On 26 January 2021, the Thai Cabinet approved a Draft Ministerial Regulation (“Draft”) that reduces the rate of mandatory Social Security Fund contributions for employees between 1 February 2021 and 31 March 2021. The Draft will revise the Ministerial Regulation re: Determination of Contribution Rates to the Social Security Fund B.E. 2563 (2020) (“SSF Regulation”), […]
On 19 January 2021, the Thai Revenue Department (RD) issued two notifications (Nos. 61 and 62) (“Notifications”) which extend the grace period for stamp duty payments on electronically executed instruments. Payment of stamp duty is required when instruments are executed electronically for the following types of transactions (“Instruments”): ✓ Hire of work agreements; ✓ Loan […]
On 19 January 2021, the Thai Cabinet approved the Ministry of Finance’s proposed regulation to revise bad debt write-off criteria for companies, juristic partnerships, and financial institutions (“Regulation”). Once enacted, the new Regulation will retroactively take effect from 1 January 2020 onwards. The change accords with TFRS 9, Thailand’s new financial instruments standard, which has […]
On 26 January 2021, the Thai Cabinet approved a series of tax extensions and reductions in order to provide relief for the Thai economy during the ongoing COVID-19 pandemic. Personal income tax extensions for e-filing The period to file personal income tax returns online is extended by three months, moving the e-filing and payment deadline […]
On 7 January 2021, the Thai Department of Business Development (DBD) announced that company affidavits and corporate document certification must be applied for online through the DBD e-Service (www.dbd.go.th). The notification took effect on 11 January 2021. Applicants may receive documents through one of the following means: 1. A downloadable e-Certificate file in PDF form; […]
On 13 January 2021, the Board of Investment (BOI) announced a two-year extension of corporate income tax exemptions granted to activities in Group B for the use of automated systems or robots. Qualifying projects must submit an application for the tax exemption to the BOI by 30 December 2022. Under the BOI, Groups B1 and […]