In this article, we provide a high-level overview of the taxes that could apply to foreign investors in Thailand based on our research. The Thailand Revenue Code is the main body of law that codifies procedures regarding tax assessment and the collection of the various taxes in Thailand. Taxes are mostly collected under a self-assessment…
In times of economic uncertainty and growing loss of confidence in fiat currencies, cryptocurrencies like Bitcoin or Ethereum are among the most discussed alternatives to established currencies. This article intends to provide a brief overview of legal regulations and tax implications of cryptocurrencies in Thailand. General Situation with regards to cryptocurrencies in Thailand: According to…
Dissolution is the process of de-registering a company from the company registry at the Department of Business Development (“DBD”). When considering the life cycle of a business operation, the voluntary dissolution by the shareholders appears to be the usual way to end the company’s operations. There are several circumstances that will lead companies to the…
Liquidation is the process of extracting a company’s assets and using the liquidated assets to pay off any remaining debts. A dissolved company is required to conduct a formal liquidation process according to the Thai Civil and Commercial Code (“CCC”). For a bankrupt company, the liquidation shall be done in accordance with the provisions of…
Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts, while reorganization is a process where a company establishes and implements a plan to organize its debts, capital, fundraising as well as management and exploitation of the company’s property. The proceedings for both of these procedures are…
After an extensive legislative process, the National Legislative Assembly (NLA) has recently passed the new Land and Building Act (the “Act) comprising 94 Sections and introducing a new system on property taxation. With its announcement in the Royal Gazette, the Act will replace the old and outdated Land and House Tax Act B.E. 2475 (1932)….
The Treaty of Amity and Economic Relations Between the Kingdom of Thailand and the United States of America (US-Thai Amity Treaty) is a treaty that was signed on 29 May 1966 in Bangkok. It has expired and due to World Trade Organization (WTO) restrictions was not renewed, however Thai authorities still apply it, nonetheless. The…
Visa amnesty for foreigners in Thailand, which has been extended since April of 2020, was further extended to September 26th, 2020. This extension was described as “final” by the Cabinet and another extension seems highly unlikely. The visa amnesty, which was originally due to expire on July 31st was further extended until September 26th, 2020, allows foreigners to stay in Thailand without having to extend visas…
On June 23rd, 2020, the Thai Cabinet approved a Draft Act which will amend the Civil and Commercial Code, with regards to the establishment of limited companies. The Act aims to make it easier for individuals to set up limited companies and facilitate the establishment of new businesses, SMEs, and start-up enterprises to stimulate the…
All goods that are imported into Thailand must be reported to the Thai Customs Department. The steps required to import products into Thailand legally are outlined below. Step 1 – E-Customs system registration As of January 1st, 2007, the procedures for importing goods into Thailand have been centralized into the online e-Customs system. In order…
All goods exported from Thailand are required to be reported to the Customs Department and are subject to customs controls. The steps for exporting goods from Thailand are as follows: Step 1 – E-Customs system registration Since 2007, Thailand’s export procedures have been centralized into the online E-Customs system. To register for the E-Customs system,…
The Thai Revenue Department has raised its standard of tax auditing by joining the Tax Inspectors Without Borders (“TIWB”) program and requesting experts to share their know-how and exchange auditing experiences with Thai Revenue Officers. The purpose of joining this project is to close tax loopholes regarding multinational e-commerce businesses and newly established businesses, and…
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