InfoQuest, (February 13, 2020) -- Government spokeswoman Narumon Pinyo Sinwat revealed that the cabinet approved the tax cut draft submitted by the Ministry of Finance according to the Revenue Code. The tax measures aim to spur investment in special economic zones (SEZs).
The draft law mainly includes the extension of the filing and registration period for the reduction of corporate income tax in SEZs. The extension will run from the date the draft law takes effect until December 30, 2020. It will also cut corporate income tax rate from 20 percent to 10 percent for 10 consecutive accounting periods. The tax reduction will be offered to companies or partnership businesses which have premises or earn a net profit from the production of goods or services within SEZs, or those file an application for preferential interests in the name of enterprises located in SEZs and use services in SEZs after the relevant accounting period begins.
With the tax cut coming into effect, the Finance Ministry estimates forgone revenue at 4 million baht a year, however, the perk will boost investment in SEZs and promote the production of more goods and services in these areas, according to Ms. Narumon.
Source: InfoQuest, by Kasamarporn Kittisamphan / Tanawat / Rachada, translated by Xinhua Silk Road
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