Transfer Pricing News
On the 9th of September 2020, the Thai Revenue Department (“TRD”) released an announcement regarding the reduction of fines for late filing of transfer pricing disclosure form (the “Form”) from 200,000 Baht to 5,000 Baht, which shall be filed via e-filing within 30 December 2020.
In 2019, Thai transfer pricing regulations were imposed on corporate taxpayers (i.e., a company or juristic partnership) with related parties or related party transactions and derives a total revenue of at least 200 million Baht in a financial year (fiscal years beginning on 1 January 2019 or later). The Form is required to be submitted within 150 days after the end of the accounting period or within 31 August 2020 (in the case of receiving an extension of the filing period). A taxpayer who fails to submit the Form by the due date or submits the Form with incorrect or incomplete information without justifiable grounds shall be liable to a maximum fine of Baht 200,000. However, in order to alleviate the burden of entrepreneurs due to the epidemic situation of COVID-19, the TRD has reduced the fine for late submission to 5,000 Baht for the Form filed via e-Filing method within 30 December 2020.
The additional method allows a taxpayer to fill out and upload information in the form of an Excel file for greater convenience. The standard Excel form generated by the TRD can be downloaded at “http://www.rd.go.th” in menu “e-Filing”.
For more information or support, please contact our Tax Team at Baker Tilly.