In April 2019, the Thai Revenue Department (“TRD”) announced the draft application format for the new International Business Center (“IBC”) tax incentive regime, as explained in a previous KPMG Tax & Legal News Flash (available here)
On 2 May 2019, the final IBC application form was officially issued in the Notification of the Director-General of the TRD issued under Royal Decree No. 674, which largely reflects the TRD’s previous announcement.
The Notification also clarifies that an IBC company’s expatriate employees must satisfy all of the following conditions to be eligible for personal income tax (“PIT”) benefits under the IBC regime:
The TRD has advised KPMG that taxpayers can submit their IBC applications in hard copy to the Large Business Tax Administration Office. There is currently no online application process for the IBC regime.
KPMG is at the forefront of these developments and would be pleased to assist taxpayers with the preparation of IBC applications. KPMG is also arranging a public update seminar on the IBC regime, with details of this event to be announced shortly.