Latest Law update between February – End of March 2024
Draft Ministerial Regulations under the Civil and Commercial Code, 2 Issues, Royal Decree Proposal: Tax Exemption for Digital Investment Tokens to Drive Economic Growth in Thailand, Thailand Extends Tax Relief Measures to Foster Digital Asset Trading
New Law Update
Topic 1.Latest Law Update
| Authority | Title | Announce Date | Effective Date | |
|---|---|---|---|---|
| 1 | Ministry of Finance | Notification of director General of revenue department (No. 444) on Determination of expenditure for public benefit, expenditure for education and expenditure for sports under Section 65 Tri (3) of the Revenue Code. | 22 February 2024 | 22 February 2024 |
| 2 | Ministry of Finance | Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 811) on the designation of organizations, charitable institutions, nursing homes and educational institutions Change the list of Foundation No. (903)to “Pongsak Speaker Foundation” | 23 March 2024 | 13 November 2015 |
| 3 | Ministry of Finance | Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 812) on the designation of organizations, charitable institutions, nursing homes and educational institutions “(1025)Satri Witthaya Foundation under the patronage of His Majesty the Princess Mother of Thailand | 23 March 2024 | 3 March 2024 |
| 4 | Ministry of Finance | Notification of the Ministry of Finance on Extension of Deadline for Filing Returns and Tax Payment via Internet Network (No. 8) | 18 March 2024 | 19 March 2024 |
| 5 | Ministry of Finance | Notification of the Ministry of Finance on the designation of educational institutions or skill training centers that accept employees of companies or juristic person partnerships for study or training | 12 March 2024 | 12 March 2024 |
| 6 | Ministry of Finance | Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 813)on the designation of organizations, charitable institutions, nursing homes and educational institutions Amendment of the Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 2) | 18 March 2024 | 18 March 2024 |
| 7 | Ministry of Finance | Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 814) on the designation of organizations, charitable institutions, nursing homes and educational institutions Change the list of foundations No. “(30) Chiang Mai Juvenile and Family Court Foundation” | 18 March 2024 | 12 October 1992 |
| 8 | Ministry of Finance | The decree is issued in accordance with the provisions of the Revenue Code. Revenue Exemption (No. 781) B.E. 2567 (2024) Tax exemption for income or instrument deeds due to transfer of ownership of real estate to Chulabhorn Foundation | 21 March 2024 | 22 March 2024 |
| 9 | Ministry of Finance | The decree is issued in accordance with the provisions of the Revenue Code. Revenue Exemption (No. 782) B.E. 2567 (2024) Tax exemption for donations of money or property to the Equitable Education Fund | 21 March 2024 | 22 March 2024 |
| 10 | Ministry of Finance | Notification of the Ministry of Finance on Income Tax and Value Added Tax (No. 815) on the designation of organizations, charitable institutions, nursing homes and educational institutions “(1026) Alumni Foundation, Faculty of Engineering, Chiang Mai University” | 27 March 2024 | 1.Apply for Assessable income 2024 2.apply for Value of tax base from March 2024 |
| 11 | Ministry of Finance | Notification of the Director-General of the Revenue Department on List of Recipients for Research and Development of Technology and Innovation (No. 294) | 27 March 2024 | 27 March 2024 |
| 12 | Ministry of Finance | Notification of the Ministry of Finance on the determination of persons responsible for reporting financial account information that must be reported in accordance with the Decree on the Exchange of Information to comply with the International Agreement on Taxation B.E. 2566 (2023) | 29 March 2024 | Effective as from the day following the date of its publication in the Government Gazette |
| 13 | Ministry of Finance | Notification of the Ministry of Finance on the determination of persons not to be reported under the Information Exchange Decree To comply with the International Agreement on Taxation B.E. 2566 (2023) | 23 March 2024 | 16 August 2023 |
| 14 | Ministry of Finance | Notification of the Ministry of Finance on the appointment of officers (No. 77) on the appointment of assessing officers under the Revenue Code | 02 April 2024 | 16 April 2024 |
| 15 | Board of Investment (BOI) | Board of Investment Order No. 1/2024 on Amendment of the Composition of the Project Review Subcommittee | 29 January 2024 | 29 January 2024 |
| 16 | Board of Investment (BOI) | Announcement of the Board of Investment No. 1/2024 on Investment Promotion Measures for Community and Social Development | 07 February 2024 | 26 December 2023 |
| 17 | oard of Investment (BOI) | Announcement of the Board of Investment No. 2/2024 on Investment Promotion Measures to preserve and expand the existing production base | 7 February 2024 | 07 February 2024 |
| 18 | Board of Investment (BOI) | Announcement of the Board of Investment No. 3/2024 on Investment Promotion Measures to promote integrated business relocation | 07 February 2024 | 07 February 2024 |
| 19 | Board of Investment (BOI) | Announcement of the Board of Investment No. 4/2024 on Investment Promotion Measures to stimulate investment to revive the economy | 07 February 2024 | 07 February 2024 |
| 20 | Board of Investment (BOI) | Announcement of the Board of Investment No. 5/2024 Amendments to investment promotion measures in the Eastern Economic Corridor (EEC) area | 07 February 2024 | 2 January 2024 |
| 21 | Board of Investment (BOI) | Notification of the Board of Investment regarding Providing promotion of housing businesses for those with low incomes | 15 March 2024 | 15 March 2024 |
| 22 | Board of Investment (BOI) | Notification of the Board of Investment regarding Improving the promotion of investment in the digital industry | 15 March 2024 | 15 March 2024 |
Interesting News
1.Draft Ministerial Regulations under the Civil and Commercial Code, 2 Issues
The Cabinet approved the draft Ministerial Regulations under the Civil and Commercial Code, as amended by the Amendment Act (No.23 B.E. 2565, totaling 2 issues, as proposed by the Ministry of Commerce and reviewed by the Office of Council of state, as follows:
1.Draft Ministerial Regulation on Advertisement Inviting Shareholders’ Meetings Electronically in Case of Limited Companies with Unidentified Shares B.E.…
(1)Specifies that in cases where a company has shares without identified owners (bearer shares), the company may advertise invitations to shareholders’ meetings electronically instead of through printed media.
