulation No. 335 issued by the Revenue Department was published in the Royal Gazette.
On 13 March 2018, the Cabinet approved a draft law on the taxation of digital assets. The objective of the draft law is to cause taxpayers deriving income from digital assets, and digital asset business operators, to pay tax fully and correctly under the Revenue Code, as there is currently no definition of digital assets in the Revenue Code, nor has the Revenue Code yet defined what type of income that derived from digital assets is or the withholding tax implications for income derived from digital assets.
In January 2018, the Revenue Department published a draft VAT bill on its website for public discussion. The bill proposes imposing VAT on foreign-based operators that provide services to customers not registered for VAT in Thailand through an electronic media or digital platform.
Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and mismatches in tax regulations to artificially shift profits to low-tax or no-tax locations.