News

18
Jan
2018

2018 BOI Policy Announcements

  1. SMEs

To increase competitiveness including the extension of the promotional period for SMEs of the scheme to 30 December 2019, there will be up to 100 business activities and relaxed requirements and conditions. The BOI made the decision to offer more attractive incentives.

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08
Jan
2018

Foreclosure Procedures in Thailand

In the context of foreclosure, a creditor can use various methods to enforce his entitlements. When deciding on one of the foreclosure measures, the specifics of the case should be carefully considered to be most effective.

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24
Dec
2017

Establishment of a Joint Venture

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 formed. Another option for cooperation is the so-called “contractual joint venture”, in which two companies coordinate their business activities.

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05
Dec
2017

Phuket Residential Property Market – Updates

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.

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27
Nov
2017

Thailand House and Land Tax Guidelines

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.

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21
Nov
2017

Shopping Tax Break for Year End 2017

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:

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06
Nov
2017

Corporate Tax Reduction Options for SMEs

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.

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17
Oct
2017

New Online System Launched for Work Permits and Visas

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 supplied with a digital work permit, rather than the physical work permit booklets that are currently the norm. Visa applicants will not be required to queue to collect their visas.

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03
Oct
2017

What Makes for a Good Contract?

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 not exist. Therefore, it is strongly recommended to ask a legal professional for assistance when a contract is needed.

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24
Sep
2017

Court revokes EIA report on luxury Bangkok project

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 allocation and community service and the Office of Environment Policy and Planning.

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