1. The Laws updated of this month,
2. The Emergency Decree on the Exchange of Information to Comply with International Taxation Agreement that executed on April 1, 2023 onwards
New Laws that are included with the business operation of this month as follows:
Law update
| No | Topic(s) | Announcement Date | Execution Date |
|---|---|---|---|
| 1 | Emergency decree on the Exchange of Information to Comply with International Taxation Agreement. | March 30, 2023 | April 1, 2023 |
| 2 | Notification of the Director-General of Revenue department regarding Corporate Income Tax (CIT) for Companies Undertaking Greenhouse Gas Emission Reduction Project. | April 10, 2023 | March 20, 2023 |
These laws updated stipulates the scope only the laws that issued by the Revenue Department, Board of Investment, Customs Department, Industrial Estate Authority of Thailand, Ministry of Labor, Ministry of Interior (only the specific business), Bank of Thailand, Ministry of Digital Economy and Society only.
The Emergency Decree on the Exchange of Information to Comply with International Taxation Agreement that executed on April 1, 2023 onwards
On March 30, 2023 Thailand authorities has issued Emergency decree on the Exchange of Information to Comply with International Taxation Agreement 2023 that executed on April 1, 2023 onwards. This Emergency Decree has stipulated about requested-base information exchange and automatic exchange of financial account information and the authorities of Revenue Department or penalties. This Emergency Decree issued by according with The Convention on Mutual Administrative Assistance in Tax Matters (MAC), which Thailand signed on December 22, 2021 accordance to Base Erosion and Profit shifting (BEPS) (Tax evasion by eroding the tax base in countries with high tax burden to move profits to countries with lower or no tax burden.)
Within September 2023, the Revenue Department of Thailand will begin to automatic exchange of financial information for financial accounting information in 2022 with other countries according to the Common Reporting Standard: CRS). In addition, before the start of the automatic exchange of financial information, affiliates located in Thailand are responsible for providing the report based on Country-by-Country Report, which this is part of the reports of Transfer Pricing, but the enforcement of this Emergency Decree will process and exchange of financial information between Thailand and Japan also. Therefore, affiliates located in Thailand that responsible for providing the report based on Country-by-Country Report, maybe not prepare.