On 3 January 2017, the Thai Cabinet reportedly approved additional amendments to the draft legislation to formalize the country's transfer pricing regime. The draft legislation has been in development for several years and is close to being finalized and implemented (previous coverage). One of the main amendments to the draft is the addition of a threshold for the obligation to prepare a transfer pricing disclosure report, which is set at THB 30 million in annual related party transactions. Further, the effective date of the new legislation is to be set for tax periods beginning on or after 1 January 2017, which would require that the first transfer pricing disclosure report for affected taxpayers be submitted by the end of May 2018 for the period ending 31 December 2017 (same as tax return deadline).
Thailand's National Assembly (parliament) must still give final approval for the legislation.
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