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Thailand to Implement 15% Tax on Global Firms by 2025
FILE photo courtesy: Sanook In a move poised to reshape its economic landscape, Thailand will impose a minimum corporate tax rate of 15% on large international companies starting in 2025. This announcement, made by Finance Minister Pichai Chunhavajira, marks a significant step for Southeast Asia's second-largest economy as it aligns its tax practices with international standards. The Thai Cabinet recently approved legislation to facilitate this tax implementation, bringing it one step closer to publication in the Royal Gazette, where it will subsequently become law. The government sees this development as a key component of its efforts to secure membership in the Organisation for Economic Co-operation and Development (OECD) within the next few years. Traditionally, Thailand's corporate income tax stands at 20%. However, to attract foreign investment, the nation has offered various tax exemptions and reduced rates for select investment projects. This strategy has been under scrutiny, given international companies often pay taxes in their home countries if exemptions apply when operating in Thailand. “Even if they enjoy exemptions or a mere 5% rate here, these companies will still account for taxes back home,” Mr Pichai explained. “Therefore, we're aligning our practices with international norms, but we also plan to return a portion of this tax to them.” To sweeten the deal, the Thai government has introduced measures to mitigate the tax burden for foreign enterprises. These incentives include tax relief for companies that engage in specific activities such as relocating research and development departments to Thailand, enhancing their eco-friendly practices, or providing skill-building opportunities for local employees. The Finance Minister elaborated, “By encouraging these practices, we're not just collecting taxes but fostering sustainable growth. We aim to create a more dynamic and competitive market that benefits both the economy and the environment.” In practical terms, this means that global companies could negotiate some financial relief if they contribute to Thailand's aspirations for economic sustainability and local talent development. These measures not only align with Thailand's economic goals but also enhance its attractiveness as a business destination, a factor crucial for maintaining foreign direct investment. As Thailand prepares for this new tax regime, its impact will resonate across the international business community. By aligning with global tax standards, the nation is striving to bolster its credibility and economic viability on the world stage, making it an intriguing space for both current and prospective investors. With the proposed reforms nearing finalisation, stakeholders worldwide will be keenly observing how Thailand balances its ambitions for international integration with the practicalities of domestic economic growth. For Thailand, 2025 marks not just a new tax policy but a step towards greater global economic engagement, reported Bangkok Post. -- 2024-12-13 -
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Trump named Time’s ‘Person of the Year’ for second time
And where did he say grab em by ? -
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Latest developments and discussion of recent events in the Ukraine War
they knew they were not welcomed in the west and follow Vlad's advise, they all came to Thailand 555 Russia tells citizens to avoid travel to the West - and responds to Donald Trump's call for Ukraine ceasefire https://au.yahoo.com/news/russia-tells-citizens-avoid-travel-105800599.html -
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Russian Woman Robbed While Walking Dog in Pattaya
A Russian passport is hardly an important document -
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Decline in Cousin Marriages Among UK’s Pakistani Community
Any more that you know of? If not it makes a total of 2 such marriages. There may be more, I am not going looking! It should be remembered that before the industrial revolution most people did not stray far from their village and so first/second cousin marriages were very common. -
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Have you ever flown while fully baked?
Or on those really boring flight one could just take a book.... -
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THAILAND LIVE Thailand Live Friday 13 December 2024
Forklift Blaze at Closed Store Sparks Urgent Firefighting Rescue Photo: The Thaiger Early this morning in Mueang Trat, a seemingly minor fire rapidly evolved into a significant blaze, engulfing a forklift, stacks of wooden pallets, and over 40 trolleys at the now-closed Noen Sai branch of the Trat Provincial Cooperative Store. Although it narrowly missed the main store building, quick-thinking firefighters successfully contained the fire after a 30-minute battle. Full Story: https://aseannow.com/topic/1346139-forklift-blaze-at-closed-store-sparks-urgent-firefighting-rescue/ -
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Any plans for Christmas this year?
It's on Christmas Day, Gamma. Same as last year.
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