Thailand SMEs Can Now Enjoy New Tax Incentive Measure, Says BSA Law

Leading law firm in Thailand BSA Law advises that SMEs in Thailand can now benefit from tax exemption for one year and reduced tax for another year, thanks to a new amnesty which went into effect on 1 January 2016. End Quote

(1888PressRelease) January 05, 2016 - The tax incentive measure was approved by the Cabinet as part of the government's efforts to encourage SMEs to join the tax system. A business that generates sales and revenue of Bt500 million or less each year is considered an SME.

"With the new tax incentive in place, an SME that joins the tax system and pays taxes properly will be granted an income tax exemption for one year and a 10% reduced rate for an additional year", said BSA Law spokesman Apisakdi Kongkangwanchoke.

The tax amnesty went into effect on 1 January 2016 and SMEs can register between now and 31 December 2019.

The Ministry of Finance has said that any SMEs joining the tax system will not be investigated for back taxes. Finance Minister Apisak Tantivorawong was quoted as saying the tax incentive move would, as well as 'level the playing field' for Thai businesses, form a tax base that would help prevent future tax rate increases.

The current corporate income tax rate is 20%.

The new tax incentive measure is aimed at SMEs which bring in annual revenue of no more than Bt30 million, and which have registered capital of Bt5 million or less.

A top international law firm in Thailand, BSA Law offers a comprehensive range of legal and financial services, including in the areas of tax consulting, accounting, auditing, Thai labour law, Thailand work permit and Thai visa service processes, investment advice and starting a business in Thailand.

About BSA Law:
For over 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

For more information please contact:

Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th

http://www.bsalaw.co.th

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