Announcement of Tax and Legal Measures After Political Protest in Bangkok
Following the end of the political protests which have severely disrupted business activities in Bangkok and the surrounding provinces, further tax and legal measures have been announced.
Keywords: Ministry of Commerce, Financial Statements, Tax, Special Business Tax (‘SBT’), Property transfer, Thai Revenue Department
The Ministry of Commerce (‘MOC’) has announced an extension to the 30 June 2010 for the filing of audited financial statements. No application for the extension is required and it will apply to all companies registered in Bangkok, Nonthaburi, Samut Prakarn and Pathum Thani.
Previous extensions had applied only to companies registered in the Sathorn, Bangrak, or Pathumwan districts.
The Cabinet has announced that tax incentives relating to property transfers will be extended for a further month to the end of June 2010. Property transfer and registration fees both stay at 0.01%. From July 2010 the fees will return to 2% and 1% respectively.
We note however that the Thai Revenue Department has not yet issued the Special Business Tax (‘SBT’) extension. Therefore the transferor will be required to pay the full SBT rate of 3.3% (the reduced rate is 0.11%). Once the Revenue Department has issued the extension then a refund can be requested.
Application for Tax Extensions
The deadline for applications to extend the payment and filing of returns for Corporate Income Tax, VAT, Withholding Tax, SBT or stamp duty has now expired. As at 27 May 2010 there have been no further announcements from the Revenue Department relating to this.