Tax
From The Report: Thailand 2014
View in Online Reader

Featuring a tax viewpoint from Andrew Jackomos and Paul Ashburn, Senior Partners at BDO Advisory, this chapter explains Thailand’s tax framework and how investors can prepare for the transition into the tax regime under the ASEAN Economic Community.

Articles from this Chapter

Overview

Laying the groundwork: A wide range of incentives exists for qualifying investment projects
OBG
plus

There are eight major taxes imposed in Thailand: Corporate income tax: incorporated entities are generally subject to tax on their worldwide income while foreign incorporated companies are subject to tax on income derived from business in Thailand or on certain categories of income paid from Thailand; Petroleum income tax: taxes on petroleum and natural gas operations; Personal income tax: individuals are taxed on Thai-sourced income. Tax residents are also subject to tax on foreign-sourced…

Analysis

Outlining the incentives: A detailed review of taxes, exemptions and deductions
OBG
plus

The main body of tax law in Thailand is the Revenue Code. Taxes under the Revenue Code are primarily collected under a self-assessment system, 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 revenue department for a ruling to clarify the department’s viewpoint in advance of a tax audit. In recent years, the revenue…

Viewpoint

Andrew Jackomos and Paul Ashburn, Senior Partners, BDO Advisory, on preparing the tax regime for the ASEAN Economic Community (AEC)
OBG
plus

With the AEC soon to become a reality, the number of businesses in ASEAN engaged in cross-border trade and investment is expected to increase significantly. One of the core elements to realising the AEC is allowing for virtually no restrictions on ASEAN service suppliers providing services and establishing companies across national borders within the region, subject to domestic regulations. At the same time, the AEC blueprint does not contain any action points to harmonise national tax policies.…