Government to Urgently Issue Tax Law

In a recent local television program, Pichai Chunhavajira, a government representative, announced the intention to expedite the issuance of a law on tax collection. This announcement follows a Reuters report stating that the cabinet has already approved draft legislation for the global minimum corporate tax.

OECD's New Tax Rules

Under the new regulations being implemented by the Organization for Economic Cooperation and Development (OECD), a minimum 15% tax will be imposed on multinational corporations with an annual global turnover exceeding 750 million euros, irrespective of their location.

Current and Future Tax Rates in Thailand

Thailand's current corporate tax rate stands at 20%. However, companies benefiting from incentives offered by the Thailand Board of Investment can enjoy exemptions for up to 13 years. Neighboring countries such as Vietnam, Indonesia, Malaysia, and Singapore have also expressed their commitment to implementing the minimum tax rate starting in 2025.