Amit Bhalla and Urika Solano of HLB Thailand provides an update on Thailand’s progress towards implementation of BEPS 2.0 and explains why governmental agencies and multinational enterprises should undertake comprehensive reassessments
Thailand’s foreign income tax changes now in force
Thailand’s Revenue Department has revised its approach to taxing foreign income received by tax residents. Paul Ashburn of HLB Thailand summarises the changes
New tax measures to stimulate real estate sector
On April 9, 2024 the Cabinet approved new real estate stimulus measures proposed by the Ministry of Finance, including reduced registration and transfer fees for properties not exceeding Baht 7 million in value.
Thailand offers Incentives to attract world-class events; expands PCB manufacturing incentives
Thailand’s Board of Investment (BOI) has approved incentives to encourage investment in organizing world-class events in Thailand, such as large international concerts, sporting activities, and festivals.
Revenue Department commences public consultation on Pillar Two – GloBE Rules
Thailand’s Revenue Department has published the principles of a draft law to support a global minimum tax based on the Pillar Two Global Anti-Base Erosion (GloBE) Model Rules and invited stakeholders to provide their input by 15 March 2024.
Corporate Tax Incentives for E-Bus and E-Truck Purchases
Thailand’s National Electric Vehicle Policy Committee has approved, in principle, to grant tax incentives for the purchase of electric buses and electric trucks
VAT relief extended for cryptocurrencies and utility tokens
On 6 February 2024 the Cabinet resolved to approve in principle a draft law to extend a VAT exemption for the sale of cryptocurrency and utility tokens through licensed digital exchanges
Reduction of property transfer fees and mortgage fees to promote home ownership extended for another year
Two ministerial regulations have come into effect to extend lower registration and transfer fees for the transfer and mortgage of real estate for another year, for both new and second-hand residential properties with a value not exceeding 3 million baht.
Attention Shoppers: Easy E-Receipt personal tax deduction campaign for 2024 new year
To help stimulate the economy, a personal income tax deduction of up to THB 50,000 may be claimed for the purchase of qualifying goods and services from 1 January 2024
Employers must submit payroll tax returns via electronic channels only starting January 2024
Thailand advances towards 100% Digital Tax Ecosystem by 2028 via Revenue Dept. Notification No. 438, mandating e-filing for personal income tax by employers.
