Tax
From The Report: Thailand 2018
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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.

Articles from this Chapter

Overview

Closer look: A summary of the current tax legislation for businesses
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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 to ask the Revenue Department for a ruling to clarify the department’s viewpoint in advance…

Analysis

Paying dues: A guide to the country’s major taxes and fees
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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 natural gas, operations are subject to petroleum income tax. Personal income tax: Individuals…

Interview

Rethinking policy: Andrew Jackomos and Paul Ashburn, Co-Managing Partners, BDO in Thailand, on tax competitiveness in the ASEAN region
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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 tax rates over recent years as countries seek to improve their competitiveness. Thailand slashed…