Market Entry Guide Thailand
Transcript of Market Entry Guide Thailand
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MARKET ENTRY GUIDETHAILAND
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1 Introduction 3
2 Modes of Setting up a Business in Thailand 6
2.1 Private Limited Company 62.2 Public Limited Company 8
2.3 Branch Office 10
2.4 Representative Office 10
2.5 Regional Operating Headquarters (ROH) 11
2.6 Average Time (in Days) Required for Setting up a Business 13
3 Procedures for Immigration 153.1 General Information 15
3.2 Visa Requirements 16
3.3 Procedures for Work Permits 18
3.4 Average Rent for Office Space in Thailand 19
3.5 Average Living Costs for Expatriates 19
4 Social Security System in Thailand 214.1 Social Security 21
5 Special Economic Zones in Thailand 26
5.1 Introduction 26
5.2 Export Processing Zone 26
5.3 Free Zone 27
6 Opening a Bank Account in Thailand 306.1 Overview of Retail Banking 30
6.2 Procedures for Foreigners to Open Bank Accounts
in Thailand 31
7 Recruitment of Local Staff 33
7.1 Brief Overview of Labour Laws 33
7.2 Major Recruitment Agencies and Websites 34
7.3 Average Salary Range 34
8 Taxation 39
8.1 Taxation in Thailand 39
8.2 Tax Rates 39
8.3 Tax Incentives 42
8.4 Double-Tax Treaty 45
8.5 Repatriation of Profits 46
9 Appendix 47
Appendix I: Useful Links and Addresses 47
10 Disclaimer 51
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1 Introduction
Thailand is one of the largest economies in Southeast Asia with a
total population of approximately 66 million.1The country is con-
sidered an emerging economy and a newly industrialised coun-
try. After the Asian financial crisis in 1997-98, Thailands economy
started to recover in 1999 with a GDP growth of 42 percent. To en-
courage the recovery, the Thai government approached an open-
market policy by inviting foreign investment and pursuing stronggrowth in exports. During the last five years (2007-2011), the av-
erage real growth rate of the countrys GDP was 2,62 percent.2
The majority of Thailands labour force is employed in services (46,1
percent). However, the contribution of agriculture to the countrys
GDP has declined recently. In 2011, agriculture contributed 13,3 per-
cent of the countrys GDP, while industry accounted for 34 percent.
However, employment in the industry sector was estimated to be
less than 15 percent of the total labour force. Tourism accounts for
approximately 6-7 percent of Thailands GDP.3The figure is typically
higher than those of other Asian countries.
Exports of products and services play a major role in Thailandseconomy. Thailand is the worlds largest exporter of rice and a ma-
jor exporter of shrimp. Other major agricultural exports include
coconuts, sugarcane, soybeans, corn and rubber. For the industry and
manufacturing sectors, Thailand has become the worlds leading
manufacturer and exporter of automobiles and automotive parts,
and electrical appliances and components. Thailands major export
partners include the US, Japan, mainland China, Singapore, Hong
Kong and Malaysia. Thailands major import partners include the
Japan, China, the UAE, the US, Malaysia, South Korea.
1Source: Board of Investment, Thailand2Source: Global Finance3Source: CIA - The World FactbookConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Thailand is a member of the World Trade Organization (WTO),
the Cairns Group of agricultural exporters and the Association
of Southeast Asian Nations (ASEAN). Thailand has participatedin a number of free trade agreements (FTAs) with trade partners
around the globe, including ASEAN, China, Australia, New Zea-
land and Japan. In addition, FTA negotiations are currently being
undertaken with the US, the European Union (EU), India and Peru.
Thailand has been among the most successful countries in Asiafor attracting Foreign Direct Investment (FDI). Thailand consist-
ently ranks among the most attractive investment locations in
international surveys, and the World Banks 2012 Ease of Doing
Business report places Thailand as the 17th easiest country in
the world and 2nd country in Southeast Asia) in which to do
business. The countrys strong export performance has been en-hanced by foreign investment that has witnessed major mul-
tinational companies establishing manufacturing operations
for both local and international markets. To stimulate foreign
investment, the Thai government offers various tax and non-tax
benefits for investors through the Investment Promotion Act. In
2010, the inflow of foreign direct investment (FDI) amounted to
EUR 6,9billion (USD 9,67 billion).4Japan was the largest direct
investor, accounting for approximately 34 percent of the total FDI
inflow. Other large investors include Singapore, Taiwan, Malaysia,
the Netherlands, Germany and the US.
Through commercial and export success, Thailand has evolvedinto a regional hub for various industries: automobile, electric
and electronic products, medical services, gems and jewellery,
food and agricultural products, and tourism.
4Source: Trading EconomicsConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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The following report aims to elaborate on the most important
issues pertaining to the administrative, legal and financial as-
pects of setting up businesses and hiring personnel, as well asthe living conditions in Thailand.
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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2 Modes of Setting up a Business in Thailand
This section explains the common investment vehicles avail-
able to foreign investors, the procedures to be followed in order
to establish them and related regulations for each investment
mode.
Table 1 lists the most common modes of setting up businesses
by foreign investors and their governing laws. In addition to
the various modes of businesses listed in the table, a partner-ship is another common mode. However, due to the ownership
restrictions, foreigners are generally not able to operate their
businesses as partnerships in Thailand.
Table 1: Different Modes of Setting up a Business
in Thailand
MODE OF SETTING UPA BUSINESSES
APPLIED LAW
Private limited company The Civil and Commercial Code
Public limited company The Public Limited Company Act
Branch office of a foreigncompany
The Foreign Business Act
Representative office of aforeign company
The Foreign Business Act
Regional operating
headquarters (ROH)
The Civil and Commercial Code
Source: Board of Investment, Thailand
2.1. Private Limited Company5
A private limited company is a company with the following
requirements:
| A minimum of three shareholders are required;5Source: Department of Business Development, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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| The capital is divided into shares with equal par value;
| The par value of each share is not less than EUR 0,10 (THB 5);
| Each shareholder has limited liability (i.e. the unpaid amount
of the shares respectively held by them);
| The company must be registered according to the Civil and
Commercial Code.
A private company may be wholly-owned by foreigners. However,
for the business activities reserved for Thai nationals, foreigner
participation is generally allowed up to a maximum of 49 percent
of the companys shares.
