The Ministry of Finance and the Stock Exchange of Thailand (SET) are discussing a proposal whereby the temporary corporate income tax reduction for listed companies could be made permanent.
Corporate income tax was reduced from the normal 30% to 25% for companies quoted on the SET, and to 20% for companies quoted on the Market for Alternative Investment (MAI). Those incentives are due to expire at the end of this month.
It is, however, expected that any decision will take some time to emerge, as the Ministry is said to be also taking into account the corporate income tax incentives provided to listed companies by the Board of Investment (BOI).
For example, the latter grants unlimited corporate income tax exemptions for companies listing on the SET or MAI until the end of their BOI promotion period, usually for a total of eight years.
In addition, the Ministry is reported as having instigated a comparative review of Thailand’s tax structure for quoted and unquoted companies, as against the tax rates and exemptions to be found in other Asian countries. That could lead to a more general reform of corporate taxes in Thailand in order to support the competitiveness of the country’s corporate sector.
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