Latest Law update at September 2024
Notification of the Revenue Department on the Preparation of Balance Sheets, Working Accounts, and Profit and Loss Accounts in accordance with the Revenue Code., Make a carbon tax to get the green economy trend., IEAT sees record land sales
New Law Update
Topic 1. Latest Law Update
| No. | Issuing Authority | Subject | Announcement date | Effective date |
|---|---|---|---|---|
| 1 | Ministry of Finance | Notification of ministry of finance regarding the Appointment of Officers (No. 78) on the Appointment of Assessment Officers according to the Revenue Code. | 31 Jul 2024 | 31 Jul 2024 |
| 2 | Ministry of Finance | Notification of Director General of Revenue department on the List of Approved Researchers and Developers of Technology and Innovation (No. 298) | 21 Aug 2024 | For Researchers No.712 1 Jan 2024 No.764 19 May 2023 |
| 3 | Ministry of Finance | Notification of the Revenue Department on the Preparation of Balance Sheets, Working Accounts, and Profit and Loss Accounts in accordance with the Revenue Code. | 23 Aug 2024 | 1 Jan 2024 |
| 4 | Ministry of Finance | Notification of the Revenue Department regarding Income Tax (No. 69) on the Designation of Internal Welfare Funds within Government Agencies | 21 Aug 2024 | 16 Aug 2023 |
| 5 | Ministry of Finance | Notification of the Director-General of the Revenue Department Regarding the List of Recipients for Research and Development of Technology and Innovation (Issue No. 299) – Addition of Research Recipients:(765) Research and Development Division, Industry Development Foundation, Plastic Institute, Branch 9 and (766) Product Development and Supply Chain Unit, Sekisui-SCG Industry Co., Ltd. | 9 Sep 2024 | From Assessable income for Year 2024 or VAT for Aug 2024 |
| 6 | Ministry of Finance | Notification of the Revenue Department on Income Tax (Issue No. 70) Regarding the Establishment of Welfare Funds within Government Agencies as Set Forth by the Prime Minister’s Office Regulation on Welfare in Government Agencies under the Royal Decree on Tax Exemptions (Issue No. 424) B.E. 2547 and Announcement by the Director-General of the Revenue Department on Income Tax (Issue No. 134) Regarding the Criteria, Methods, and Conditions for Tax Exemption on Donations to Welfare Funds within Government Agencies, dated November 23, B.E. 2547. | 6 Sep 2024 | 19 Feb 2017 |
| 7 | Board of Investment (BOI) | Notification of the Board of Investment No. 12/2567 regarding Amendment of measures to improve efficiency in the use of renewable energy by installing a solar power generation system according to the Board of Investment Announcement No. 15/2022 | 3 Sep 2024 | For applicant who submit on 1-Nov 2024 onwards |
| 8 | Board of Investment (BOI) | Notification of the Board of Investment No. 13/2567 regarding Measures to promote joint ventures between Thai and foreign companies in the automotive parts manufacturing business | 3 Sep 2024 | 3 Sep 2024 |
| 9 | Board of Investment (BOI) | Notification of the Board of Investment No. 14/2567 regarding Measures to promote air transport business | 3 Sep 2024 | For applicant who submit on 3-Sep 2024 onwards |
| 10 | Ministry of Interior | Notifications of The Ministry of the Interior regarding The determination of characteristics and properties of materials and products used in the construction of buildings of the controlled type | 30 Aug 2024 | 31 Aug 2024 |
| 11 | Ministry of Interior | Notifications of The Ministry of the Interior regarding The determination of building foundations and the ground that supports buildings | 30 Aug 2024 | 31 Aug 2024 |
| 12 | Land Transportation Department | Notifications of Land Transportation Department regardingThe determination of the type of driving license according to the Motor Vehicle Act (No. 2) B.E. 2567 | 4 Sep 2024 | 7 Aug 2024 |
| 13 | Custom Department | Notification of Custom Department regarding Customs Authorities’ Agreement on Mutual Recognition for the AEO (Authorized Economic Operator) Standard Program (Issue No. 6). | 15 Aug 2024 | 7 Aug 2024 |
Interesting News
1. Notification of the Revenue Department on the Preparation of Balance Sheets, Working Accounts, and Profit and Loss Accounts in accordance with the Revenue Code.
Due to the Department of Business Development’s issuance of a notification specifying the required items in financial statements, there has been an inconsistency with the accounting records that must be prepared according to the Revenue Code. As a result, juristic persons must adjust to comply with the new law, especially in terms of preparing a “balance sheet” and “income statement” to ensure that financial reporting is accurate and in accordance with the law. The specific requirements are as follows:
- The “statement of financial position” in the required financial statements shall be a “balance sheet” as defined in the Revenue Code.
- The “statement of comprehensive income” in the required financial statements shall be a “profit and loss account” as defined in the Revenue Code.
- The “income statement” in the required financial statements shall be a ” profit and loss account” as defined in the Revenue Code.
2. Make a carbon tax to get the green economy trend.
The Excise Department is considering the introduction of a carbon tax to promote sustainability and reduce greenhouse gas emissions. The tax is expected to be implemented within the fiscal year 2025. The carbon tax will start at 200 baht per ton of carbon and will be integrated into the existing excise tax on fuel. For example, diesel fuel, which emits approximately 0.0026 tons of CO2 per liter, would incur a carbon tax of around 0.46 baht per liter. This measure is anticipated to have no direct impact on the public but aims to raise awareness among businesses about environmental conservation and achieving carbon neutrality.
3. IEAT sees record land sales
The Industrial Estate Authority of Thailand (IEAT) is on track to achieve a record high in industrial land sales for the second consecutive year, surpassing 6,000 rai. In fiscal 2024, the authority has already sold 6,174 rai, up from 6,096 rai in fiscal 2023. This growth is driven by government policies promoting investment in electric vehicles (EVs) and other S-curve industries within the Eastern Economic Corridor (EEC). The government’s EV incentives and the 30@30 policy aim to make EVs 30% of vehicle production by 2030. IEAT is optimistic about continued growth in land sales, partly due to geopolitical tensions prompting foreign investors to expand into ASEAN countries like Thailand. The authority manages 68 industrial estates and a deep-sea port, attracting over 17 trillion baht in investments and creating more than 953,000 jobs.