2.1.1 Establishment of a Private Limited Company
The following process is required for setting up a private limited
company in Thailand:
| A minimum of three ordinary persons (called promoters) sign
together to prepare a Memorandum of Association, and submit
it for registration (registration of the Memorandum).
| Once the Memorandum has been registered, the following
activities shall be performed:
Every promoter manages to get all of the companys shares to
be reserved and bought.
Once all shares are reserved, the promoters must, without any
delay, hold a general meeting of subscribers which shall be
called the statutory meeting.
| The meeting agenda shall include the following:
The adoption of the companys regulations, if any.
The ratification of any contracts entered into and any expenses
incurred by the promoters in promoting the company.
The fixing of the amount, if any, to be paid to the promoters.
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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The fixing of the number of preference shares, if any, to be
issued, and the nature and extent of the preferential rights
accruing to them.
The appointment of the first directors and auditors and the
fixing of their respective responsibilities.
| The directors shall ask the promoters and subscribers to pay
the payable amount of the companys shares (at least 25 per-
cent of the shares value).
| Upon receiving the amount of shares, the director must reg-
ister the company within three months from the date of the
meeting to establish the company (registration of the com-
panys establishment).
2.2 Public Limited Company6
A public limited company is a company established for the pur-
pose of offering shares for sale to the public and the shareholders
have the liability limited to the amount paid for their respec-
tive shares. The above purpose must be stated in the companys
Memorandum of Association.According to the Public Limited Company Act, a public limited
company has the following requirements:
| A minimum of 15 shareholders are required;
| Each share has equal value and the payment of the shares
value must be done one time only;| A minimum of five directors are required, with at least half
having their registered address in Thailand.
Subject to compliance with the prospectus, approval and other
requirements, public limited companies registered in Thailand
may offer shares, debentures and warrants to the public andmay apply to have their securities listed on the Stock Exchange
of Thailand (SET).
6Source: Department of Business Development, Thailand
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There is no restriction on transfer of shares for public limited
companies (except to satisfy statutory or policy ceilings on for-
eign ownership).
2.2.1 Establishment of a Public Limited Company
A public limited company can be established through one of the
following methods:
| Registration of the companys establishment
| Transformation of a private limited company into a public lim-
ited company
2.2.1.1 Registration of the Companys Establishment
At least 15 ordinary persons (called promoters) together prepare
and register the Memorandum of Association. Once the registra-
tion is done, the promoters either prepare the prospectus to the
public for buying the companys shares, or once the promoters
reserve to buy the shares as specified in the Memorandum of
Association, they call a meeting for the companys establish-
ment. Afterwards, the promoters must hand over all the affairs
and documents to the elected directors for the registration ofthe companys establishment, which shall be done within three
months from the date of the meeting.
2.2.1.2 Transformation of a Private Limited Company into aPublic Limited Company
A private limited company can be transformed into a publiclimited company once the companys shareholders call for a
meeting for extraordinary resolution according to the Civil and
Commercial Code.
2.3 Branch Office7
A branch office is the same legal entity as its foreign parentcompany. The parent company maintains legal liability for con-
tracts and for tortious acts done. Operations of branch offices
7Source: Board of Investment, Thailand
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are restricted under the provisions of the Foreign Business Act.
2.3.1 Establishment of a Branch Office
To set up a branch office in Thailand, the foreign parent companymust make a special application to the Ministry of Commerce for
a Foreign Business Licence. Such applications must be approved by
the Director-General of the Department of Business Development.
A condition for the approval is that a minimum capital of EUR
100.000 (THB 5 million)8shall be brought into Thailand within four
years from the start-up date of the branch office. The operation
of the branch may be allowed for a period of five years, unless a
shorter period is applied for. If the working capital requirement
is met, an extension of the original duration of the licence may
be granted.
2.4 Representative Office9
In terms of its legal structure, ownership and minimum capital
requirement, a representative office is basically the same as a
branch office. However, a representative office is not permitted
to earn any income. The scope of the activities of a representative
office is limited to the following approved activities:
| Identifying sources of purchase of goods or services in Thailand
for the parent company
| Verifying and controlling the quality and quantity of goods pur-
chased by the parent company for manufacturing in Thailand
| Providing advices concerning goods of the parent company
sold to distributors or consumers in Thailand
8Source: Thailand Law9Source: Board of Investment, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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| Distributing information concerning new goods or services of
the parent company
| Reporting movements of business in Thailand to the parent
company
Similar to branch offices, a special application for a Foreign Busi-
ness Licence must be made by the parent company in order to
operate a representative office in Thailand. There are three types
of licensing for representative offices:
| Finance, security and credit financier offices
| Foreign bank offices
| International business offices
2.5 Regional Operating Headquarters (ROH)10
A regional operating headquarters (ROH) is considered as thesame legal structure as a private limited company. However, it is
qualified for specific tax benefits. An ROH provides managerial,
administrative and technical services as well as other supporting
services to its associated companies or its branches. Supporting
services include the following:
| General administration, business planning and coordination
| Procurement of raw materials and components
| Marketing and sales promotion planning
| Research and development (R&D)
| Technical support
| Training and personnel management
| Corporate financial advisory services
| Economic or investment research and analysis
| Credit control and administration
| Any other services designated by the Director-General of theRevenue Department
10Source: Revenue Department, Thailand
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2.5.1 Requirements of Regional Operating Headquarters
for Tax Privileges
To be eligible for tax privileges, an ROH must meet the following
requirements:
| It has at least EUR 236.000 (THB 10 million) of paid-up capital
on the closing date of any accounting period
| It provides services to its associated companies or branches in
at least three other countries (excluding Thailand)
| At least 50 percent of its income must be earned from per-
mitted services provided to its overseas associated companies
or branches. The requirement is reduced to one-third of the
income for the first three years
2.5.2 Tax Privileges for Regional Operating Headquarters
A qualified ROH is eligible for the following tax privileges:
| Corporate income tax at the rate of 10 percent of net profit
for income generated from services provided to its branches
or associated companies
| Corporate income tax at the rate of 10 percent of net profit for
royalties received from its branches or associated companies
for R&D done in Thailand
| Corporate income tax at the rate of 10 percent of net profit and
interest derived from its branches or associated companies
for loans made by the ROH and extended to its branches orassociated companies
| Tax exemption for dividends received from its associated
companies
| Tax exemption for dividends paid to its shareholders not car-
rying on business in Thailand
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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2.6 Average Time (in Days) Required
for Setting up a Business
In order to start a business, a certain number of legal and bureau-
cratic hurdles have to be overcome by companies/entrepreneurs.
