Author: phisits

DLO’S Tax Newsletter Issue 71 November 2016   Thais are in tears all over the Kingdom Wishing the late King rest in Heavenly Peace In praise of his great vision and wisdom, H.M. King Bhumibol Adulyadej In remembrance of his majesty, The People’s King, forever and ever.   Budhima Kerdsiri –  Author Montree Atchariyasakulchai – Translator Inside this Issue Tax Laws Update 1. Remuneration on concept car manufacturing service not included in VAT calculation; and 2. Extension of 7% rate of Value Added Tax for a further One Year Period Tax News 1. The Cabinet Approved the Ministry of Finance to Amend the Purchasing of Immovable Property Tax Law; 2. Ministry of Finance had a plan to increasing tax from land owner, after land market price has increased due to infrastructure investment; and 3. MOF confident that Land and Building […]

DLO’S Tax Newsletter Issue 70 October 2016   Inside this Issue Tax Laws Update 1.         Income Tax Exemptions for Debt Released by a debtor of Financial Institution; 2.         The Criteria and Conditions of Income Tax Exemptions for Buying Long Term Equity Fund (LTF); 3.         Extension for writing off Bad Debts on Accounts Receivable of Financial Institution; and 4.         Rules, Procedures and Conditions for the Exemption on Income Tax of Venture Capital’s Investor; Tax News 1.         UpdateLand and Building Tax; 2.         Revenue Department Persuades Business Operators to be subject to Corporate Income Tax System; 3.         Bangkok Metropolitan Administration taxes on rented condominium because of its lower-than expected collected revenue; and 4.         Tax Reduction to Promote the Investment in Southern Border Interesting Dika (Supreme Court) Judgment Dika (Supreme Court) Judgment No. 314/2559, in re: N. Company Plaintiff The […]

DLO’S Tax Newsletter Issue 69 September 2016   Inside this Issue Tax Laws Update 1. The Stock Exchange of Thailand becomes a juristic person under the Revenue Code; 2. Personal Income Tax Exemption for Expenses relating to Services or Accommodation spent on travel in Thailand; 3. Exemption on income tax regarding National Savings Fund; 4. Exemption for donations made to the Education Technology Fund; 5. The regulations regarding the deduction of depreciation for car rental business and concept car business; 6. Rules and Regulations of the Donation to Educational Institutions; and 7. Exemption and support on tax practice under the Revenue Code (No.6) Tax News 1. On 9 August 2016, the Thai cabinet agreed to several measures for promoting an individual into businesses in the form of a juristic person; and 2. Revenue Department agreed the allowance for buying health […]

DLO’S Tax Newsletter Issue 68 August 2016   Tax Laws Update Tax Exemption on Personal Income Tax and Stamp Duty for Income Derived from Selling Immovable Property to a Foreign Government or International Organization Royal Decree (No. 614) B.E.2559 exempts personal income tax (PIT) and stamp duty on income derived from selling immovable property to a foreign government or an international organization, where such immovable property has already been handed over and paid for before the date that this Royal Decree has become effective, but has not yet had the transfer registered because the transfer was suspended by the official, thereby resulting in such registration and juristic act occurring after the date that this Royal Decree became  enforceable. This Royal Decree has been effective since July 2, 2016. For more details, please see: http://goo.gl/GWwiFs  Exemption on Income Tax for Donations […]

DLO’S Tax Newsletter Issue 67 July 2016   Tax Law Update Value Added Tax Exemption for Importers Importing Concept Cars or Concept Motorbikes Royal Decree (No.613) B.E.2559 provides an exemption for value added tax (VAT) for importers, who are researchers, developers or vehicle testers approved by the Director – General of the Excise Department, which import concept cars or concept motorbikes for the purpose of researching, developing or testing vehicles provided that they are granted an excise tax exemption under the Excise Law. This Royal Decree has been effective since January 1, 2016. For more details, please see http://goo.gl/sGxoZz The Criteria for Exemption Income for Expenses in Songkran Festival In accordance with Ministerial Regulation No. 315 (B.E.2559) which provides an income tax exemption, in cases where a person spends money on food and beverages, and pays such money to a […]

DLO’S Tax Newsletter Issue 66 June 2016   Tax Law Update Tax Exemption for Specific Business Tax and Duty for National Saving Funds (NSF) Royal Decree (No. 605) and (No. 606) B.E. 2559 has stipulated that Specific Business Tax and Duty will be exempted for the business of NSF. This exemption has been effective since May 12th 2011. For more details, please see: http://goo.gl/9kygt0 and http://goo.gl/Whabhc Tax Benefit for SMEs for hiring students to work in an accounting field Royal Decree (No. 607) B.E. 2559 has stipulated that companies or juristic partnerships registered under Thai law that have fixed assets (excluding land ) of less than 200 million Baht that have less than 200 employees, can deduct double their expenses for monies that are paid for hiring students to work in an accounting field. The students must be studying in […]

DLO’S Tax Newsletter Issue 65 May 2016   Tax Law Update Corporate Income Tax Exemption for Target Industry Business in SMEs Royal Decree (No.602) B.E. 2559 has stipulated that corporate income tax for a juristic person that has income from the sale of goods and services from a Target Industry shall be exempt from such tax for five accounting periods subject to the following conditions: The legal entity must be registered as a juristic person from October 1st 2015 through until December 31st 2016; The juristic person must have paid-up capital not exceeding 5,000,000 Baht and have income from the sale of goods and services not exceeding 30,000,000 Baht in an accounting period; The juristic person must have income from a Target Industry which is not less than 80% of the total income in an accounting period; SMEs that perform […]

DLO’S Tax Newsletter Issue 64 April 2016   Tax Law Update Extending for Filing Tax Return for Juristic Person Registered with Revenue Department The Royal Act of Exemption and Supporting for tax operation under the Revenue Code B.E. 2558 which is to exempt from some processes of tax examination to juristic person registered with Revenue Department according to the Act. In order to help juristic persons with respect to  accounting adjustments (in the accounting period of B.E. 2558), the Minister of Finance has agreed to extend the period of filing a tax return until June 30, 2016 according to the  following conditions: Value Added Tax Return (Por. Phor. 30) (Por. Phor. 36) (Only for additional filing) Witholding Tax Return (Phor. Ngor. Dor. 1, Phor. Ngor. Dor. 2, Phor. Ngor. Dor. 3, Phor. Ngor. Dor. 53 and Phor. Ngor. Dor. 54) […]

DLO’S Tax Newsletter Issue 63 February-March 2016   Tax Law Update Personal Income Tax Rates The National Legislative Assembly has issued Royal Decree (No. 600) B.E. 2559 to hold Personal income tax rates at the following rates for income received in B.E. 2559 (2016): Net Income (Baht) Rate Not exceeding 300,000 5 % 300,001    –    500,000 10 % 500,001    –    750,000 15 % 750,001    –   1,000,000 20 % 1,000,001 –   2,000,000 25 % 2,000,001 –   4,000,000 30 % 4,000,001 and more 35 %   However, taxpayers should be aware that they will still be entitled to receive an exemption of the first 150,000 Baht in calculating personal income tax due to Royal Decree (No.470) B.E.2551, only in the case of calculating personal income tax under section 48(1) of the Revenue Code. For more details: http://goo.gl/bp0iEr, https://www.dlo.co.th/node/891 and https://www.dlo.co.th/node/894 Tax Benefits […]