Insights

The Revenue Department has announced the popular tax incentives scheme, now known as “Easy E-Receipt 2.0” (formerly “Shop Dee Mee Kuen”), which offers individual taxpayers up to THB 50,000 in personal income tax deductions for 2025. Your deductions for purchasing goods and services must be made between January 16, 2025, and February 28, 2025.

เปลี่ยนการจ้างงานที่เป็นเรื่องยาก มาอัพเดทความรู้ด้านการบริหารและการสรรหาว่าจ้างคนเก่ง พร้อมกฎหมายแรงงานที่ต้องรู้ในการจ้างงานเพื่อเป็นกุญแจสำคัญให้การจ้างงาน ให้เป็นไปอย่างมีประสิทธิภาพ และประสบผลสำเร็จมากขึ้น

New technologies often create new markets that existing regulatory frameworks are not equipped to govern. Sometimes, these emerging markets are so novel that they create uncertainty or gaps in the tax system. The challenge for governments is to devise new tax rules that neither stifle the development of these markets nor create unfair tax loopholes. This is not an easy task.

Thank you to the 140+ attendees from over 70 companies who joined us for the Accounting & Tax Updates 2024 Seminar!

Grant Thornton will be holding the Accounting & Tax Updates 2024 Seminar on the topic “ESG and accountants & Tax audit insights” on Tuesday, 26 November 2024, from 0900 to 1630 hours at Bliston Suwan Park View Hotel, Bangkok.

Last year, the Thai Revenue Department (“TRD”) issued Departmental Instructions No. Paw 161/2023 and Paw 162/2023 concerning foreign-sourced income. According to these instructions, any Thai tax resident with foreign-sourced income will be taxed in Thailand when such income is remitted into the country, regardless of when you remit it.

The legal division of the Thai Revenue Department (“TRD”) recently addressed whether a virtual office can be registered as a place of business for Value Added Tax (“VAT”) purposes.

On 15 March 2024, the Board of Investment (“BOI”) published an Announcement No. Sor 2/2024 by virtue of the Investment Promotion Act 1977, to promote investment in digital businesses in response to changing business operations and technology in the digital industry.

As we reflect on the challenges and opportunities of the past year, it's evident that many Thai entities have faced heightened scrutiny through tax audits, particularly amidst requests for tax refunds or company dissolutions. As we embark on 2024, we're gearing up with renewed determination to tackle this challenge head-on. We're excited to announce our initiative to raise awareness surrounding tax audits in these specific scenarios.

On 7 March 2024, the Cabinet agreed and approved the principle of OECD Pillar Two, also known as Global Minimum Tax, and tasked the Thai Revenue Department (“TRD”) with formulating the corresponding legislation.

After the company has operated until the end of its accounting period, it must submit financial statements and annual corporate income tax returns to the government. In general, the tax base of a business is calculated based on its taxable net profit. Therefore, tax adjustments and various benefits received from the government are at the heart of helping the company review its tax status to ensure that the information shown in the corporate income tax return is correct and consistent with the tax computation.

Due to the rapid growth of online transactions, a new regulation has been issued by the revenue department to receive the revenue data of online merchants in electronic form. This move aims to improve the collection system, ensuring the fair and comprehensive collection of revenue data.

The Revenue Department has introduced the latest tax scheme, the “Easy E-Receipt”, formerly known as “Shop Dee Mee Kuen”. This scheme is designed to offer individuals tax deductions in 2024.

ESG has become a vital component to business, with increasing scrutiny on companies to achieve sustainability-related goals. Join us as we examine how to add value to your ESG agenda through the latest global tax and ESG developments.

In a significant development on 15 September 2023, the Thai Revenue Department (“TRD”) issued the Departmental Instruction No. Paw 161/2023 re: the income tax payment under Section 41 paragraph 2 of the Thai Revenue Code (“TRC”). Under this DI, a Thai tax resident with foreign-sourced income will be taxed in Thailand when such foreign source income is remitted into Thailand irrespective of when such income is remitted into Thailand. This rule applies only to Thai tax residents and will be effective from 1 January 2024 onward. You can find more details from our previous publication: https://www.grantthornton.co.th/insights/tax-alerts/.

We cannot deny that digital disruption has become a recent trend, and the Thai Government also aims to promote the use of digital tools to enhance infrastructures for efficiency. To align with the Government’s policies and visions, the Thai Revenue Department (TRD) has implemented several plans to integrate digital technology into tax documentation, including e-tax invoices.