Tag Archive: regulation

  1. New tax amnesty regulation in Thailand

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    A newly enacted law, The Act for Exemption on Penalties, Surcharges, and Criminal Offenses and Support of Operations Under the Revenue Code BE 2562 (the “Tax Amnesty 2019”) will provide a good opportunity for a small and medium-sized enterprises (SMEs) that are subject to corporate income tax (CIT), provided that they are a company or juristic partnership and they meet the following requirements:

    1. Subject to corporate tax on net profits with taxable income from its business for the last accounting period (latest 12-month) ending on or before 30 September 2018 of not exceeding THB 500 million and
    2. Having submitted a PND 50 form for the last accounting period (latest 12-month) ending on or before 30 September 2018 within 25 March 2019 and
    3. Never having committed a tax invoice forgery or using false tax invoice and Revenue Department has brought a criminal case to the police before the Amnesty becomes enforceable.

     

    For anyone who is interested in applying for the Tax Amnesty program, the application must be registered with the RD (Revenue Department) by:

    1. Submitting the related documents according to the rules, procedures and conditions prescribed by the Director General of RD to the official website of the RD (www.rd.go.th) during the period of 1 April to 30 June 2019 and
    2. filing a Tax returns and paying unpaid Corporate Tax or additional Corporate Tax to the RD by 30 June 2019 for the following periods:
    • CIT: Accounting period of 1 January 2016 to 31 December 2017.
    • VAT/SBT: Accounting period of 1 January 2559 to 28 February 2019
    • Stamp Duty Tax: Any transaction within 1 January 2016 to 25 March 2019 and pay the unpaid tax in full amount within 30 June 2019

    The benefits that are offered in this program are significant:

    Qualified taxpayers will get an exemption from penalties, surcharges for the taxes (CIT, VAT, SBT, and SD) under this Act and shall be exempted from criminal liability under the Revenue Code. After that tax-payers should continue to submit tax returns via e-filing online on the period from 1 July 2019-30 June 2020. Then, the company’s accounts or financial statements shall be deemed accurate.

    The law came into force on 26 March 2019.

    if you have any question regarding the Tax amnesty regulation in Thailand, Please feel fee to contact us at [email protected] or call us at +66 (0)2 117 9131-2 

  2. Amusement Parks: a Guide to Regulation in Thailand

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    With tourism playing a significant role in Thailand and increasing demand to diversify tourist entertainment offerings, amusement parks are booming. When setting up such a park, even if it is part of a mall or a hotel, many different areas of Thai law need to be taken into account. The most important regulations are detailed as follows:

    1. Building Control Law

    Usually, an amusement park can be defined as a “plaything”, according to the Ministry Announcement regarding Plaything Control B.E. 2558 (2015), issued under the Building Control Act B.E. 2522 (1979). The Announcement specifies the meaning of “plaything” as a construction which is used for playing in a theme park or any other place and has one of the following features:

    • Movement of the players with a speed of not less than 5 meters in 1 second
    • Height from the ground to the top of more than 2.50 meters
    • Power of the machinery over 15 horsepower (11 Kilowatts)
    • Containing parts which use water for the plaything and are deeper than 0.80 meters

    Plaything itself is defined as “usage control building” and “construction of plaything”. So even if the plaything is only installed inside a building as a side attraction, this building is deemed as a construction control building which requires the following licenses:

    • Construction License
    • Usage Permit (to be granted permission for a plaything construction)

    Once the plaything is entirely constructed, the applicant shall notify the district office to examine whether the construction was built in line with the license or not, to get the approval to use the plaything.

    An engineer is required to control the construction of the plaything . Furthermore, insurance which covers third party damages is required. The Insurance must comprise at least 200,000 THB for the loss of life and more than 100,000 THB for medical treatment. In total: Over 1 million THB per accident. The Usage Permit is valid for 1 year and is renewable.

    1. BOI Promotion

    An investment promotion by the Board of Investment can be obtained under category 7.22.3 (Amusement Parks). Therefore, a minimum investment (excluding the cost of land and working capital) of more than THB 500 million in the amusement park is needed. The BOI promotion requires new investment, because of that, an existing project is not easily eligible to be promoted.

    1. Public Health Control Law

    According to the Announcement of the Ministry of Public Health Regarding Hazardous Activities to Health B.E. 2558 (2015), clause 3-9(14), theme park activity is deemed as a hazardous activity to health. Because of that, permission under the Public Health Act B.E. 2535 (1992) is required before operation.

    To apply for this permission, a Construction License under the Building Control Act B.E. 2522 (1979) is required. The license under the Public Health Control Law is valid for one year and is renewable.

    If you have any questions related to this topic, please feel free to contact us [email protected]