In its May 2019 newsletter, the Thailand Federation of Accounting Professions (“TFAC”) issued a statement saying that the Revenue Department (RD) issued Departmental Regulation No. Tor. Por. 299/2561 to amend Clause 3.4 of Departmental Order No. Tor. Por. 1/2528. The objective of Tor. Por. 299/2561 is to eliminate differences between the recognition of revenue from and expenses for a rental property for accounting and tax purposes, for both the lessor and the lessee of the property.
Keywords: Mazars, Thailand, Accounting, Rental property, TFAC, Revenue Department, Departmental Regulation, Departmental Order
12 June 2019
In addition, the new regulation also specifies that, where both the corporate lessor and lessee have chosen a method for computing income and expenses for determining the net taxable profit, the method must be applied consistently, except where approval to change the method of computation has been obtained from the Director-General of the Revenue Department. This new regulation is applicable retroactively to accounting periods commencing on or after 1 January 2018.
For more information, please visit Federation of Accounting Professions website.