In November 2017, the Thai government approved draft laws that reduce and exempt taxes for the sale of gold bars under a forward contract.
Under the laws for enhancing the competitiveness of the country for targeted industries, there are many investment privileges and benefits given to businesses in such industries.
The reduced value-added tax (VAT) rate of 7% was set to expire after 30 September 2017, unless another law was passed extending it.
Based on the Cabinet meeting on 19 September 2017, the Thai government approved a draft law granting a personal income tax deduction for the payment of health insurance premiums by an individual taxpayer.
As set out in our tax article for July 2017, the Thai government issued Royal Decree Number 641 giving personal income tax benefits to an employee (“the Employee”) of a company or legal partnership that conducts business in a targeted industry, and has its place of business (defined as a place that is used in the normal course of business or used for manufacturing goods on a regular basis) in Chachoengsao, Chonburi, or Rayong Provinces.