THANATHIP & PARTNERS
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Tax Exemption for Startup Fundraising through Venture Capital
March 2022
The Cabinet has approved tax measures to promote fundraising in Startups by providing certain tax benefits for investment, both directly and indirectly through Venture Capital, in Thai Startups that engage in certain industries. As a result of this measure, it is expected that there will be an increase in investment in (i) Thai Startups for approximately Baht 320 billion and (ii) an employment rate by 2066 as well as strengthen our economic growth.
Amendment of Listing Requirements under the Market Capitalisation Test
June 2021
With effect from 19 May 2021, the Stock Exchange of Thailand (the “SET”) has amended the listing criteria in respect of the market capitalisation test with an aim to provide companies in the targeted industries according to the government’s policy under the national strategy an access to funding from Thai capital market through its listing on the SET.
PDPA Second Postponement
May 2021
Following the approval of the Cabinet on 5 May 2021, the Royal Decree on Entities and Businesses of Data Controllers that are Exempted from the Personal Data Protection Act B.E. 2562 (2019) (No. 2) B.E. 2564 (2021) was published in the Royal Gazette on 8 May 2021 to defer the full enforcement of the Personal Data Protection Act B.E. 2562 (A.D. 2019) (the “PDPA”) for another year. Accordingly, the date of full implementation of the PDPA has been delayed for a second time to 1 June 2022.
New Criteria on Interest Rates under the CCC
March 2021
On 9 March 2021, the Cabinet approved a Draft Amendment to the Thai Civil and Commercial Code (the “Draft Amendment”) which proposes changes in (i) an interest rate or default interest rate under the Thai Civil and Commercial Code where it is not expressedly determined in an agreement or in the laws and (ii) the method for default interest calculation.
VAT on Foreign e-service
March 2021
With effect from 1 September 2021, Thailand will impose value-added tax (“VAT”) liability on foreign digital service providers with an aim to level the playing field between domestic and foreign online operators. Key takeaways from this notable change can be summarized as follows:
BOI Package for 2021
January 2021
The Thailand Board of Investment (the “BOI”) has approved a series of measures with an aim to
stimulate national economy in 2021, especially in respect of the target industries and the
adoption of digital technologies. Key details of the approved scheme are set out below.