The Finance Ministry is preparing a global minimum tax bill for Cabinet approval within the next two weeks, seeking to boost the Revenue Department’s annual earnings by up to 20 billion baht from multinational enterprises.
The bill, which aligns with Thailand’s commitment to the Organization for Economic Cooperation and Development (OECD) agreement, is designed to prevent multinational companies from shifting profits to countries with lower tax rates. The OECD’s global minimum tax concept requires member countries to set a corporate income tax rate of at least 15%. This measure is intended to deter countries from offering lower taxes to attract investments.
Deputy Finance Minister Julapun Amornvivat has assured that the bill will be enforced by 2025 as originally agreed upon, with its enactment and relevant legislative amendments to be completed by the end of this year.
The recent Economic Ministers Council meeting on May 27 discussed the global tax issue, with the Board of Investment expressing concerns about potential delays in the bill’s enactment. However, Julapun reaffirmed that the bill will be enacted and enforced as per the original schedule, ensuring that Thailand meets its commitment to the OECD agreement. (NNT)
