Thailand Consulting on Qualified Refundable Tax Credits

The Thai Revenue Department has launched a Public Consultation on the Principles of the Draft Act on Qualified Refundable Tax Credits. The draft provides for the implementation of Qualified Refundable Tax Credits (QRTCs) under the Pillar 2 Global Minimum Tax framework. QRTCs essentially allow promoted companies to receive cash refunds for unused credits. These credits are treated as income rather than as a reduction of covered taxes and, therefore, they do not negatively impact the Pillar 2 …