Registration is typically critical for accessing a range of market
infrastructure including finance, physical infrastructure (electric-
ity and water) and contract enforcement.
Table 2 lists data released by the World Bank related to startinga business in Thailand.
Table 2: Starting a Business in Thailand
DATA RELATED TO STARTING A BUSINESS YEAR 2011
Rank 97th (in the world)
Procedures (number) 5
Duration 29 days
Cost (GNI per capita) 6.2%
Paid in Minimum Capital (GNI per capita) 0.0%
Source: Doing Business
According to a World Bank report, the average time taken to start
a business in Thailand is high in comparison to OECD nations,
Mexico and Korea. Figure 1 illustrates the obstacles inherent in
starting business ventures in various countries.
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Figure 1: Obstacles to Starting Businesses in VariousCountries (JUNE 2011)
Source: Doing Business
Note: OECD = Organisation for Economic Co-operation and Development
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
Time Required for Starting a Business
Time (days)
OECD
Mexico
Korea
China
Thailand
India
Russian Fed
0 10 20 30 40
procedures Essential for Starting a Business
Number of Procedures
OECD
Mexico
Korea
China
Thailand
India
Russian Fed
0 5 10 15
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3 Procedures for Immigration
3.1 General Information11
Unless otherwise exempted, a foreigner wishing to enter Thai-
land must obtain a proper visa from either a Royal Thai Embassy
or a Royal Thai Consulate-General prior to arrival in Thailand.
However, there are certain exemptions if a person meets one of
the requirements below:
| Nationals of countries which are exempted from visa require-
ments when entering Thailand for tourism purposes:
Such nationals holding legitimate passports are permitted to
reside in Thailand for a period not exceeding 30 days on each
visit. Luxembourg is one of the countries in this category.
| Nationals of countries which hold bilateral agreements with
Thailand on the exemption of visa requirements:
Luxembourg is listed as a country which has an agreement on
the exemption of visa requirements for holders of diplomatic
or official or service/special passports with Thailand. Nationals
of Luxembourg with relevant passports are permitted to stayin Thailand for a period not exceeding 90 days on each visit.
11 Source: Ministry of Foreign Affairs, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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3.2 Visa Requirements
Table 3 lists the various types of visas issued by the Thai
government.
Table 3:Visas Issued by the Thai Government
TYPE OF VISA VALIDITY OF VISA
Transit visa 3 months
Tourist visa 3 months or 6 months
Non-Immigrant visa 3 months (single entry) or 1 year
(multiple entry)
Diplomatic visa / Official visa During mission
Courtesy visa During mission
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Sources: Ministry of Foreign Affairs, Thailand
PURPOSE OF VISIT
Travelling through Thailand to proceed to a third country
(category TS)Participating in sports events for a duration of no more than one
month (category S)Crew of conveyance entering a port or area in Thailand (category C)
Visiting Thailand for tourism purposes (category TR)
Official duties (Category F)
Work or doing business (Category B)Investment with the consent from the concerning Thai ministriesand government agencies (Category IM)Investment or related activities subject to the provision of the
laws on investment promotion (Category IB)Studying; attending a study trip, seminar, conference or training
course; or studying as a foreign Buddhist monk (Category ED)Work as a film producer, journalist or reporter (Category M)Missionary work or other religious activities with consent from
the Department of Religious Affairs, Ministry of Education(Category R)Conducting scientific research, training or teaching in a research
institute (Category RS)Work as an expert or specialist (Category EX)Other purposes as follows (Category O): staying with family;
performing duties for the state enterprise or social welfareorganisation; staying after retirement for the elderly; receiving
medical treatment, undertaking sports coach duties as requiredby the Thai Government; and being a contestant or a witness in a
judicial process.
For holders (and family members) of diplomatic or officialpassports who perform duties at the diplomatic mission,consulate or international organisation in Thailand
For holders of diplomatic, official or ordinary passports who enterThailand on official duty or other purposes
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3.2.1 Documents Required for Visa Applications
The requirements of documents to be provided by foreign citizens
at the time of visa application vary depending on the types of
visa. The following documents are required for all types of visa:
| Passport or travel document valid for not less than six months
| A completed visa application form
| Two recent photographs of size 4cm x 6cm
| Visa application fee
| Other supporting documents as required for the purpose of
visiting Thailand
3.3 Procedures for Work Permits
According to the Alien Working Act B.E. 2551 (2008), foreigners ofthe following three categories are qualified to apply for a work
permit to work in Thailand:12
| Foreigners who reside in Thailand or are allowed to stay tem-
porarily in Thailand, but are not tourists or transit travellers;
| Foreigners who are allowed to work in Thailand according to
the investment promotion laws or other laws;
| Foreigners who have been deported but are allowed to work
in certain locations in replacement of deportation or while
awaiting deportation; foreigners who have illegally entered
Thailand or are awaiting forced transfers out of Thailand; and
foreigners who were born in Thailand but are not granted Thainationality or were denaturalised.
Prior to applying for a work permit, foreign nationals wishing to
work in Thailand must obtain a non-immigrant visa (category B).
The visa can be applied either before or after arrival in Thailand.
The work permit application can be done by either the foreigner
or the employer of the foreigner.13
12Source: Ministry of Labour and Welfare, Thailand13Source: Ministry of Labour and Welfare, Thailand
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3.3.1 Documents Required for the Application
of a Work Permit14
The following documents are required from the applicant at thetime of applying for a work permit:
| A copy of the identification page of applicants passport
| A non-immigrant visa
| A copy of the passport page with the entry stamp
| A copy of the applicants degree, resume or transcript
| A medical certificate mentioning that the applicants health
condition is suitable for work
| Two recent photographs of size 4cm x 6cm
| Work permit application fee
Additionally, the employer of the applicant is required to provide
tax and legal documents concerning the nature of its business
and employees.
