Starting a Business:Thailand made starting a business easier by allowing the registrar at the Department of Business Development to receive the company’s work regulations.
Paying Taxes:Thailand made paying taxes less costly for companies by reducing the profit tax rate.
Registering Property:Thailand made registering property more costly by repealing a 2-year temporary tax reduction for property transfers.
Paying Taxes:Thailand temporarily lowered taxes on business by reducing its specific business tax for 12 months.
Registering Property:Thailand reduced two taxes, the transfer fee from 2% to 0.01%, and the Specific Business Tax (SBT) from 3.3% to 0.11%. The cost reductions are provisional and valid for one year from March 2008 to allow the Thai government to assess the results of the reform in April 2009. As a result, the cost to transfer a property in Thailand has decreased from 6.3% to 1.13% of property value.
Protecting Investors:Thailand strengthened investor protections by increasing director duties and remedies in case of related-party transactions.
Paying Taxes:The government has facilitated e-payments and online filing. Expected tax changes in 2008 include the exemption of companies with taxable income not exceeding THB 1.2 million from corporate income tax and concessionary 25% rates for newly listed companies. The special business tax on property transactions is reduced from 3% to 0.1% and for property transfer and mortgage fees, reduced to 0.01%.
Trading Across Borders:Upgrading the EDI system led to a decrease in time and documents for export and import.
Trading Across Borders:Thailand made trading across borders speedier by implementing a e-Customs system, allowing customs declarations to be submitted electronically and data to be simultaneously verified by different agencies.