In today’s dynamic business landscape, virtual office services have emerged as a popular choice for entrepreneurs seeking flexibility and convenience. These services offer a range of benefits, including a registered business address and access to virtual assistant support and meeting facilities. However, amidst the growing popularity of virtual offices, questions often arise regarding their VAT registration eligibility. In this legal update, we delve into the regulatory framework surrounding VAT registration for virtual office establishments and explore alternative options for VAT compliance ..read more

Financing Public-Private Partnership (PPP) projects is a multifaceted endeavor that requires a strategic approach to leverage various sources of capital effectively. In recent years, the landscape of infrastructure financing has evolved significantly, driven by the increasing demand for sustainable development and the need for innovative financial solutions. Understanding the diverse range of financing models, infrastructure finance instruments, and market vehicles is crucial for stakeholders aiming to navigate this complex terrain. Figure. Sources of Financing for PPP Projects. One of the pr ..read more

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 ..read more

In a landmark announcement by the Ministry of Finance, Thailand is charting a course toward sustainable digital economic growth. Central to this vision is the Bank of Thailand’s strategic direction, aimed at unleashing the transformative power of technology within the financial sector. Embracing innovation while safeguarding against risks, the nation is poised to welcome a new era of financial accessibility and competition, led by the emergence of virtual banks. Introduction: The Imperative of Digital Transformation In an age characterized by rapid technological advancement and shifting consum ..read more

Nestled along Thailand’s Eastern Seaboard, the Eastern Economic Corridor (EEC) emerges as a pivotal engine of growth within the nation’s transformative vision, Thailand 4.0. With a keen eye on fostering advanced industries and nurturing a skilled workforce, the EEC beckons investors with a bouquet of incentives and opportunities, positioning itself as a beacon of economic prosperity. At the heart of the EEC’s appeal lies its commitment to nurturing innovation and excellence across a spectrum of industries. The corridor is strategically aligned with 12 targeted sectors, categorized into the pio ..read more

In a significant policy shift aimed at revitalizing the tourism and hospitality sectors, the Thai government has approved substantial reductions in taxes on alcoholic beverages, particularly focusing on wine. This strategic move aims to enhance Thailand’s allure as a destination for both international and domestic tourists. It seeks to capitalize on the expected increase in visitor spending to offset the decline in excise tax revenue. The most notable change is the temporary suspension of high import tariffs on wines, currently set at 54% and 60% of the declared value, for a duration of one ye ..read more

Minister of Digital Economy and Society, Mr. Praesert Choodigitan, has embarked on a monumental transformation journey, elevating the nation through the implementation of seven flagship initiatives that promise to revolutionize both the economic and social landscapes. Mr. Praesert Choodigitan, also known as DE Minister, has outlined the ministry’s ambitious agenda for the year, focusing on seven core areas of development: 1.   Cloud First Policy: The DE Ministry is spearheading the adoption of cloud-based systems as the primary infrastructure, aiming to establish Thailand as a Cloud ..read more

Cabinet Preliminarily Approves Extended Tax Relief Period to Bolster Thailand’s Digital Asset Hub Status In a progressive stride towards solidifying Thailand’s position as a Digital Asset Hub and ensuring fair treatment for local digital asset business operators, the Cabinet has granted preliminary approval to extend the standard tax relief period for digital asset trading. This bold move, as outlined in the draft Royal Decree effective January 1, 2024, introduces significant measures aimed at streamlining tax payments for investors engaged in digital asset transactions. Key Provisions of Reve ..read more

In a recent announcement, the Department of Employment has introduced new regulations concerning the registration capital necessary for companies seeking authorization to employ foreign workers in Thailand. This directive, enacted under the authority granted by Article 27(1) of the Management of Foreign Workers Employment Act B.E. 2560, signifies a pivotal development in the country’s labor management policies. Effective from the date of its publication in the Royal Gazette, the announcement stipulates that entities intending to employ foreign workers must be registered as either limited compa ..read more

In a significant leap towards sustainable mobility, the Thai cabinet has given its official nod to a comprehensive set of Electric Vehicle (EV) incentives, charting a course from 2024 to 2027. The approval, granted on December 19, 2023, marks a pivotal moment in Thailand’s commitment to fostering the adoption and local manufacturing of EVs. These measures, set to be implemented from January 1, 2024, are designed to invigorate the electric vehicle ecosystem, bolstering environmental sustainability and advancing Thailand’s position in the global green revolution. Key Incentives for EVs The corne ..read more