Tax discount

Due to the spread of coronavirus, many companies in Thailand have fallen into a financial crisis, especially those that provide travel services or are related to tourism any other way.

In February - March the government approved tax measures to reduce company's cost and to support small businesses (SMEs).

1) Reduction of the withholding tax rate when paying for services (work, commissions, professional services) of companies, partnerships, individuals

- from 3% to 1.5% from April 1, 2020 to September 30, 2020 when paying by any method

- from 3 to 2% from October 1, 2020 to December 31, 2021 when paying through the electronic system.

2) Reducing the rate of fees to the Social Security Fund from 5% to 1% for employees and from 5% to 4% for employers from March to May 2020.

The deadlines for the payment of monthly contributions for March, April and May were postponed for three months. Contributions for March must be paid not later than July 15, 2020.

3) The deadline for submitting a declaration of personal income tax has been extended from March 31, 2020 to July 30, 2020.

4) Deduction of wage costs in triple amount

A company that does not lay off employees can apply for a tax deduction of wage costs paid for the period from April 2020 to July 2020 in triple amount.

The company must meet the following conditions:

• -Taxable income of not more than 500 million baht for the last annual reporting period (end of the reporting period September 30, 2019 or earlier).
• -Not more than 200 employees
• -All employees should be registered in the Social Security Fund and their salary should not exceed 15,000 baht per month.
• -The number of employees should be not less than in December 2019.

For all questions about applying government measures due to coronavirus, please call:

+ 6687-348-57-03 (WhatsApp, Viber)