Extended reduction of Value Added Tax rate to September 2024

^{Extended reduction of Value Added Tax rate to September 2024}

^{Follow the approval of the Thai Cabinet regarding the extended reduction of the Value Added Tax rate from 10% to 7% until 30 September 2024.}

^{Under Section 4 of the Royal Decree Issued under the Thai Revenue Code (“TRC”) Governing the Reduction of Rate of Value Added Tax (No. 780) B.E. 2566 (2023), to remain the reduction of value added tax rate under Section 80 of the TRC to collect at 6.3 percent and 0.7 percent local tax totaling 7.0 percent from 1 October 2017 to 30 September 2024.}

^{Cancellation of submission of withholding tax returns (P.N.D. 1, P.N.D. 1 Kor, and P.N.D. 1 Kor Special) in paper format}

^{The Thai Revenue Department (“TRD”) issued the Notification of the Director-General of Revenue on Income Tax (No. 438) regarding the monthly and annual Withholding tax return on the assessable income under 40 (1) and (2) of the Thai Revenue Code (“TRC”) (P.N.D. 1, P.N.D. 1 Kor, and P.N.D. 1 Kor Special) to cancel the submission of returns in paper format.}

^{The Company must submit the P.N.D. 1, P.N.D. 1 Kor, and P.N.D. 1 Kor Special electronically via the Revenue Department website through the e-filing system, e-withholding tax system, and Electronic File Transfer. The new electronic submission rules of P.N.D. 1, P.N.D. 1 Kor, and P.N.D. 1 Kor Special will apply to the returns submitted in 2024 onward.}

^{For any company that is unable to submit the return electronically, the Company must submit the return in paper format together with the explanation letter attention to the Director-General of Revenue stating the reason why the Company could not submit the return electronically to the Thai Revenue Department Area Office that the Company’s place of business situated.}