3.4 Average Rent for Office Space in Thailand
The average office rental expense in Bangkok is much higherthan in other cities in Thailand. According to reports by CB Ri-
chard Ellis, in Q2 2012, the average rent for Grade A CBD15office
space was approximately EUR 17,3 (THB 734) per square metre
per month.16
3.5 Average Living Costs for Expatriates
Thailand is famous as a personal low-cost environment. Food,
clothing, public transport, etc. in Thailand are cheaper than in
developed countries. Some examples of the cost of living in
Bangkok are listed below:17
14
Source: Business-in-Asia.com15Central business district16Source: CB Richard Ellis, Thailand17Source: NumbeoConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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| A meal in an inexpensive restaurant costs approximately EUR 1,52
| A bottle (0,33 litres) of Coca Cola costs approximately EUR 0,39
| Taxi fares for a 5-kilometre trip within the city centre in Bang-
kok cost about EUR 0,65
| Metro fares in Bangkok range from EUR 0,4 to EUR 0,9 (THB
15 to THB 40)
| Rentals for serviced apartments within the city centre in Bang-
kok range from EUR 249,03 to EUR 747,09 per month
The cost of living in Thailand varies depending on the region in
the country. The cost is higher in major cities or provinces such as
Bangkok and Phuket, while the cost is lower in smaller provinces.
Compared with major cities in Southeast Asia, Bangkok is less ex-
pensive than cities such as Singapore, Kuala Lumpur, Hanoi and HoChi Minh. According to Mercers Cost of Living Survey Worldwide
Rankings 2012, Bangkok ranked 81stmost expensive city.18
18Source: Mercers Cost of Living Survey 2009Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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4. Social Security System in Thailand
The Thai Social Security Act requires employers and employees
to participate in the social security system. All employers must
register their employees in the system. All employees that meet
certain criteria are insured.
4.1 Social Security
The social security system in Thailand comprises two funds: So-
cial Security Fund and Workmens Compensation Fund. The Social
Security Office, Ministry of Labour and Social Welfare, is the legal
authority for both funds. The main focus areas of Thais social
security system include medical, maternity insurance, accident
and work-related injury, disability, old age, unemployment, as-
sistance for family, and death.
Employers and employees are required to regularly contribute
a certain amount to the funds. Employers must withhold social
security contributions from the monthly wages of employees,
and are also required to contribute the same amount as the
contributions of their employees. The contributions must be
remitted to the Social Security Office within the 15thday of the
following month.
4.1.1 Social Security Fund
4.1.1.1 Old Age Benefit19
The conditions for applicants to be eligible for the old age pen-
sion benefit include the following:
| The applicant has made contributions for not less than 180
months (consecutively or inconsecutively)
| The applicant has reached 55 years of age
| The applicants status of being insured has been terminated19Source: Social Security ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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The old age pension benefit is listed below:
|An insured person who has made contributions for not less
than 180 months is entitled to the old age pension benefit on
a monthly basis at the rate of 15 percent of the average wage of
the last 60 months used as a basis for calculation of the contri-
bution before the termination of the status of being insured.
| In the case of making contributions for over 180 months, the
rate of old age pension benefit shall be increased at the rateof 1,5 percent per every 12 months of the period of making
contributions exceeding 180 months.
4.1.1.2 Unemployment Benefit20
The conditions for the applicants to be eligible for unemploy-
ment benefit are listed below:| The applicant must register at the State Unemployment Office
within 30 days of being unemployed
| The applicant is capable of undertaking work and is ready to
take on any suitable job as offered
| The applicant must not reject the job training| The applicant must not be entitled to old age benefit
The unemployment benefit is listed below:
| In case of termination of employment, the insured person is
entitled to the unemployment benefit for a maximum of 180
days per year at the rate of 50 percent of the wage calculatedfrom the contributions made but not more than EUR 5,9 (THB
250) per day.
| In the case of resignation, the insured person is entitled to the
unemployment benefit for a maximum of 90 days per year at
the rate of 30 percent of the wage calculated from the contri-
butions made but not more than EUR 5,9 (THB 250) per day.
20Source: Social Security Office, Thailand
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4.1.1.3 Child Allowance Benefit21
The conditions for applicants to be eligible for the child allow-
ance benefit are listed below:
|The applicant has made contributions of not less than 12
months within a period of the last 36 months prior to the
month in which the applicant is entitled to the benefit.
| The child allowance benefit is eligible for legitimate children
aged not more than six years old, and is limited to not more
than two children for an applicant.
The child allowance benefit is paid on a lump sum basis at the
rate of EUR 8,3 (THB 350) per month per child.
4.1.1.4 Death Benefit22
The applicant for the death benefit must have made contributions
for not less than 1 month within a period of the last 6 months.
The death benefit (payable to the legal beneficiary) includes the
following:
| The insured person is entitled to a funeral grant of EUR 944
(THB 40.000).
|The insured person who has made contributions for over 3
years but less than 10 years is entitled to assistance benefit at
the value of the average wage of 1,5 months.
| The insured person who has made contributions for over 10 years
is entitled to assistance benefit at the value of the average wage
of five months.
21Source: Social Security, Thailand22Source: Social Security, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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4.1.1.5 Medical Benefit23
Expenses for medical examination and treatment, hospitalisa-
tion, medicines, rehabilitation, ambulance fees, and other neces-
sary expenses are provided. The insured person must register
with a selected hospital in the Social Security Programme. Bene-
fits are provided by the hospital the insured person is registered
with. Medical treatment outside this hospital can be sought in
cases of emergency and accident only, in which case costs arereimbursed. Additional benefits are as follows:
| The insured person is entitled to a compensation benefit for
loss of income at the value of half of the current wage based
on the actual number of days of leave, but not exceeding 90
days per period, and not exceeding 180 days in a year.
| In case of a chronic illness, the insured person is entitled to
a compensation benefit for loss of income for a period not
exceeding 365 days.
4.1.1.6 Disability Benefit24
The applicant for disability benefits must have made contribu-tions for not less than 3 months within a period of 15 months
prior to the date of being declared a disabled person.
The disability benefit includes the following:
| The medical treatment cost is reimbursed as actual, but not
more than 283,2 (THB 12.000) per month.
| The compensation benefit for loss of income of 50 percent of
the monthly wage is paid until death. The costs of artificial
organs, equipment and therapeutic equipment are also paid.
23Source: Social Security, Thailand24Source: Social Security, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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4.1.1.7 Childbirth Benefit25
The applicant for childbirth benefits must have made contribu-
tions for at least 7 months within a period of 15 months prior to
the expected date of childbirth. Maternity benefits are paid for
two child births only.
The childbirth benefits include a childbirth grant paid on a lump
sum basis of EUR 283,2 (THB 12.000) per birth.
