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Thailand Introduces Amnesty Program and Extends Corporate Tax Relief for SMEs

On 1 January 2016, Thailand published two Royal Decrees in the Official Gazette, which introduce a new tax amnesty program and provide a related extension of the corporate tax exemption for SMEs. The measures are meant to encourage tax compliance.

Tax Amnesty

The tax amnesty program provides for an exemption from additional corporate tax, value added tax, specific business tax and stamp duty tax, and any related penalties and fines for the 2015 and prior tax years.

The program is available for Thai companies with annual gross revenue up to THB 500 million (~USD 13.8 million) in the tax year ending on or before 31 December 2015, subject to the following conditions:

  • The company is not under a tax investigation initiated prior to 1 January 2016;
  • The company has not used or issued fake invoices;
  • The company is not subject to a legal inquiry or under prosecution; and
  • Certain other conditions.

In order to take part in the program, a notice and application must be submitted to the Revenue Department. Once accepted, the company must meet a number of compliance conditions to remain eligible, including:

  • Timely filing of relevant tax returns and correctly paying taxes due;
  • Maintaining accounting records and financial statements in accordance with accounting law; and
  • Never taking any tax avoidance actions.

Corporate Tax Exemption for SMEs

In connection with the tax amnesty program, the corporate tax exemption for small and medium-sized enterprises (SME) with revenue under THB 300,000 is extended through 2017 (previous coverage) and an exemption regardless of revenue is provided for 2016 if the following conditions are met:

  • The SME was established prior to 1 January 2016;
  • The SME has applied for and is taking part in the tax amnesty program; and
  • The SME has never been found to be non-compliant with the tax amnesty program.

Qualifying SMEs are those with paid up capital not exceeding THB 5 million (~USD 138,000) and annual revenue not exceeding THB 30 million (~USD 827,000).

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