The Revenue Department issued its Order No. Por. 161/2023 re: Payment of Income Tax under Section 41, Paragraph 2, of the Revenue Code dated 15th September 2023 to set up a new rule on payment of the personal income tax from overseas income.  The order will come into force from 1st January 2024. Under this... Read More

The main tax legislation applicable to FDI in Thailand is the Revenue Code (“RC”), which covers the following taxes:- (1)   Corporate Income Tax (“CIT”) CIT applies to businesses and legal entities registered in Thailand or registered abroad but operating a business in Thailand.  Except for SMEs, companies registered in Thailand pay CIT based on both... Read More

On 12th October 2021, the Central Bank of Myanmar (“CBM”) issued its Directive No. 16/2021 to allow local foreign exchanges of the Chinese Yuan and Japanese Yen. The authorized dealer banks and the authorized non-financial Institutions are now allowed to exchange Chinese Yuan and Japanese Yen in addition to US Dollar, Euro, Pound, Singapore Dollar,... Read More

On 1st October 2021, the Ministry of Planning and Finance (“MOPF”) issued its Notification No. 510/2021 on procedures for assessments of specific goods tax (“SGT”), commercial tax (“CT”), personal income tax (“PIT”), corporate income tax (“CIT”) and capital gains tax (“CGT”) for the transitional period of six months from 1st October 2021 to 31st March... Read More

On 30th September 2021, the State Administration Council (“SAC”) issued the State Administration Council Law No. 21/2021 as the new Union Tax Law effective from 1st October 2021.  The UTL changes the rates of the personal income tax, the corporate income tax, the tax on income from undisclosed sources, and the specific goods tax. 1. ... Read More