4.1.2 Workmens Compensation Fund26
Workmens Compensation Fund is for covering the compensation
paid to employees in the following cases:
| Sustaining injury or illness
The compensation covers the expenses of medical treatment,
but not exceeding EUR 1.062 (THB 45.000)
| Disability resulting from undertaking work
The monthly compensation is at the rate of 60 percent of the
monthly wage according to the type of disability, but not ex-
ceeding 15 years.
| Death or disappearance from work
The compensation for funeral grant is 100 times the highest rate
of the daily minimum wage.
The monthly compensation is at the rate of 60 percent of the
monthly wage for a period of 8 years (payable to the legal
beneficiary).
25Source: Social Security, Thailand26Source: Social Security, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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5 Special Economic Zones in Thailand
5.1 Introduction
There are two types of Special Economic Zones (SEZs) in Thailand:
Export Processing Zones (EPZs) and Free Zones (FZs). The govern-
ment has implemented various tax privileges in EPZ and FZ to
promote international trade in the country.
5.2 Export Processing Zone27
An Export Processing Zone (EPZ) is an area designated for industrial
operations, trading activities, services or other operations beneficial
to or concerning industrial operations for the purpose of exporting
products. Generally, EPZs are located in industrial estates. Companies
in EPZs are granted tax and non-tax privileges offered by the Industrial
Estate Authority of Thailand. Currently, there are 9 EPZs in Thailand.
Table 4: Export Processing Zones in Thailand
EXPORT PROCESSING ZONE LOCATION
Lard Krabang Industrial Estate Bangkok
Bangpoo Industrial Estate Samut Prakan
Bangpa-In Industrial Estate Ayutthaya
Baan Wa Hi-Tech IndustrialEstate
Ayutthaya
Plang Yaow Industrial Estate Gate Way City, Chachoengsao
Bo-Win Industrial Estate Chonburi
Laem Chabang Industrial Estate Chonburi
Northern Region Industrial Estate Lamphun
Southern Region Industrial Estate Chalung, Songkhla
Source: Customs Department, Thailand
27Source: Customs Department, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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5.2.1 Benefits for Companies in Export Processing Zones
The Industrial Estate Authority of Thailand offers various benefits
for companies in EPZs, as listed below:
| Exemption from special surcharges and import/internal tax-
es and duties
Machinery, equipment, tools and supplies including parts
transported into the EPZ for the purpose of manufacturing
goods, and constructing or assembling a factory or a build-
ing in the EPZ are not subject to special surcharges under the
Investment Promotion Act, import duty, excise tax and value-
added tax (VAT).
| Exemption from export duty, excise tax and value-added tax
Imported products, and products and by-products generatedfrom a manufacturing process in the EPZ are not subject to
export duty, excise tax and VAT, provided that the products
are exported to other countries.
| Zero tax rate for VAT
The following situations are applicable for the VAT rate ofzero percent:
- Sales of products or services among companies in either the
same or different EPZs
- Sales of products or services between companies in EPZs
and bonded warehouses- Domestic products transported into EPZs
5.3 Free Zone28
A Free Zone (FZ) is a designated area for industrial or commercial
operations or any other operations involving economic growth and
development. The Free Zone Programme has been implemented to28Source: Customs Department, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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promote competitiveness by encouraging companies to maintain
and expand their operations in Thailand. Foreign and local goods
transported into FZs are eligible for tax and duty privileges.
5.3.1 Benefits for Companies in Free Zones
The government offers a package of tax and non-tax benefits
for companies in FZs as listed below:
| Exemption from import and internal taxes and duties
Imported goods transported into or manufactured in the
FZ for industrial or commercial operations or any other op-
erations concerning economic growth and development are
not subject to import taxes and duties. The goods include:
- Machinery, equipment and parts
- Foreign products
- Products transferred from other FZs
| Exemption from export duties on re-exports
Foreign goods, transported into the FZ, that are re-exported to
other countries are not subject to any customs taxes or duties.
| Exemption from standard/quality control requirements
Products and local raw materials transported into the FZ
for manufacturing, assembling, packaging or any other op-
erations are exempted from any standard/quality control re-
quirements or any other similar requirements, provided that
the end-products are re-exported to other countries.
5.3.2 Establishment of a Free Zone
Free Zones are typically private manufacturing sites approved
by the Customs Department. State-owned companies or limited
companies may apply for a grant of authority to establish a Free
Zone. The main objective of setting up a Free Zone must not be
only for benefit of any particular user of the zone. The licensee
of the Free Zone must provide necessary utilities, facilities and
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services. In addition, the licensee must provide an appropriate
office and residence for Customs officers. Residential areas are
not permitted in Free Zones.
Users of a Free Zone are entities using the zone under an agree-
ment with the licensee of the Free Zone. The Free Zone users
must receive approval from the licensee and the Customs De-
partment to undertake permitted activities in the zone.
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6 Opening a Bank Account in Thailand
6.1 Overview of Retail BankingThe Thai banking industry is primarily made up of major Thai
banks, including Bangkok Bank, Kasikorn Bank and Siam Com-
mercial Bank. The industry is regulated by the Bank of Thailand.
The Thai banking sector witnessed a net profit of EUR 3,4 billion
(THB 144,1 billion) in 2011.29
Commercial banks in Thailand include local commercial banks,
local retail banks, subsidiaries and branches of foreign banks. By
September 2012, there were 6339 bank branches established in
Thailand, including 15 branches of foreign banks which are all
located in Bangkok.
