tax
- Thailand News
Thailand gears up for excise tax as it charges into electric future
Thailand is set to adjust its automotive excise tax structure to reflect the global shift towards electric vehicles (EVs), according to Deputy Finance Minister Paopoom Rojanasakul. This move aims to harmonise local policies with international trends in the automotive industry, particularly as the competition between battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) intensifies. Paopoom highlighted the uncertainty…
- Thailand Travel
How to renew your road tax in Thailand
Navigating the process of renewing road tax in Thailand might seem daunting at first, especially if you’re unfamiliar with the local procedures. Yet, staying on top of this crucial task ensures your vehicle remains legally compliant and contributes to the upkeep of Thailand’s road infrastructure. With the right preparation, you can tackle language barriers and unfamiliar procedures with ease. Whether…
- Automotive
Why are cars so expensive in Thailand?
Cars in Thailand come with hefty price tags, leaving many people wondering why they’re so expensive. The rising cost of both new and used cars in Thailand can be confusing, but by looking into the factors behind these prices, we can uncover a complex combination of taxes, import duties, and market forces that contribute to the overall expense of car…
- Phuket News
Phuket’s new tourism tax won’t affect foreign residents or workers
Phuket’s Ministry of Tourism and Sports (MoTS) has confirmed that the upcoming tourism tax, expected to be implemented early next year, will not impact foreigners who reside or work in Thailand. A MoTS Phuket official clarified that the proposed tax has not yet been presented to the Cabinet for approval. “We should wait for any further information because now the…
- Thailand News
Double tax deductions to boost northern Thailand tourism
The Ministry of Finance is planning to introduce measures under the Thai Travel Continues campaign to boost tourism in flood-affected areas in northern Thailand. The initiative will offer double tax deductions for two groups: individuals and companies holding seminars in the disaster-stricken regions. Finance Deputy Minister Julapun Amornwiwat announced that the Ministry of Finance, in collaboration with the Ministry of…
- Business News
Tax exemption for corporate insurance payouts amid flood recovery
The Cabinet has sanctioned a tax exemption for corporate income derived from insurance payouts for policyholders impacted by this year’s floods. Government spokesman Jirayu Houngsub announced after the Cabinet meeting that companies in flood-affected areas with insurance coverage against floods will have their insurance payouts exempted from income tax, as per the Finance Ministry’s directive. For business operators needing loans…
- Thailand News
Thailand to explore new tax system for ageing population
Thailand must urgently adjust its tax structure and increase tax participation to address future expenses related to its ageing population, according to Deputy Finance Minister Julapun Amornvivat. The Finance Ministry is exploring a negative income tax (NIT) system to assist individuals with incomes below a government-set threshold. Julapun clarified that the goal is to ensure residents can sustain their livelihoods,…
- Business News
Driving change: Thai tax breaks on cars for the elderly, disabled
The Excise Department is set to introduce a new ministerial regulation to waive taxes on cars designed specifically for the elderly or people with disabilities. This regulation would reduce the current excise tax rate of 25 to 40% on such vehicles. Ekniti Nitithanprapas, director-general of the department, explained that vehicles with over 10 seats, such as passenger vans, are currently…
- Business News
Thailand urged to reform high tax rates to match global standards
Thailand’s tax system requires comprehensive integration, as its current personal and corporate income tax rates exceed international standards, stated Finance Minister Pichai Chunhavajira. During his keynote speech at the ACMA Business Forum 2024 on Shaping Tomorrow, Pichai highlighted that Thailand’s personal and corporate income tax rates are relatively high compared to competing nations. He noted that there is a global…
- Politics News
Thaksin’s taxing plan to tackle poverty in Thailand
Thaksin Shinawatra is making more waves to shake up Thailand’s social, economic and political scene. His latest pitch? A negative income tax (NIT) to shake up Thailand’s tax system. This isn’t the first time NIT has been floated in Thailand. Over a decade ago, the Finance Ministry’s Fiscal Policy Office (FPO) proposed something similar, and it was included in the…
- Thailand News
Nonthaburi noodle vendor investigated for gold purchase taxes
A noodle vendor in Nonthaburi announced plans to purchase an additional 100 baht of gold jewellery, despite already owning over 40 baht of gold. This revelation sparked discussions on social media about the profitability of his business amidst an economic slowdown and rising gold prices. The owner of Hong Te Noodle, Rangsan Suwannason or Cake, located in front of Krisada…
- Business News
PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
- Thailand News
Accountant arrested for 450 million baht tax fraud in Bangkok
The Department of Special Investigation (DSI) apprehended an accountant of a steel company involved in a major tax fraud case, who claimed tax credits with fake tax invoices, causing the state a loss of over 450 million baht. The suspect failed to meet the prosecutor’s scheduled appointment yesterday. DSI Deputy Director Yutthana Praedam received a report from the Director of…
- Business News
Jet fuel tax relief losing altitude, says deputy finance minister
The Finance Ministry appears unlikely to extend the jet fuel excise tax reduction, which was initially introduced during the Covid-19 pandemic, stated Deputy Finance Minister Julapun Amornvivat. Julapun addressed a recent proposal by a group of budget airlines seeking further reductions in the jet fuel excise tax. He remarked that such requests are not of immediate importance. Julapun highlighted that…
