Following a controversial debate, the Thai Board of Investment (“BOI”) has decided to postpone the implementation of a new BOI policy which was scheduled to be announced in March and to come into effect in June this year.
We are proud to announce that FRANK Legal & Tax Ltd. is now a member of the International Business Association Phuket (IBAP).
Our lawyers have been working with IBAP and attending their monthly events for many years, and we are happy to now be member again with the new outfit FRANK Legal & Tax.
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:
According to reports by “The Nation”, Thai listed property firms will announce investments totaling at least Bt150 billion in each of the next two years, with 216 residential projects expected to be launched during 2013.
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.
Our new branch office is located in Cherngtalay at Palm Plaza (on Bandon Road, in same building as Phuket Land real estate agency). Here is the full address:
FRANK Legal & Tax
Palm Plaza Cherngtalay
55/1 Bandon-Cherngtalay Road ,