The rapid evolution of blockchain technology and digital assets has brought about significant changes in the global financial landscape. Thailand, recognizing the potential and challenges associated with these innovations, has been proactive in regulating and adapting its legal framework to support the growth of digital assets. The recent developments by the Thai Securities and Exchange Commission (SEC) regarding the shelf filing of digital tokens and the expansion of ICO portal outsourcing mark a critical juncture in the country’s regulatory approach. The Rise of Initial Coin Offerings (ICOs ..read more

In recent years, Thailand has embarked on ambitious national strategies to modernize its public sector, leveraging digital technologies to enhance efficiency and service delivery. The latest draft strategy (2567-2570) approved by the Thai Cabinet underscores this commitment, aiming to transform Thailand into a digital and innovative government that meets the needs of its citizens effectively. Historical Context and Previous Strategies The strategic development of Thailand’s public sector has evolved significantly, following the conclusion of the previous strategic plan (2556-2561). Subsequentl ..read more

The Financial Account Tax Compliance Act (FATCA) represents a critical measure in the global fight against tax evasion. Enacted by the U.S. Congress in 2010, FATCA requires foreign financial institutions (FFIs) to report information about financial accounts held by U.S. taxpayers or foreign entities with substantial U.S. ownership. Recently, the Thai Revenue Department has begun exchanging financial account information with the U.S. under the FATCA agreement. This comprehensive overview explores the background, implementation, and impact of FATCA in Thailand. Background of FATCA FATCA’s primar ..read more

The aviation and aerospace industry in Thailand is a dynamic sector that plays a crucial role in the country’s economic development and international connectivity. This overview examines the primary regulations and laws governing the industry, the roles and responsibilities of government agencies, international agreements to which Thailand is a party, recent developments, and a comparative analysis with other countries. The insights provided here will offer a comprehensive understanding of the legal and regulatory landscape shaping Thailand’s aviation and aerospace activities. Figure 1. Thail ..read more

We are delighted to announce a significant milestone for Mahanakorn Partners Group (MPG). Mr. Luca Bernardinetti, our distinguished Chairman and Managing Partner, has been appointed as the Trusted Lawyer of the Embassy of Sweden in Bangkok. This prestigious appointment not only reflects Mr. Bernardinetti’s exceptional legal acumen but also underscores the long-standing, fruitful collaboration between MPG and the Swedish Embassy. Mr. Bernardinetti’s relationship with the Swedish Embassy is built on years of dedicated service and successful case management. Our team, under Mr. Bernardinetti’s le ..read more

Thailand has been undertaking significant reforms aimed at improving the ease of doing business in the country. The Regulatory Reform for Ease of Doing Business Committee, chaired by Dr. Tongthong Chandrasu, has reported substantial progress across various sectors, aiming to attract foreign investment and streamline business operations. This overview provides an in-depth analysis of the latest updates and their implications. Figure 1. BOI Investment Promotion Highlights: First Quarter 2024. Foreign Film Productions The Thai government is actively revising laws to support foreign film producti ..read more

The Ministry of Finance and the Revenue Department of Thailand have recently proposed a new tax scheme aimed at imposing Value-Added Tax (VAT) on all imported goods, including those valued at less than 1,500 Baht. This policy shift seeks to address several challenges faced by small and medium-sized domestic businesses. As it stands, the international trade agreements stipulate that goods valued under 1,500 Baht are exempt from import duty and VAT to facilitate ease of commerce. However, the new draft bill, while maintaining the exemption from import duty, will impose VAT on these low-value imp ..read more

The landscape of international taxation has undergone significant shifts in recent years, primarily driven by initiatives like the Base Erosion and Profit Shifting (BEPS) project by the Organization for Economic Cooperation and Development (OECD). One of the pivotal aspects of BEPS is the introduction of Pillar II, which aims to establish a global minimum tax rate to curb profit shifting by multinational enterprises (MNEs). In response to this, Thailand’s Revenue Department (RD) has proposed the Top-up Tax Bill, a significant legislative measure designed to align with the BEPS Pillar II framew ..read more

As of April 2024, Thailand’s Ministry of Interior has issued significant legal updates aimed at invigorating the real estate market and addressing housing challenges. These updates include two new Ministerial Regulations reducing registration fees for real estate transfers and mortgages, as well as a tax exemption policy to incentivize residential construction. This comprehensive overview will delve into the details of these regulations, analyzing their implications for the real estate sector and providing insights into their potential impact on the market. Reduction of Registration Fees for R ..read more

Before the issuance of Orders No. Por.161/2566 and No. Por.162/2566, Thailand’s approach to taxing foreign-sourced income was conditional. According to the law, foreign income had to be included in the personal income tax calculation if two criteria were met: 1.   The individual resided in Thailand for 180 days or more in any given tax year. 2.   The foreign income was brought into Thailand within the same tax year. This framework had a significant loophole: if individuals delayed bringing their foreign income into Thailand until the following tax year, they could avoid tax ..read more