Empowering the Future: Cabinet Extends Tax Relief Measures for Digital Assets Trading
In a notable development on February 6, 2024, the Cabinet announced its resolution to extend tax relief measures for digital asset trading, providing a lifeline for individuals and juristic entities involved in the realm of cryptocurrencies (“Cryptos”) and utility tokens. The Value Added Tax (VAT) exemption for transfers of Cryptos and utility tokens has been extended from December 2023 to January 1, 2024, onwards.
SEC Enhances Digital Asset Regulations to Promote Growth and Protect Investors
On March 2, 2023, the Securities and Exchange Commission (SEC) of Thailand took a significant step forward by approving amendments to the regulatory framework governing digital assets during its Board Meeting No. 5/2566.
Cabinet Approval of Alcoholic Beverage Tax Reductions and Exemption for Tourism Enhancement: An Examination of Excise and Customs Tax Revisions
On the 2nd of January 2024, the cabinet granted its approval for substantial tax reductions and exemptions on alcoholic beverages, marking a strategic initiative to fortify the tourism sector. These tax amendments, expected to take effect shortly, include alterations to both Excise Tax and Customs Tax frameworks.
Overview of Long-Term Residency (LTR) Visas in Thailand by ILCT & BOI (Latest regulations Dec 2023)
ILCT is delighted to have partnered with a distinguished representative from the Board of Investment in producing an informative and insightful video that explains Thailand’s new Long-Term Residency program.
Personal Income Tax on foreign-sourced income brought into Thailand by Thai tax residents
The Revenue Department has recently announced changes to the taxation of foreign-sourced income brought into Thailand by Thai tax residents. Previously, Thai tax residents who earned income abroad would not be subject to personal income tax if the taxable income was not brought in within the same tax year that it was earned.
Amendment to the “HOTEL” definition and criteria to accommodate operators with small unique accommodations
In a significant legal development, the Minister of Interior, acting on the recommendations of the Hotel Business Promotion and Control Committee, has issued the “Ministerial Regulation on Hotel Business Types and Criteria (No. 2) B.E. 2566 (2023),” hereinafter referred to as the “New Regulation.”
Digital Tax Ecosystem: Thailand’s Steps to Tax Compliance and Preventing Fraud
In pursuit of fully leveraging the Digital Tax Ecosystem by 2028, Thailand’s Revenue Department has rolled out regulations related to digital systems.
Investing in Thailand: A Legal Overview for Japanese Outbound Investors
Thailand maintains its position as a popular destination for foreign investment, with a stable economy, favorable investment climate, and strategic location in Southeast Asia. In 2022,…
Thailand’s Royal Decree Announces Tax Exemptions for Digital Token Corporate Transfers
On March 6, 2023, in a significant move, the Thai Cabinet approved tax measures pertaining to Digital Investment Tokens.
Thailand Approves Corporate Income Tax and Value Added Tax Exemptions on Investment Tokens
The Cabinet recently approved a corporate income tax and VAT exemption on the public offering and trading of investment tokens in both primary and secondary markets.
Thailand’s Work from Home Bill introduces an amendment to the Labor Protection Act B.E. 2541
Thailand’s Work from Home Bill introduces an amendment to the Labor Protection Act B.E. 2541, a critical labor law in the country.
Foreign actors to be exempt from paying Personal Income Tax in Thailand
On June 21, 2022, the Cabinet of the Royal Thai Government has decided to exempt the Personal Income…
Amendment to the Civil and Commercial Code with an aim to introduce a new form of merger and changes in the structure of a private limited company.
On November 8, 2022, the Act Amending the Civil and Commercial Code (“CCC”) …
The Cabinet approved tax measures and fee reductions for the beginning of the new year
Thailand is a popular destination for expats and retirees from around the globe. If you’re a foreigner living in Thailand, or with properties or ties …
Taxation for foreigners under Thai laws
Thailand is a popular destination for expats and retirees from around the globe. If you’re a foreigner living in Thailand, or with properties or ties …
The Immigration Bureau launches “e-Extension” to allow foreigners to extend certain types of visas by electronic means
The “e-Extension – Save time at Immigration” is a service system aimed …
Insights on the Act on Management of State Affairs by Electronic Means (B.E. 2565)
which aims at reforming the way the Public Administration serves the public by procuring…
The Cabinet approved increasing the minimum wage
On September 13, the Cabinet of the Royal Thai Government approved an increase of the minimum wage..
The Personal Data Protection Committee issues notifications regarding enforcement of the PDPA and its penalties
On June 20, 2022, the Personal Data Protection Committee announced the four notifications regarding…
Foreign actors to be exempt from paying Personal Income Tax in Thailand
On June 21, 2022, the Cabinet of the Royal Thai Government has decided to exempt the Personal Income…
Cabinet approves long-term visas to attract high-potential foreigners
In an attempt to attract ‘high-potential’ foreigners to stay in Thailand to stimulate domestic spend…
Tourism Authority of Thailand (TAT) updates the regulations to enter Thailand
Starting from July 1, 2022, the Thailand Pass registration scheme to enter Thailand will be removed….
VAT exemption for trading cryptocurrencies or digital tokens
On March 8, 2022, the Thai Cabinet of the Royal Thai Government has approved in principle two differ…
Evolution of the Thai regulatory regime on hemp and cannabis, for business opportunities
Commercial opportunities open up, as, from June 9, 2022, cultivation of cannabis and hemp plants wil…