In recent months, and amid the COVID-19 pandemic, Thailand’s Board of Investment engineered various incentives to attract investment in the Eastern Economic Corridor (EEC), an economic zone straddling three provinces in the Eastern Seaboard of Thailand: Chacheongsao east of Bangkok, and Chonburi and Rayong further east of the capital. More recently, Thailand’s BOI has approved […]
The Global Cosmetics Market was valued at USD 307.69 billion in 2020. With the Asia Pacific region estimated to be one of the largest and fastest growing regions for the cosmetics market, Thailand is ideally situated for future growth and expansion through the length of the supply chain, including: ✓ Engaging in cosmetic manufacturing; ✓ […]
In recent decades Thailand has established and developed key medical industries and is popularly known as a medical tourist destination. Recently, the National Innovation Agency (NIA) has initiated the Yothi Medical Innovation District (YMID). This marks Thailand’s position as a key medical hub in the second decade of the 21st century. Located in downtown Bangkok […]
Recent BOI announcements encourage existing businesses, either BOI or non-BOI promoted, to upgrade their machinery, specifically in relation to energy conservation, alternative energy utilization, environmental impact reduction, research and development, engineering design, upgrading of production lines to acquire international sustainability standard certification, adoption of digital technology, and upgrading to industry 4.0 for efficiency enhancement. Who […]
After several public hearing sessions and comments from different stakeholders, the Thai Revenue Department (RD) has finally launched the first official guidelines governing the personal income tax on cryptocurrency and digital trade, which applies to the year 2021. The guidelines present exhaustive technical models for the calculation of the assessable income derived from cryptocurrencies and […]
The Thai Revenue Department (RD) has recently published concrete guidelines on how to calculate and tax profit incurred from cryptocurrency trades. This has come after considerable criticism over the personal income tax for cryptocurrency trades, announced in January 2022. The guidelines provide that taxes can be calculated in two key ways: ✓ First-In, First-Out (FIFO) […]