Thailand's Cabinet has approved a proposed measure and draft royal decree reducing the corporate tax rate for small and medium-sized companies from 20% to 15% on income between THB 1 million and THB 3 million. The reduced rate already applies for income up to THB 1 million, while income up to THB 300,000 is exempt. Income over THB 3 million is taxed at the standard tax rate of 20%
In order to be eligible for the reduced tax rate and exemption, a company's paid up capital must be THB 5 million or less, and annual turnover may not exceed THB 30 million in any accounting period.
The change applies from 1 January 2015.
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