Category: Thailand Tax
Revenue Department Currently Drafting New Foreign Income Tax Law
In September 2024, the Thai Revenue Department announced that it was drafting a new tax law targeting foreign income. This bill, once implemented, will amend the current Thai tax law to align Thailand’s tax system with the concept of “worldwide income” and bring Thailand’s taxation of multinational corporations in line with international standards. The result […]
Draft Legislation in Thailand for Multinational Enterprises
The Revenue Department has submitted a draft legislation to the Office of Secretariat of the Cabinet that will require all multinational enterprises (MNEs) to pay a set percentage of taxes, if it is passed into law. The purpose of this bill is to prevent a specific kind of tax evasion called “profit shifting,” which involves […]
New Tourist Tax? Thailand Government Plans Overtourism Solutions
Due to the overwhelming number of tourists returning to Thailand after the pandemic, tourist operators have urged the government to take action against overtourism. One of the primary measures being planned is a new tourist tax on all those entering the country in hopes that it will help combat overtourism by funding government initiatives to […]
VAT Imposed on Imported Goods in Thailand in 2024
From May 2024 onwards, the Thai government plans to introduce a 7% value-added tax (VAT) on all imported goods valued at one baht or more, regardless of their origin. However, imported goods priced below 1,500 THB per parcel will be exempted from this tax initiative to alleviate the burden on smaller transactions. Protecting local businesses […]
