A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. If two previously independent companies form a new company, or if they decide that one partner will invest in the other, then a so-called “equity joint venture” is…
Looking at the period January to June 2017, Ninety percent of Phuket resort property purchases were in the range of THB 5-35 M per unit for villas and THB 8 M or under for condominiums. Investors are looking for rental yields of between 5-7% over the course of two to five years. Expatriates from across…
Many foreign property owners are not aware of the so-called House and Land Tax (“HLT”). Properties that are subject to HLT include: • Industrial or commercial buildings • Houses or structures that are similar to houses • The land on which industrial or commercial buildings or houses or structures similar to houses are situated. The…
From 11 November 2017 – 3 December 2017, Thai taxpayers (including foreign national taxpayers in Thailand) can deduct expenses on goods or services up to 15,000 THB (Fifteen Thousand Baht). The conditions below detail the rules: The expenses must be paid during 11 November 2017 – 3 December 2017. Taxpayers must have full receipts (tax…
On 31st October 2017 Royal Decree (No. 647) was released offering Thailand registered SMEs the opportunity for 200% corporate tax reduction for costs related to the purchasing or hiring of computer programs for the tax years 2017-2019. Under this tax measure any valid Thai *SME company can deduct expenses two times for the following items:…
Thailand’s Board of Investment has collaborated with the Immigration Bureau and the Department of Employment to set up a new process to allow BOI-registered companies to process work permit, visa and renewal applications digitally. Though applicants will still need to visit the specially set up centres to collect their documentation, however, service users will be…
A large number of contracts are negotiated and concluded in everyday business without the involvement of lawyers. Standard contracts are used, and collections of samples are freely available. Such model contracts can be helpful depending on the qualifications of their authors, however, caution is required because the standard contract, which fits every business deal, does…
The Central Administrative Court has ruled against an environmental impact assessment (EIA) report of a high-end condominium development in the Bangkok Lumpini area, because it did not comply with the building control law and related regulations. The lawsuit was comprised of a group of 23 people and four agencies including the committee on building, land…
In order to prepare itself for the new digital economy and maintain the rapid level of startups growth, particularly in Fintech, Food Tech and e-commerce, the Thai government has developed a large scale program. This aims to produce a digital economy framework around four areas of development: digital commerce, digital entrepreneur, digital innovation, and digital…
This initiative is based on an MOU to establish the Strategic Talent Center (“STC”) as a platform that engages with the private sector. STC is the mechanism that assesses foreign experts in digital technology and sciences who wish to live and work in Thailand. The applicant must be employed by a Thai employer such as…
The 10-year visa for foreign retirees is now available. This comes after last year’s cabinet resolution, which agreed to permit this type of visa. The official announcement of the Ministry of Interior dated 26 May 2017 came into full force on 26 July 2017. Applications for 10-year visas are already being accepted. Foreigners can apply at…
Before Thailand jumped into the 4.0 era, there was Thailand 1.0 which was based on the agriculture sector, Thailand 2.0 focused on light industry and then came the heavy industry of Thailand 3.0 which caught the nation in a medium income trap, with growing income inequality and imbalanced development. Now, the government is planning a…
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