Table 5:Commercial Bank Categories in Thailand
CATEGORY NUMBER OFBANKS
NUMBER OFBRANCHES
Thai commercial banks 14 5,626
Thai retail banks 1 29
Subsidiaries of foreign banks 1 3
Branches of foreign banks 15 (as ofAugust 2012)
15 (as ofAugust 2012)
Source: Bank of Thailand
29Source: Bank of ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Table 6:Major Commercial Banks in Thailand
BANK TOTAL ASSETS AT THE END OF 2008(IN EUR MILLION)
Bangkok Bank 34,908.6
Krung Thai Bank 27,740.0
Kasikorn Bank 27,362.2
Siam CommercialBank
25,798.4
Bank of Ayudhya 15,562.8
TMB Bank 12,553.0
Siam City Bank 8,672.5
Thanachart Bank 7,706.1
Source: Bank of Thailand
6.2 Procedures for Foreigners
to Open Bank Accounts In Thailand
6.2.1 Procedures to Open Company Bank Accounts30
Generally, any type of juristic persons, including limited com-
panies, branch offices and representative offices, are permitted
to open bank accounts. The following documents are generally
required for opening a company bank account:
| Passports and work permits of the authorised persons| Memorandum of Association of the company
| Commercial registration of the company
| Signature specimens of the authorised persons
| Minimum deposit (depending on the types of account and banks)
30Source: Kasikorn BankConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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6.2.2 Procedures to Open Personal Bank Accounts31
Foreigners who are working in Thailand can open personal bank
accounts at any commercial bank. The following documents are
generally required for opening a personal bank account:
| Passport and work permit of the applicant
| Minimum deposit (depending on the type of account and bank)
31Source: Bangkok BankConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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7 Recruitment of Local Staff
Various recruitment channels in Thailand include campus re-
cruitment, media advertisements (newspapers, magazines, TV
and broadcasting), Internet recruiting, on-site recruiting, inter-
nal references and head-hunting agencies. Additionally, there
are public recruitment events and job fairs organised by either
government organisations or the private sector.
7.1 Brief Overview of Labour Laws
Thailands labour laws are developed and regulated by the Min-
istry of Labour and Welfare. Employment legislation has a direct
bearing on labour practices for each type of business. The main
laws covering Thai labour laws are:32
| Labour Relations Act B.E. 2518 (1975)
| Labour Protection Act B.E. 2541 (1998)
7.1.1 Labour Relations Act B.E. 2518 (1975)
The Labour Relations Act concerns the labour relations enhance-
ment system and procedures between employers and employ-
ees, such as procedures for submission of demand for modi-
fication to the conditions of employment and procedures for
settling labour disputes. In addition, the law controls employer
and employee rights to establish labour associations and labour
unions for acquiring and protecting their interests relating to
the conditions of employment. The law aims at creating a goodunderstanding and successful reconciliation between employ-
ers and employees.
7.1.2 Labour Protection Act B.E. 2541 (1998)
The Labour Protection Act concerns the rights and duties of
employers and employees. It primarily establishes minimum32Source: Ministry of Labour and Welfare, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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standard practices in general labour force utilisation, women
and children labour utilisation, severance and remuneration. In
addition, the law prescribes the interventions by governmentofficials in providing protection to ensure fairness and sound
occupational health for the maximum benefit of both employers
and employees.
7.2 Major Recruitment Agencies and Websites
Table 7 lists the major recruitment agencies in Thailand and
their websites.
Table 7:Major Recruitment Agencies and Websites
TOP THREE INTERNET RECRUITMENTAGENCIES
WEBSITES
SiamHRM www.siamhrm.com
Jobbkk.com www.jobbkk.com
Jobth.com www.jobth.com
Leading head-huntING Agencies websites
Kelly Services www.kellyservices.co.th
Adecco www.adecco.co.th
Sources: Internet Innovation Research Centre
7.3 Average Salary Range
The median salary ranges (per year) by job, employer type, industry,
city and degree in Thailand as on 1 October 2012, as per PayScale,
are presented in tables 8 to 12 below:
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Table 8:Median Salary by Job in Thailand as of 1 october 2012
JOB MEDIAN SALARY (IN EUR)
Project Manager, IT 27.530
General Manager, Hotel 29.519
IT Manager 19.241
Managing Director NA
Software Engineer/Developer/Programmer
NA
Country Manager, General Operations NA
IT Consultant NA
Source: PayScale, 2012
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Table 9:Median Salary by Employer Type in Thailand as of
1 october 2012
EMPLOYER TYPE MEDIAN SALARY (IN EUR)
Company 17.494
Private Practice/Firm 14.406
Non-Profit Organisation 16.391
School/School District 14.834
College/University 11.147
Other Organisation 14.840
Hospital 13.914
Government - State & Local 16.680
Self-Employed 15.576
Government - Federal 22.326
Contract 22.656
Foundation/Trust 14.160
Franchise 9.912
Team 11.328
Source: PayScale, 2012
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Table 10:Median Salary by Industry in Thailand as of
1 october 2012
INDUSTRY MEDIAN SALARY (IN EUR)
IT Services 17.147
Hotel 15.576
Hotel and Hospitality Management 20.216
Banking 19.134
Software Development NA
IT Consulting 13.914
Financial Services NA
Source: PayScale, 2012
Table 11: Median Salary by Company Size in Thailand as of
1 october 2012
COMPANY SIZE MEDIAN SALARY (IN EUR)
1-9 12.141
10-49 14.083
50-199 19.094
200-599 18.983
600-1,999 22.828
2,000-4,999 27.903
5,000-19,999 24.236
20,000-49,999 28.320
50,000+ 32.614
Source: PayScale, 2012
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Table 12:Median Salary by Degree/Major Subject
in Thailand as of 1 october 2012
DEGREE / MAJOR SUBJECT MEDIAN SALARY (IN EUR)
Master of Business Administration(MBA)
9.202- 96.878
Master of Science (MS/MSc) 8.810- 11.525
Bachelor of Business Administration(BBA) NA
Bachelor of Science (BS/BSc),Computer Science
NA
Masters Degree NA
Bachelor of Engineering (BE/BEng) 8.554- 33.394
Bachelor of Arts (BA/AB) 5.940- 30.373
Sources: PayScale, 2012
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8 Taxation
8.1 Taxation in Thailand
In Thailand, taxes are imposed at both national and local lev-
els. The central government is the main taxing authority. The
principal taxes levied by the central government include direct
taxes (such as personal income tax, corporate income tax and
petroleum income tax), and indirect income taxes (such as value-
added tax, specific business tax, customs duties, excise tax andstamp duties).
The principal tax law in Thailand is the Revenue Code, which
governs personal and corporate income taxes, value-added tax,
specific business tax, and stamp duties. The Revenue Depart-
ment Ministry of Finance is the main authority responsiblefor the tax administration. In addition, the Customs Depart-
ment Ministry of Finance regulate customs duties; and the
Excise Department Ministry of Finance, is responsible for the
administration of excise tax.
8.2 Tax Rates8.2.1 Corporate Income Tax33
All juristic companies and partnerships established under Thai
or foreign law which carry on business in Thailand are subject
to corporate income tax. A Thai company is subject to tax on
worldwide income, while a foreign company is subject to tax
on income generated in Thailand.
