Author: phisits

DLO’S Tax Newsletter   Issue 62 – January 2016   Tax Law Update Exemption on Examination for SMEs Registered on a Single Account  The National Assembly has issued a Royal Act (the “Act”) that allows companies or partnerships – whose gross incomewas not in excess of 500 million Baht in the past accounting period (calculated over a 12 month period which must have ended prior to or on December 31, 2015) – an exemption from an examination, investigation, assessment or order to pay tax and criminal liability under the Revenue Code.  This exemption applies to companies or partnerships whose gross income arises from an accounting period which has a start date before January 1, 2016 or where the value of the tax base, the revenues or the instrumentoccurred before January 1, 2016. However, this exemption will not apply to companies […]

DLO’S Tax Newsletter   Issue 61 – December 2015   We wish you good health and fortune All ventures thorough and complete All things arise victorious We wish you safe and free from harm Budhima  Kerdsiri –  Author Sam – Translator   Tax Law Update To Specify Income Excluded from Tax Calculations The Ministry of Finance has issued Ministerial Regulation (No.309) B.E. 2558 to stipulate that the share of profits derived from a non–registered ordinary partnership or a non–juristic body of persons, will be exempt for the purposes of income tax calculations: Rent from a co-owned property, where the property was inhertied or gifted. Interest on personal deposits which have been withheld; specifically, where a claim was not filed for the receipt of withholding tax or a tax credit that has been withheld. This Ministerial Regulation will apply for assessable income from […]

DLO’S Tax Newsletter   Issue 60 – November 2015 Tax Law Update To Specify Some Type of Income not to be Included in Tax Calculation The Minister of Finance has issued Ministerial Regulation No. 308 (B.E. 2558) which specifies that the following assessable types of income are not to be included in calculating taxable income: . 1. Benefits that officials receive from their pensions due to them requesting to return to apply their right according to the pension law. 2. Extra monies that the pensioner gains from the Comptroller General’s Department due to them requesting to return to apply for the right according to the pension law. This Ministerial Regulation will apply for assessable income from 2015. For more details, please visit: http://goo.gl/mqZqnX The Explanation of Criteria for filing Por. Ngor. Dor. 2 and Por. Ngor. Dor. 2 Khor. The […]

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 […]