- Business News
Thai hotels seek tax breaks for renovations and EV charger installs
Operators of Thai hotels are advocating for tax deductions or subsidies to support renovation investments, especially those focused on green energy initiatives. The Tourism Authority of Thailand (TAT) also urged hotels in second-tier cities to install electric vehicle (EV) chargers to cater to the increasing number of travellers using EVs. The Thai Hotels Association (THA) is set to meet with…
- Business News
Local governments digging deep into land tax challenges
Local governments face a significant challenge in evaluating underutilised land plots to determine the appropriate tax burden under the land and building tax, according to finance permanent secretary Lavaron Sangsnit. Lavaron noted that the tax law, effective for five years, is currently under review for potential amendments. A key issue under scrutiny is the enforcement and interpretation of land utilisation.…
- Business News
Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
- Business News
Thailand to introduce carbon tax by 2025, oil tax burden unchanged
The Excise Department plans to introduce a carbon tax by 2025, with the overall oil tax burden expected to remain unchanged. This move aims to align with the Global Warming Act, which is set to be enacted in 2025. According to the Director-General of the Excise Department, Ekniti Nitithanprapas, the department has examined global practices for implementing a carbon tax…
- Thailand News
Taxing times: Tourism Minister stands firm with 300 baht tourist tax
In a recent press conference, Thailand’s new Tourism and Sports Minister, Sermsak Pongpanich, hinted at the impending introduction of a tourist tax, known as the Kha Yeap Pan Din, translating to a landing fee. Although no specific timeline was provided for its implementation, the newly-appointed minister emphasised the unlikelihood of abandoning the proposed tax. Sermsak, formerly the Culture Minister, assumed…
- Thailand News
DSI shifts gears, catches Thai man for swerving luxury car taxes
Department of Special Investigation (DSI) officers arrested a Thai man yesterday for evading 42 million baht in taxes on the import of nine luxury cars. The DSI arrested the suspect, Chettha, at his accommodation, Uthong Mansion, in the Wang Thonglang district of Bangkok yesterday, May 29. Chettha is charged under Section 243 of the Customs Act for importing goods to…
- Thailand News
Taxing times: Newsreader’s fiery retort sparks social media blaze
A TV newsreader’s fiery response to a lawyer’s announcement about investigating his tax records sparked significant attention. Noom Kanchai shared a post by lawyer Thammarat, who declared his intention to scrutinise the TV host’s tax affairs. In a sharp retort, the TV newsreader indicated he would reciprocate the action by examining the lawyer’s taxes. “Excellent, I agree. Go ahead and…
- Business News
Thai hotels urge reform of unfair land and building tax rates
Hotels are calling for a revision of the property tax calculation based on land appraisal prices and business income to address the uneven recovery within the hospitality industry. President of the Thai Hotels Association (THA) Thienprasit Chaiyapatranun highlighted that the land and building tax remains a significant challenge for hotel operators. This year, the full rate is set to be…
- Business News
MNEs taxed to curb profit sharing, 12 billion baht revenue expected
The Revenue Department anticipates the implementation of draft legislation aimed at taxing multinational enterprises (MNEs) to curb profit shifting to low-tax jurisdictions by 2025. This move is expected to enhance tax revenue by 12 billion baht annually. Director-General Kulaya Tantitemit revealed that the draft legislation incorporates the Top-up Tax Act, which aligns with the Organisation for Economic Co-operation and Development’s…
- Business News
Thailand’s solar panel tax cut scheme to save households on bills
A new tax reduction scheme aimed at encouraging households to install rooftop solar panels is expected to be finalised by mid-year, announced the Department of Alternative Energy Development and Efficiency (DEDE). The initiative seeks to lower electricity bills and reduce carbon dioxide emissions. Households that purchase solar panels with a power generation capacity of less than 10 kilowatts, costing under…
- Retire in Thailand
Why investment is crucial before retiring
When you are at the edge of those golden years of retirement. The thrill of wondering about financial security begins to take centre stage. Imagine, that your steady stream of income might be taking a bow, but what about your dreams and expenditures? They’re more alive than ever. Making smart investments before you hit retirement isn’t just a choice; it’s…
- Business News
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
- Business News
Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
- Thailand News
Bali’s new tourist tax: Will it save paradise or sow chaos?
In the latest move to combat over-tourism and preserve its landscapes, Bali introduced a controversial levy for international visitors. Since Valentine’s Day this year, tourists entering Bali have been greeted not only by the island’s breathtaking scenery but also by a new fee of 150,000 rupiah (approximately 340 baht) per person. This move aims to safeguard Bali’s rich cultural heritage…
- Thailand News
Thailand revenue dept rectifies glitch in My Tax Account system
A glitch in the My Tax Account system of Thailand’s Revenue Department has been promptly rectified, with department authorities confirming that the issue was not triggered by a security violation. This affirmation comes after several taxpayers discovered the addition of two unexplained income entries on the My Tax Account online platform, a part of the Revenue Department’s e-tax filing system.…
- Business News
Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
