Penalty relief for late filing of Transfer Pricing Disclosure Form (via e-Filing)
Your company may now be eligible for extensive tax breaks which came into effect on the 1st of June 2019.
In a large shake-up of corporate tax laws in Thailand, the Thai Cabinet has introduced new laws which essentially abolish the tax measures surrounding various types of companies. The changes impact Regional Operating Headquarters, International Head Quarters and International Trading Centers.
Under these new laws, companies can now be classified as International Business Centers (IBC) and receive numerous tax incentives. While the news is mostly positive, in order for the company to be reclassified as an IBC and receive these benefits they must have an annual expenditure of at least 60 million THB. On top of this for companies with annual expenditures of more than 300m THB, they will receive additional incentives.
To view the list of incentives available, as well as all the requirements need to be qualified as an Internation Business Center see the pdf below supplied by Axis Legal.