In the realm of global commerce, Thailand emerges as a promising destination, offering favorable prospects for businesses looking to establish a presence. Among the various initiatives aimed at facilitating growth, the Retention and Expansion Program stands out as a significant support mechanism for enterprises committed to flourishing in the Thai market. Crafted as a targeted effort to encourage ongoing investment and business expansion, the Retention and Expansion Program extends support to established corporations, reflecting Thailand’s dedication to fostering long-term prosperity. It under ..read more

In a significant development for the automotive sector in Thailand, the Board of Investment (BOI) recently unveiled measures aimed at fostering investment in industries critical to national development. The announcement, issued on December 8, 2022, outlines key provisions tailored to support automotive industry operators and drive growth in the sector. Eligible Business Scope for Investment Promotion: The announcement expands the scope of business eligible for investment promotion to include: 1.   General automobile manufacturing. 2.   Electric car manufacturing, encompassi ..read more

In the realm of international trade, documentary credits, commonly known as letters of credit (LCs), serve as a fundamental tool for fostering trust and security. They play a crucial role in facilitating seamless transactions across borders by mitigating risks and ensuring compliance. In this article, we explore the merits of documentary credits and examine their advantages for companies engaged in cross-border trade, while also addressing potential pitfalls. Figure 1. Identifying and managing risks in cross-border trade. The Anatomy of Documentary Credits At the core of every documentary cre ..read more

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