Tax Section - Doing Business

You will find here a series of summaries providing an overview of useful tax regulations, processes and tax issues for Doing Business in Thailand.

Tax deduction on e-tax system investments

To encourage corporate income taxpayers to develop an electronic tax system, the Revenue Department issued Royal Decree No. 683 to allow additional deduction of expenses paid by corporate income taxpayers for investment in developing such a system. This Royal Decree came into effect on 13 June 2019. We set below a summary of this Royal Decree.

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Tax deductions to stimulate the economy

On 15 May 2019, several Ministerial Regulations issued by the Revenue Department were published in the Government Gazette. Those regulations allow personal income tax deductions to stimulate the economy in regard to domestic travel, purchasing educational and sporting equipment and clothing, OTOP (One Tambon One Product) products, e-books, and residential property.

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Update on International Business Centre

On 26 March 2019, the Thai Cabinet approved three Royal Decrees to cancel all tax incentives provided under the Regional Operating Headquarters (ROH), International Headquarters (IHQ), and International Trading Centre (ITC) regimes, effective 1 June 2019 for corporate income tax incentives, and effective 1 January 2020 for personal income tax incentives.

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Consent required for interest on savings to be tax exempt

On 4 April 2019, the Revenue Department issued Notification of the Director-General of the Revenue Department Regarding Income Tax No. 344 (“the Notification”). The Notification sets out rules, procedures, and conditions for interest from savings accounts being exempt from personal income tax.

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Deposit and Transfer Transactions Reporting

On 20 March 2019, the Government published the Act to Amend the Revenue Code (No. 48), 2562 B.E., in the Government Gazette. This Act became effective on 21 March 2019.

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