Thai Tax Amnesty Announced for Qualified SMEs
A tax amnesty law was published in the Royal Gazette on March 25, 2019 and will come into force on March 26, 2019. The law will waive Revenue Code penalties, interest surcharge and criminal charges for qualified SMEs, i.e., revenues not over THB 500 million. The program requires qualified taxpayers to register and pay unpaid taxes by June 30, 2019.
The tax amnesty is applicable to accounting periods dating back no earlier than January 1, 2016. Corporation income tax, value added tax, specific business tax and stamp duties are covered by this tax amnesty.
More details about the tax amnesty are available on the KPMG website here.
Taxpayers seeking more information about how this specifically affects their situation should contact their tax advisors, or chairpersons of the AMCHAM Tax Committee (below)
The AMCHAM Tax Committee aims to provide an effective forum to discuss tax matters relevant to members of the American Chamber of Commerce In Thailand and inform members of changes & requirements on US tax matters. Read more...
John Andes, KPMG in Thailand
Matthew Stevens, U.S. Global Tax Plan