(2)Specifies that advertisements inviting shareholders’ meetings electronically must be published through websites accessible to the public.
(3)Requires advertisements to specify the location, date, time, and nature of the meeting.
(4)Mandates that advertisements for shareholders’ meetings electronically must display the content from the day of advertisement until the day of the meeting.
2.Draft Ministerial Regulation on Appointment of Valuators in Cases Where Shareholders Oppose Company Mergers and Cannot Agree on Share Prices B.E.…
(1)Defines:
“Buyer of Shares” as a person appointed by the company to purchase shares from dissenting shareholders in cases where the company passes a special resolution for merger.
“Dissenting Shareholders” as shareholders participating in a general meeting of the company convened to approve a merger and who vote against the merger when a special resolution is passed to merge the company.
“Valuator” as a person appointed to assess and determine the price of shares of dissenting shareholders.
(2) Specifies that companies appoint valuers to assess and determine the price of shares for dissenting shareholders.
(3)Specifies the qualifications of valuers, including
- Being a licensed accountant.
- Being a licensed appraiser registered with the Office of the Judiciary’s Department of Appraisal in the branch of property appraisal.
- Being an expert appointed by the court in the field of property valuation registered with the Office of the Judiciary’s Department of Appraisal.
- Being a property valuation company or principal appraiser approved by the Securities and Exchange Commission.
- Being a financial advisor or operations controller approved by the Securities and Exchange Commission or the Stock Exchange Commission.
- Being a qualified appraiser registered with the Thai Independent Appraisers Association and the Thai Valuers Association.
2.Royal Decree Proposal: Tax Exemption for Digital Investment Tokens to Drive Economic Growth in Thailand
・On 2024, March 12 The Cabinet has approved the draft principles of a Royal Decree in accordance with the Tax Law on Tax Exemption (Draft No. …) B.E.…, as proposed by the Ministry of Finance (MOF), and has instructed the Office of the Council of State to proceed with further actions.
・The proposed Royal Decree by the Ministry of Finance entails significant measures regarding the exemption of personal income tax for dividends or any other benefits received from holding or possessing digital investment tokens. Additionally, personal income tax deduction (at a rate of 15 percent) at source has already been applied, obviating the need for individuals to include such dividends in their annual income tax calculations. Typically, taxpayers are required to include such dividends in their annual income tax calculations and file a Personal Income Tax Return (PND 50) again at year-end. Furthermore, for dividends or benefits received since January 1, B.E. 2567 (2024) onwards, the said dividends are not required to be included in the calculation of personal income tax, aiming to elevate the supervision of digital investment tokens to a standard closer to securities. (Investing in securities, when receiving returns in the form of dividends or interest and having already deducted taxes at source (at a rate of 10 percent), investors have the option to include dividends in their annual income for tax calculation or not). Moreover, this initiative aims to promote and develop the digital economy of the country by utilizing technology to facilitate fundraising, as well as to align with the government’s policies on promoting and developing the digital economy.
| Topics | Detail |
|---|---|
Tax Benefits |
-Individuals |
Eligibility |
-Exemption of personal income tax foe dividends or any other benefits of the same nature received from holding of possessing digital investment tokens, with a tax deduction (at a rate of 15 percent) already applied at source, obviating the need for individuals to include such income in their annual income tax calculations. This applies only if the recipient does not request a refund of the deducted tax or does not claim any portion of the deducted tax credit either in full or in part |
3.Effective Date |
-Effective from January 1, 2024 onwards. |
3.Thailand Extends Tax Relief Measures to Foster Digital Asset Trading
The Cabinet resolved to approve the draft Royal Decree issued in accordance with the Revenue Code. Concerning the exemption of Value Added Tax (No. ..) B.E. …. (Extending the period of tax relief measures for digital asset trading) that the Ministry of Finance recommends and sent to the Office of the Council of State for further consideration. with the following contents
| Previous version | Draft (propose by the ministry of finance) |
|---|---|
Royal degree no.744 |
Royal Decree issued in accordance with the Revenue Code. Concerning the exemption of Value Added Tax (No. ..) B.E. |
-Waived from VAT for transfers and sales of cryptocurrencies or digital exchanges only on Exchange. |
-Exemption from VAT for the transfer and sale of cryptocurrencies or digital tokens for use. (Utility-Token) that has been transferred and sold through an intermediary as follows: |
The main idea of this draft as follows:
| Point | Detail |
|---|---|
1.Who is subject to this law? |
-Natural person and the juristic person |
2.Tax benefit |
-Vat exemption (7%) for the following case; |
3.Effective period |
1 January 2024 onwards |