This article summarizes the rules which apply in case of a company stopping its operation temporarily: 1. Notification Requirements According to Section 85/12 of Revenue Code, if the company wishes to stop its operation for longer than 30 days, the company must submit a notification to that effect to the Revenue Department where…
If a foreign employee is married to a Thai citizen, the foreigner may apply for a non-immigrant-O-visa (dependent visa) in Thailand. For the one-year extension of such visa, issued by the Immigration Office, in particular the following will be required: Marriage certificate; Evidence of income of not less than 400K/year, e.g. bank statement; ID…
A foundation consists of assets appropriated for charitable, religious, artistic, scientific, literary, educational or other purposes for the benefit of the public and not for profit generation. The specially allocated assets of the foundation must be managed to (or “intending to”) implementing the objectives of the foundation. They shall strictly not be used for…
According to a Finance Ministry regulation of 1st January 2016, small and medium-sized businesses who agree to follow the “one book accounting” practice will not be investigated for back taxes and enjoy tax breaks for two years. There are 2 types of businesses that may get the benefits of no tax audit of the…
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…
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…
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…
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…
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