Tax is generally levied at the rate of 30 percent of net profit. How-
ever,there are specific tax rates for certain types of taxpayers.
33Source: Revenue Department, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Table 13: Corporate Income Tax Rates in Thailand
TAXPAYER TAX BASE TAX RATE
Thai and foreign companiesnot listed in Stock Exchangeof Thailand (SET)
Net profit 30%
Small companies with paid-up capital less than EUR118.000 at the end of each
accounting period
Net profit notexceeding EUR 23.600
15%
Net profit over EUR23.600 but notexceeding EUR 70.800
25%
Net profit exceeding30% EUR 70.800
30%
Companies listed in Stock
Exchange of Thailand (SET)
Net profit for the first
EUR 7,08 million
25%
Net profit for the 30%amount exceedingEUR 7,08 million
30%
Foreign companiesengaging in international
transportation
Gross receipts 3%
Foreign companies notcarrying on business inThailand but receivingdividends from Thailand
Gross receipts 10%
Foreign companies notcarrying on business inThailand but receivingother types of incomebesides dividend fromThailand
Gross receipts 15%
Foreign companiesdisposing profit out ofThailand
Amount disposed 10%
Source: The Revenue Department, Thailand
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8.2.2 Withholding Tax34
Foreign companies that do not carry on business in Thailand are sub-
ject to withholding tax on certain categories of income generatedin Thailand. The withholding tax rates applied to foreign companies
may be further reduced or exempted under tax treaties.
Table 14:Withholding Tax Rates in Thailand
CATEGORY TAX RATE
Rate on Dividends 10% of dividends paid to Thai and foreigncompanies
Rate on Interest 1% of interest paid by financial institutions(banks and finance companies) toThai companies that are not financialinstitutions
15% of interest paid to foreign companies
Rate on Royalties 3% of royalties paid to Thai companies andpartnerships
15% of royalties paid to foreign companies
Others 15% of capital gains, service fees,professional fees and rents paid to foreign
companies 3% of service fees and professional feespaid to Thai companies or permanentbranch offices of foreign companies
5% of service fees and professional feespaid to non-permanent branch offices offoreign companies
Source: The Revenue Department, Thailand
8.2.3 Personal Income Tax35
Taxable income (net assessable income) of an individual is derived
after all expenses and allowances have been deducted from the as-
sessable income. Taxable income shall be subject to tax at progressive
rates ranging from 10 percent to 37 percent, with an exemption on
the first EUR 3.540 of net assessable income.
34Source: Revenue Department, Thailand35Source: Revenue Department, Thailand
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Table 15: Personal Income Tax Rates in Thailand
TAXABLEINCOME (EUR)
MARGINALTAXABLE
INCOME (EUR)
TAX RATE MAXIMUMACCUMULATED
TAX (EUR)
0 3.540 3.540 Exempt 0
3.540 11.800 8.260 10% 826
11.800 23.600 11.800 12% 4720
23.600 94.400 70.800 30% 21.240
94.400 andover NA 37% NA
Source: The Revenue Department, Thailand
8.2.4 Value-added Tax36
Value-added tax (VAT) is an indirect tax collected upon consump-
tion, i.e. at each stage of production or distribution of goods
or provision of services. The standard rate for VAT is 7 percent.
All sales of goods, provision of services and imports of goods
are subject to this rate. However, certain business activities aresubject to VAT at the rate of zero percent, including the following:
| Exports of goods
| Services performed in Thailand but utilised in a foreign country
| International transport services through aircraft or sea vessels
| Supply of goods and services to government agencies or
state-owned companies under foreign aid programmes, and
the United Nations and its organisations
8.3 Tax Incentives
The Board of Investment of Thailand provides tax incentives to
investors and companies who invest in projects in Investment
36Source: Revenue Department, Thailand
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Promotion Zones. The tax incentives vary depending on the location
of the investment. In fact, the tax incentives are categorised based
on three zones throughout the country.
Table 16: Tax Incentives for Investment Promotion Zonesin Thailand
ZONE LOCATION TAX INCENTIVES
Zone 1 Bangkok, SamutPrakan, SamutSakhon, NakhonPathom, Nonthaburiand Pathum Thani
50% reduction of importduties on machinery that issubject to import duties of notless than 10%
Corporate income taxexemption for 3 years forprojects located withinindustrial estates, providedthat such a project with a
capital investment of notless than EUR 0,20 million(excluding cost of land andworking capital) obtains ISO9000 or similar internationalstandard certification within2 years from its start-up date;otherwise the corporate
income tax exemption will bereduced by 1 year Import duty exemption on raw
or essential materials used inthe manufacturing of exportproducts for 1 year
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ZONE LOCATION TAX INCENTIVES
Zone 2 Ang Thong,Ayutthaya,Chachoengsao,Chonburi,Kanchanaburi,Nakhon Nayok,Phuket, Ratchaburi,Rayong, SamutSongkhram, Saraburiand Suphanburi
Import duty exemption onmachinery for projects locatedwithin industrial estates;and 50% reduction of importduties on machinery that issubject to import duties ofnot less than 10% for projectslocated outside industrialestates
Corporate income taxexemption for 3 years,increased to 7 years, forprojects located withinindustrial estates, providedthat such a project withcapital investment of notless than EUR 0,20 million
(excluding cost of land andworking capital) obtains ISO9000 or similar internationalstandard certification within2 years from its start-up date;otherwise the corporateincome tax exemption will bereduced by 1 year
Import duty exemption on rawor essential materials used inthe manufacturing of exportproducts for 1 year
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ZONE LOCATION TAX INCENTIVES
Zone 3 The remaining 58provinces
Import duty exemption onmachinery
Corporate income taxexemption for 8 years,provided that a project withcapital investment of notless than EUR 0,20 million(excluding cost of land andworking capital) obtains ISO9000 or similar internationalstandard certification within2 years from its start-up date;otherwise the corporateincome tax exemption will bereduced by 1 year
Import duty exemption on rawor essential materials used in
the manufacturing of exportproducts for 5 years
Deduction made from netprofit of 25% of the projectsinfrastructure installation orconstruction costs in additionto normal depreciation; andsuch deduction can be made
from the net profit of one orseveral years within 10 yearsfrom the date of first sales
Source: The Board of Investment, Thailand
8.4 Double Tax Treaty37
Thailand has concluded double taxation agreements with many
countries, including Luxembourg. The general principle is that
the country in which the income arises (source country) has the
prior right to tax and the country of residence will grant relief
(tax exemption or tax credit) from paying taxes twice on the
same income. Another advantage of tax treaties is to provide
cooperation between governments in preventing tax evasion.37Source: Revenue Department, ThailandConversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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The agreement regarding double taxation between Thailand
and Luxembourg is specified in the Convention between the
Kingdom of Thailand and the Grand Duchy of Luxembourg forthe Avoidance of Double taxation and the Prevention of Fiscal
Evasion with Respect to Taxes on Income and on Capital. The
convention applies to taxes on income and on the capital of
individual and juristic entities, including the following:
| In the case of Thailand:
Income tax
Petroleum income tax
| In the case of Luxembourg:
Income tax on individuals
Corporation tax Tax on fees of directors of companies
Capital tax
Communal trade tax
8.5 Repatriation of Profits38
The repatriation of after-tax profits of a branch office in Thailand
to the foreign parent company, or keeping such profits abroad
where the parent company has directly received a payment for
goods sold or services performed in Thailand, is subject to further
income tax at the rate of 10 percent of the after-tax profits actu-
ally or deemed to be remitted. Repatriation of assessable income
from Thailand to foreign companies not carrying on business in
Thailand is subject to the following withholding taxes:
| 10 percent of dividends
| 15 percent of royalties, interest, rent, service fees or capital gains
Regional operating headquarters (ROH) are exempted from
withholding taxes on profit repatriation.
