Thailand Legal & Tax Updates

According to an anonymous source, a ‘Centre for Economic Situation Administration’ (“CESA”) meeting chaired by Prime Minister Gen Prayut Chan-o-cha was held on Friday 4 June that approved (in-principle) a set of proposed stimulus measures aimed at encouraging wealthy expatriates to Thailand. The most notable incentives include a 17% corporate income tax rate on local...

Thailand’s Securities and Exchange Commission (“SEC”) Board on 11 June 2021 approved new rules prohibiting the trading on national exchange platforms of utility tokens and certain types of ‘novelty’ cryptocurrencies such as DogeCoin, SafeMoon or MonaCoin. The Securities and Exchange Commission’s Notification No. Kor Thor. 18/2564 Re: Rules, Conditions and Procedures for Undertaking Digital Asset...

On 22 May 2021, SPV77 Co. Ltd., a special purpose entity set up to issue and offer Siri Hub Investment Digital Tokens (“SIRIHUB”) to investors secured approval from the Securities and Exchange Commission (“SEC”) for the country’s first Initial Coin Offering (“ICO”). The first ICO approval by the SEC follows three years of legal changes...

On Tuesday 25 May 2021 at its regular weekly meeting, the Thai Cabinet approved the Department of Land Transport’s draft Ministerial Regulation (“Regulation”) that will open the way for ride-hailing companies to register for an operating license. This will allow drivers to register their personal vehicles (with a maximum capacity of seven people) as taxis to...

On 10 April 2021, the Thai Government announced an Emergency Decree Amending the Civil and Commercial Code 2021 (“CCC”) that was published in the Royal Gazette (the “Emergency Decree”) and became effective the next day on 11 April 2021. The Emergency Decree amends Sections 7 and 224 of the CCC and makes significant changes to...

The opening year of this decade was sadly and tumultuously marked by the many public health challenges, travel restrictions, border closures, fears and economic hardship brought on by the coronavirus pandemic across the globe.  Glimmers of hope re-emerged towards the end of 2020 as unprecedented worldwide efforts to research, experiment, formulate and test vaccine candidates...

The digital transformation experienced over the last number of years has resulted in unprecedented global economic and societal changes. This has resulted in global debates around international tax and the digital economy and whether the existing international tax rules, developed in a “brick-and-mortar” economic environment more than a century ago, remain appropriate for the modern...

The third wave of COVID-19 is now spreading all over Thailand. The rise in confirmed numbers of cases and deaths has been reported by the Centre for the COVID-19 Situation Administration (“CCSA”). In response to the outbreak, the Ministry of Public Health announced a vaccination plan which ultimately aims to reduce the spread of COVID-19...

On Tuesday 19 April, at its weekly cabinet meeting, the Thai Government approved the Finance Ministry’s request for an additional THB 3.04 billion in funding for its Rao Chana (‘We Win’) stimulus program and extended its duration by one more month until 30 June 2021. This program initially allocated with THB 210.20 billion in funding...

1. LAND AND BUILDING TAX On 26th January, the Cabinet approved legislation with measures to reduce the tax on land and buildings, and land registration fees for residential housing as a means of alleviating the ongoing impact of the COVID-19 situation in Thailand. The new measures include: A 90% reduction of the land and building...