Category Taxation in Thailand

Thailand to Tax Digital Businesses

June 26, 2018 Taxation in Thailand

digital taxes in thailandBANGKOK – Tax authorities in Thailand are modernizing their systems to try and tax online businesses.

The director-general of the Revenue Department of Thailand, Ekniti Nitithanprapas, has announced that the government is now looking at establishing new regulations which would require foreign online business to report any transactions that they have in Thailand.

Thailand, like many other nations around the world, is growing increasingly concerned with the advent of large digital businesses which make profits from Thai taxpayers, but do not pay any taxes in return.

In an effort to clamp down on these non-paying businesses, Thai authorities have already introduced new legislation which requires payment of VAT by businesses making more than TBH 1.8 million per year.

However, the tax author...

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Thailand Clamping Down on Bitcoin Trading

May 15, 2018 Taxation in Thailand

cryptocurrency in ThailandBANGKOK – Thailand is toughening the rules about the use, exchange, or sale of cryptocurrency, and calling for heavy fines and jail time for unregistered exchange.

As of May 14th new regulations came into effect in Thailand regarding the trading of and profits from cryptocurrencies, such as Bitcoin, which will see higher levels of oversight and taxation.

Cryptocurrency transactions will soon bear the burden of a heavy taxation, with a 22 percent duty on profits to be enacted soon, on top of the already announced 15 percent tax on capital gains.

Along with the new taxes, the sellers of digital currencies have also been told that they will be required to register with the national Securities Exchange Commission (SEC) within the next 90 days.

Those who do not follow the requirement to regi...

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Thai Authorities Chase Luxury Car Scheme

May 20, 2017 Taxation in Thailand

Luxury Car ThailandBANGKOK – Thai authorities have are launching investigations into thousands of under-taxed luxury cars.

The tax authorities of Thailand have revealed that they are launching a new investigation into the purchases and import of approximately 10 000 high-end luxury cars, following a preliminary investigation which demonstrated that local automobile dealers are evading their tax obligations when importing cars.

Currently, any car imported into Thailand with a price exceeding THB 8 million are taxed as luxury items, with the rate set in accordance with the price.

Often the tax can be several times the value of the car itself.

In an effort to circumvent the tax, or to at least lower the amount paid, importers have underdeclared the value of the cars by as much as 40 percent.

Following the dis...

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Thailand Lowering Taxes

January 5, 2016 Taxation in Thailand

Thai Money Money MoneyBANGKOK – The government of Thailand is hoping to boost tax collections by lowering taxes and looking the other way over businesses’ past tax in-compliance.

On January 4th the Finance Ministry of Thailand announced that in 2017 individual taxpayers may see a cut in the rate of their income taxes, and business may see an easing of their tax obligations from the start of the current year.

Currently, the marginal rate of income tax faced by individuals lies between 5 percent and 35 percent.

However, in 2017 the rate could be reduced, with the top rate falling closer to the corporate tax rate of 28 percent, while the lower tax rates could be reduced further to provide relief to low income families.

The Ministry believes that the reduction of the tax rate may not lead to a reduction in tax...

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Thailand to Give Tax Breaks for Children

June 22, 2015 Taxation in Thailand

BANGKOK – Taxpayers in Thailand may soon see a reduction in personal taxes, and a extra tax benefits for each child they have.

In an effort to address the issue of a rapidly ageing population the government of Thailand will implement new tax breaks to encourage taxpayers to have children, according to director-general of the Revenue Department Prasong Poonthanes.

Currently taxpayers are entitled to an allowance of THB 15 000 per child under the age of 18, or per child under the age of 25 while they are enrolled in an education institution.

The allowance is currently granted for up to three children, however, according to the director-general said that the limit could be raised to an unlimited number of children.

Further, the Revenue Department is looking raise the personal tax allowances ...

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