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