Personal Income Tax rates reduced effective 2013

On 18 December 2012, the Thai cabinet approved reductions of the personal income tax rates, to take effect in the beginning of the fiscal year 2013.

The previously five income tax brackets are being expanded into now eight brackets by adding tax rates of 5%, 15%, and 25%. The top marginal tax rate decreases slightly, from previously 37% to now 35%. This applies for net taxable income of THB 4 million or more. The tax exemption for low salaries of less than THB 150,000 remains as it is.

This is the first major change of PIT rates since approximately 20 years. According to the Bangkok Post, details of the new tax rates are as follows:

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How to will your Thai Property

For many people, estate planning and the preparation of the last will and testament is a dreaded thought and something that is rather avoided. However, it is certainly advisable to settle such affairs, and this holds true in particular if you have property in Thailand.
Phuket News - The Importance of Preparing a Thai Will_Page_1

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Myanmar introduces 50-year land leases

On 2nd November 2012, Myanmar’s president Thein Sein signed into law the long-awaited new Foreign Investment Law which now includes a possibility for foreigners to hold 50-year land leases with two extensions of 10 years also being possible. Under the old regime, the maximum lease term for foreigners was limited to 30 years with two 15 years extensions.

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