Author: parinyawatk

DLO’S Tax Newsletter   Issue 59 – October 2015 Tax New Update Tax Benefit in Case of Donated Money or Property The Cabinet of Thailand has issued Royal Decrees (Numbers 593 & 594) B.E. 2558 to provide tax benefits to donor of money or property to the Promotion and Development Education Fund for Disabled Person, and the Thailand Unity Anti-Trafficking Project. The benefits given are as follows: In the case of individuals, they receive an exemption on personal income tax after the deduction of expenditure and allowance for the amount they  donate provided that the amount does not exceed 10 percent when it is combined with donated money under Section 47 (7) of Revenue Code such as donations to hospitals. In the case of a juristic person, they receive an exemption on corporate income tax for the amount they donate […]

DLO’S Tax Newsletter   Issue 58 – September 2015 Tax Law Update – Tax News Increase of Deduction Expenses on Researching from Double to Triple The Deputy Spokesman of the Prime Minister’s Office has issued a statement that the Cabinet of Thailand has agreed to the draft measure for the exemption on juristic company or partnership income tax for expenses relating to  research and development of technology and innovation for government agencies or individuals, such tax deductions shall be triple that of actual expenditure. However, such exemption  must not  exceed the revenue or circulation to be included in the calculation of net profit prior to the deduction of any expenses in the accounting period according to the criteria which will be further determined. Research and development projects must be examined and certified by agencies prescribed by the Ministry of Finance. […]

DLO’S Tax Newsletter   Issue 57 – August 2015 Tax Law Update Inheritance Tax Law The National Legislative Assembly (NLA) has issued the Inheritance Tax Act 2015 that stipulates key criteria for individuals who must pay inheritance tax. An inheritance tax income exceeding 100 million Baht is subject to 10% inheritance tax payment, with exception to an heir who is a parent, child or descendent where the rate required is 5%. Additionally, a key amendment was made in the Revenue Code in consistent with the Act mentioned above. By which: inheritance income received from the transfer of ownership or possessory right of real estate where it is free of charge; inheritance received as a support fund or for the purpose of foster care; or from gifts of value made during an individual’s lifetime, that are made on the basis of […]

DLO’S Tax Newsletter   Issue 56 – July 2015 Tax Law Update Giving the Right of Tax Reduction in Special Economic Zone Royal Decree (No. 584) B.E. 2558 has been issued, it provided a privilege on tax for an ordinary person or a juristic person who earns income from the sale of goods, providing services including the sale of property in Special Economic Zone occurred only from 2015 to 2017. The Director – General of the Revenue Department has issued the Notification of the Director of Revenue Department regarding to Income Tax (No. 254) which prescribes the guidelines and conditions on whether such persons as mentioned above are entitled to such privileges. To do so they need  to inform and submit the required documents in the prescribed form within 60 days from the first day of the tax year or […]