5 Major Developments in Thailand

5 Major Developments in Thailand

• Thailand to Offer Tax Breaks for Investment Token Issuers
• Additional requirement to be included in E-Tax invoice – Thailand
• Extension of Tax Measures to Support E-Tax Systems
• VAT exemption for support services of support center operators
• FTA updates for Thai importers and exporters

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Customs

• KPMG Week in Tax: 13 – 17 March 2023

Cryptocurrency and NFT

• Thailand to Offer Tax Breaks for Investment Token Issuers

Deduction (Input Tax Credit)

• Tax Agency Explains Input Tax Deduction Procedure

• VAT and WHT refund applications generally being handled quicker

• KPMG Week in Tax: 13 – 17 March 2023

E-Invoicing

• Thailand Extends Incentives to Promote Electronic Tax Systems

• E-tax filing

• Additional requirement to be included in E-Tax invoice – Thailand

• Extension of Tax Measures to Support E-Tax Systems

• KPMG Week in Tax: 13 – 17 March 2023

Exemption

• Royal Decree No. 759 – Exemption of data center businesses from VAT

• Ministry of Finance: VAT exemption for Foundation for the Promotion of the Arts and Crafts

• Tax incentives provided for donations to certain medical foundations

• VAT exemption for support services of support center operators

Export

• FTA updates for Thai importers and exporters

Importation

• FTA updates for Thai importers and exporters

Invoice

• Agency keen to alter scrap iron VAT law

Liability (Reverse Charge/Withholding)

• VAT and WHT refund applications generally being handled quicker
• Extension of Tax Measures to Support E-Tax Systems

Real Time Reporting/Continuous Transaction Controls

• Thailand e-invoicing e-Tax and Invoice Receipt update

• E-tax filing

Refund

• Thailand offers ‘VAT Refund’ for tourists

• Thailand offers ‘VAT Refund’ for tourists at international airports

• VAT and WHT refund applications generally being handled quicker

Reporting / Compliance

• A Guide to Taxation in Thailand

• Extension of Tax Measures to Support E-Tax Systems
• KPMG Week in Tax: 13 – 17 March 2023

Tax Authorities / Penalties

• The art of raising taxes without incurring the public wrath

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