New tax amnesty measure: Waiver of tax penalties

01 Apr

The announcement of a new tax amnesty was published in the Royal Gazette on 25 March 2019 and the measures will be effective from 26 March 2019. The amnesty is intended to encourage small and medium enterprises that have previously not paid or underpaid tax to voluntarily clear their taxes and join the tax system. It requires settlement of some back taxes in return for a waiver from penalties and protection from criminal prosecution.

How can this benefit you?

  • Waiver of penalties and surcharges
  • Release from any relevant criminal offences

Who can apply?

Qualifying companies or juristic partnerships that are:

  • subject to Thai corporate income tax on the basis of net profit;
  • had revenues not exceeding THB 500 million for the 12-month accounting period ended on or before 30 September 2018, and filed that period’s corporate income tax return before 26 March 2019; and
  • have not been reported by the Revenue Department for a criminal offence relating to the issue or use of tax

What tax types are covered?

  • Corporate income tax: For accounting periods starting on or after 1 January 2016 and ending on or before 31 December 2017
  • Value added tax or specific business tax: For the tax months of January 2016 to February 2019
  • Withholding tax: On transactions executed from 1 January 2016 to 25 March 2019
  • Stamp duty: On instruments subject to payment of stamp duty in cash executed from 1 January 2016 to 25 March 2019

How to apply?

  • Register with the Revenue Department by 30 June 2019
  • Re-submit tax return and settle tax arrears by 30 June 2019

Any post-compliance requirements?

  • Qualifying taxpayers are required to register to file all tax returns electronically, and then make electronic filings for the period of 1 July 2019 to 30 June 2020


EY Tax Alert dated 28 March 2019 

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