The Thai cabinet approved on October 11 the reduction of the corporate income tax rate following the proposal of the Thai revenue in September 2011. The current 30% corporate income tax rate would be reduced to 23% for accounting period ending on December 31, 2012 or later and to 20% for ...
Qualified expatriates and Thai employees can get a 17% Personal Income Tax rate on their income if they work for companies in ECC (Eastern Economic Corridor). 2. Skilled employees Thailand has a skilled labor force known for its artistic talent. They supply several handmade products like garments...
in November 2023, theEECapproved a new 10-yearEECVisa and work permit for foreign employment, along with a flat income tax rate of 17% for qualified
Thailand’s current corporate income tax (CIT) rate of 20% is lower than the worldwide average corporate income tax rate of 23.85% as measured across 177 jurisdictions by The Tax Foundation in 2020. Also, the current VAT rate of 7% is lower than the average VAT rate in Asia of 12.61% ...
Petroleum income tax is charged on net profit at the rate of 50% after allowing deductions. Value Added Tax in Thailand The Value Added Tax (VAT) is generally imposed to goods and services supplied in or imported into Thailand. VAT includes municipal tax, which is charged at the rate of ...
The IBC regime provides various tax incentives for 15 years, such as: Dividends received by IBC from its subsidiaries are exempted from Thai tax; Withholding tax exemption under certain criteria; Flat personal income tax rate exemption. To obtain such exemptions one has to meet the following requi...
However, this cannot be higher than the employee’s standard income. Step 2Additional expenses may constitute 50% of the remaining amount. As shown below, the Thai personal income tax rate may be subject to the following special deductions: How About Severance Pay From Retirement in Thailand ?
Corporate Income Tax In a recent decision, Thailand’s Joint Public-Private Consultative Committee will reform the tax structure for small and medium-sized enterprises (SMEs), which are currently taxed at a CIT rate of 20 percent. Thailand defines an SME as any business with an annual turnover...
If recipients receive income from sources in Thailand, such as investments or rental income, then personal income tax is also applicable at a rate of 5-37%. It is important to understand the tax liability in order to make sure all relevant taxes are paid. ...
Thailand has introduced tax incentives to encourage investment in R&D, semiconductor manufacturing, biomedicine, and digital technologies. The country is a major semiconductor manufacturer in Southeast Asia, and the industry is projected to grow by a compound rate of 6.1% until 2028.7 ...