38Source: Business Information Centre
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9 Appendix
Appendix I: Useful Links and Addresses
TYPE OF ORGANISATION ADDRESS
MINISTRIES, AGENCIES AND SERVICES IN THAILAND
Embassy of the Grand Duchyof Luxembourg in Bangkok
Embassy of Luxembourg, QHouse Lumpini, 17th Floor,1 South Sathorn Road,Tungmahamek, Sathorn,Bangkok 10120
Royal Thai Embassy in Brussels Royal Thai Embassy,Chaussee de Waterloo, 876,1000, Brussels, Belgium
Royal Thai Consulate-General
in Luxembourg
Royal Thai Consulate-General, 14,
Rue Erasme,L-1468, Luxembourg
Royal Thai Government Government House,1 Nakornpratom Road, Dusit,Bangkok 10300
Ministry of Finance Ministry of Finance,
Rama 6 Road, Phayathai,Bangkok 10400
Ministry of Foreign Affairs Ministry of Foreign Affairs,443 Sri Ayudhya Road,Bangkok 10400
Ministry of Commerce Ministry of Commerce,
44/100 Nonthaburi 1 Road,Muang, Nonthaburi 11000
Ministry of Labour andWelfare
Ministry of Labour and Welfare,Mitmaitri Road, Dindaeng,Bangkok 10400
Department of BusinessDevelopment
Department of BusinessDevelopment, 44/100Nonthaburi 1 Road, Muang,Nonthaburi 11000
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CONTACTS WEBSITE
Tel:+66-(0)2677-7360Fax: +66-(0)2677-7364Email:
http://bangkok.mae.lu/
Tel:+32-2-640-68-10Fax:+32-2-648-30-66
http://www.thaiembassy.be/
Tel:+35-2-40-78-78
Fax:+35-2-40-78-04
Not Applicable
Tel:+66-(0)2280-3000Email:[email protected]
http://www.thaigov.go.th/
Tel:+66-(0)2273-9021
Fax:+66-(0)2273-9790
http://www2.mof.go.th/
Tel:+66-(0)2643-5000 http://www.mfa.go.th/
Tel:+66-(0)2507-8000
Fax:+66-(0)2507-7717
http://www.moc.go.th/
Tel:+66-(0)2245-4310 to 14Fax:+66-(0)247-5380
http://www.mol.go.th/
Tel:+66-(0)2547-5050Fax:+66-(0)2547-4459
http://www.thairegistration.com/
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TYPE OF ORGANISATION ADDRESS
Bank of Thailand Bank of Thailand,273 Samsen Road,Bangkhunprom, Bangkok 10200
Stock Exchange of Thailand(SET)
Stock Exchange of Thailand,62 Ratchadaphisek Road,Klongtoey, Bangkok 10110
Board of Investment (BOI) Board of Investment,555 Vibhavadi-Rangsit Road,Chatuchak, Bangkok 10900
Revenue Department Revenue Department, 90 SoiPhaholyothin 7, PhaholyothinRoad, Bangkok 10400
Social Security Office Social Security Office, 88/28 Moo4 Tivanond Road, Talad Khwan,Muang, Nonthaburi 11000
Customs Department Customs Department, 1Sunthornkosa Road, Klongtoey,Bangkok 10110
Department of ExportPromotion
Department of ExportPromotion, 44/100 Nontaburi1 Road, Bang Krasor, Muang,Nontaburi 11000
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CONTACTS WEBSITE
Tel: +66-(0)2283-5353Tel: +66-(0)2283-5010Fax: +66-(0)2280-0449Fax:+66-(0)2280-0626
http://www.bot.or.th/
Tel:+66-(0)2229-2000Tel:+66-(0)2229-2222
http://www.set.or.th/
Tel:+66-(0)2537-8111 to 55Fax:+66-(0)2537-8177Email:[email protected]
http://www.boi.go.th/
Tel:+66-(0)2272-8000Tel:+66-(0)2617-3321Fax:+66-(0)2617-3324
http://www.rd.go.th/
Tel:+66-(0)2956-2345Fax:+66-(0)2526-0658Email:[email protected]
http://www.sso.go.th/
Tel:+66-(0)2249-0431 to 40Fax:+66-(0)2667-7334
http://www.customs.go.th/
Tel:+66-(0)2507-7999Fax:+66-(0)2507-8019Email:[email protected]
http://www.thaitrade.com/http://www.depthai.go.th/
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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10 Disclaimer
The Government of the Grand Duchy of Luxembourg declines
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poses only. They contain information which is not necessarily
complete, exhaustive, precise or up to date. In the event of dis-
crepancies between the texts of this publication and the original
documents, the original documents as officially published shallapply. This publication may refer to external sites over which the
Government of the Grand Duchy of Luxembourg has no control
and for which it declines all responsibility.
Conversion Rates used are as follows:1 USD = EUR 0.7179 (2011)1 THB = EUR 0.0236 (2011)
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Luxembourg for Business
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