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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.
Follow the approval of the Thai Cabinet regarding the extended reduction of the Value Added Tax rate from 10% to 7% until 30 September 2024.
In a significant development on 15 September 2023, the Thai Revenue Department (“TRD”) issued the Departmental Instruction no. Paw 161/2566 (2023) re: the income tax payment under Section 41 paragraph 2 of the Thai Revenue Code (“TRC”). This freshly unveiled guidance is poised to exert a profound influence on the taxation framework governing foreign-sourced income that is repatriated to Thailand by any Thai tax residents with implications set to take effect from 1 January 2024 onward.
Transfer Pricing
Thailand is one of over 135 countries that have endorsed international tax measures to be introduced by the OECD/G20, referred to as Base Erosion and Profit Shifting (BEPS) 2.0. The original BEPS Project identified 15 Action Items, including harmful tax practices and tax treaty abuse, which the Thai Government has addressed, the latter through implementing the multilateral Instrument. The latest package of BEPS rules is the two pillars in BEPS 2.0. and it is aimed at addressing the tax challenges of the digitalization of economies.
The Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) is a mechanism for mutually sharing financial information between participating countries' tax authorities. It promotes transparency and accountability among multinational enterprises (MNEs) and helps tax authorities identify and address tax evasion, base erosion, and profit shifting.
New Amendment to the Thai’s Labour Protection Act – WFH Arrangements Labour Protection Act (No. 8) B.E. 2566 (“LPA”) was published in the Government Gazette on 19 March 2023 and will be in force after 30 days therefrom. This new amendment outlines the arrangement for the employee and employer to work from home or other places outside the place of business or office of the employer. A newly added Section, 23/1 of the LPA, provides the framework of a work-from-home arrangement.
The amendment is intended to adapt to current technology, reduce unnecessary procedures, increase business flexibility, and enhance the country’s competitiveness.
Tax audit is the process of verification and inspection of the tax return(s) and taxpayers' books to ensure that their tax computation complies with tax law.
The Country-by-Country reporting notification must generally be filed as soon as possible and no later than 12 months after the last day of the accounting year.
As businesses look ahead to economic recovery in Thailand, some sectors have valuable lessons to learn regarding resilience and overall business strategy.
A share premium is a credited difference in price between the par value, or face value of shares, and the total value a company received for issued shares. You usually record the share premium as capital in the company’s balance sheet. Thus, you do not register the share premium in the company’s revenue and show it in the profit and loss account.