BANGKOK: Thailand plans to implement a 15% world minimal company tax on multinational firms beginning January 2025, its finance minister stated on Friday (Dec 13).
The authorities will urgently challenge a regulation on tax assortment, Pichai Chunhavajira stated on an area tv program.
Pichai’s feedback got here after a Reuters report that the federal government on Wednesday accepted a invoice to gather the worldwide minimal company tax.
Under new guidelines adopted by the Organization for Economic Co-operation and Development (OECD), a minimal tax of 15% might be charged to multinationals with an annual world turnover exceeding 750 million euros ($784.58 million), no matter their location.
Thailand’s company tax is presently set at 20%, however firms receiving incentives from the Investment Council of Thailand can get an exemption of as much as 13 years.
The Vietnamese parliament accepted the minimal world tax price final 12 months.
Indonesia, Southeast Asia’s largest economic system, Malaysia and Singapore have additionally stated they may implement the minimal tax price in 2025.
