Roundtable with the Revenue Department – Sept 4
Roundtable with the Revenue Department
On September 4, AMCHAM President Ornkanya (Mook) Pibuldham of Bank of America, AMCHAM delegates, and Tax and Customs and Excise Councils co-chairs met with Deputy Director-General Nirandara Prachaubmoh and his team.
The meeting featured discussion on key issues including updates on Personal Income Tax, plans for a revised 2024 tax return and guidance on foreign source income remittance, and covered BEPS Pillar 2 implementation, targeted for 2025 or 2026, with details on transitional rules. Positive feedback about the International Business Center (IBC) was mentioned.
Regarding mergers and acquisitions, AMCHAM presented a recommendation letter on taxation of a non-resident taxpayer selling shares to a Thai buyer (Section 70 of the Revenue Code). AMCHAM also discussed goodwill amortization and VAT registration for amalgamations, which the Revenue Department team showed interest in receiving written consultations on. Additionally, the Department shared updates on VAT collection measures for low value imported goods and upcoming law amendments.
Overall, the Revenue Department demonstrated openness to industry feedback and further discussions on specific issues, while AMCHAM representatives appreciated the Department’s efforts to elevate the taxation system in Thailand, enhance the business environment, and promote long-term sustainable investment in the country.
