This chapter navigates Thailand’s tax regime, offering a guide to navigating tax laws relevant to businesses. It also explains key corporate duties and regulations as well as tax holidays and incentives on offer for investment. This chapter contains an interview with Andrew Jackomos and Paul Ashburn, Co-Managing Partners, BDO in Thailand.…
The eight major taxes imposed in Thailand are: Corporate income tax: Thai incorporated entities are generally subject to tax on their worldwide income. Foreign incorporated companies are subject to tax on income derived from carrying on business in Thailand or on certain categories of income paid from Thailand. The standard corporate tax rate is 20%. Petroleum income tax: Petroleum, including…
Interview:Andrew Jackomos and Paul Ashburn How does Thailand’s corporate tax policy compare to other ASEAN countries? ANDREW JACKOMOS: The blueprint for the ASEAN Economic Community does not contain action points to harmonise tax policies. Therefore, member nations may use tax policies to compete for investment and trade within the bloc. A good example of this is the downward trend in corporate…
The main body of tax law in Thailand is the Revenue Code. Taxes listed under the Revenue Code are primarily collected under a self-assessment system of taxation, whereby taxpayers take responsibility for correctly filing their tax returns and paying taxes. The Revenue Department administers the Revenue Code and enforces compliance with the law through regular tax audits. Taxpayers are permitted…
Thailand’s medium- and long-term economic outlook remains bright it makes progress with development plans aimed at bolstering the business environment, diversifying the industrial base and attracting higher levels of foreign investment. One of these blueprints is the Eastern Economic Corridor (EEC) Act, which was laid out in February 2018 and established a set of attractive investor incentives f
This chapter examines Thailand’s tax laws relevant to businesses. It explains key corporate tax rates and regulations, tax holidays and incentives, and other important areas. It also contains a viewpoint from Andrew Jackomos and Paul Ashburn, Co-Managing Partners, BDO.…
Viewpoint:Andrew Jackomos and Paul Ashburn The decision of the Full Federal Court of Australia in Chevron Australia Holdings Pty Ltd (CAHPL) v Commissioner of Taxation [2017] FCAFC 62, handed down on April 21, 2017, has drawn considerable interest and may influence the OECD in its development of the Base Erosion and Profit Shifting (BEPS) guidance for the application of the arm’s length principle…
The main body of tax law in Thailand is the Revenue Code. Taxes listed under the Revenue Code are primarily collected via a self-assessment system of taxation, whereby taxpayers take responsibility for correctly filing their tax returns and paying taxes. The Revenue Department administers the Revenue Code and enforces compliance with the law through regular tax audits. Taxpayers can ask the…
Viewpoint:Andrew Jackomos and Paul Ashburn The decision of the Full Federal Court of Australia in Chevron Australia Holdings Pty Ltd (CAHPL) v Commissioner of Taxation [2017] FCAFC 62, handed down on April 21, 2017, has drawn considerable interest and may influence the OECD in its development of the Base Erosion and Profit Shifting (BEPS) guidance for the application of the arm’s length principle…
The major taxes imposed in Thailand are: Corporate income tax: Thai incorporated entities are generally subject to tax on their worldwide income, while foreign incorporated companies are subject to tax on income derived from carrying on business in Thailand or on certain categories of income paid from Thailand. The standard corporate tax rate is 20%. Petroleum income tax: Petroleum, including…
