According to a report by the Nation, property, stocks, automobiles and cash are the four assets that will become subject to inheritance tax effective on February 1. Please find more information about this news at the Nation under the following link: http://www.nationmultimedia.com/business/Inheritance-tax-to-affect-four-assets-on-February-30276825.html
According to BOI announcement no. 10/2558, the Thai Board of Investment (“BOI”) has launched a new program called “Moving Ahead with Cluster Development” on 23 Nov. 2015. Its purpose is to strengthen the value chain and consequently creating future industries, enhance investment competencies to attract value-added investment from existing and new investment, and to decentralize…
1. General Characteristics An association may be created for any lawful activity that, according to its nature, is to be done continuously and collectively by persons other than of distributing profits to its members. It may engage in activities beneficial to the public, however, by definition associations are organizations of members who act together to…
A new regulation of the Department of Business Development (DBD) “The notification of Department of Business Development Re: Rules and Procedures for financial statement submission, B.E. 2558 (2015)” requires all businesses to submit their financial statements via the internet (E-Filing) instead of paper going forward. Paper submission will, very soon, not be accepted anymore. All…
Regarding the work permit extension, the officer has discretion to extend the work permit for a time period not exceeding two years, depending on the company’s compliance with Section 21 of Foreign Workers Act. The officer will consider the financial statements of the employer related to the preceding year as well as VAT payments of…
An update on requirements and related regulations for installation of solar panels on private homes. Article in Bangkok Post, 26 October 2015. If your browser is unable to view this document online, please click HERE to download
According to media reports, Mr. Apisak Tantivorawong, the Finance Minister, plans to establish a fund to offer additional investment incentives as Board of Investment privileges to six industries such as biofuel, logistics and robotics. These incentives are considered essential to driving the country towards an S-shaped growth curve. “This fund will provide low-interest credit or…
The cabinet has on October 13, 2015, approved significant tax incentives related to the property sector. The property transfer fees were reduced from 2% to 0.01% and the mortgage fee from 1% to 0.01%. The purpose is to support low-income earners who would like to buy homes priced below 3 million baht. The reductions will…
Foreigners in Thailand have the possibility to register a usufruct related to a land plot or other real property. 1. Characteristics A usufruct provides limited property rights and is a legal right to the use and enjoyment of immovable property, including commercial benefits of property belonging to another person, according to the CCC section 1417….
The US-Thai Amity Treaty of 1966 gives special rights and benefits to American citizens who wish to establish a business in Thailand. The treaty aims to provide significant advantages for US investors to run businesses in Thailand for both corporations and individuals. The FBL, which is usually difficult to obtain, will be granted swiftly for…
From November 13th 2015 onwards the new tourist visa will be available. The new regulation allows tourists a six months visa. Tourists are granted multiple entries during this six months period, for up to 60 days per stay. Currently travelers can obtain only three re-entry permits with a tourist visa. But this new visa type…
Following the examples of many countries in the world, Thai legislators have now passed a new law introducing inheritance tax in Thailand. The new Inheritance Tax Act B.E. 2558 (2015) (“ITA”) was published in the Royal Gazette on 5th of August 2015 and will take effect on 1st of February 2016. Please see the following…
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