New laws related to Thailand personal income tax and customs

Recently, the Thailand government has passed a draft of two new regulations related to personal income tax and customs. These two new laws are as follows:

1. Ministerial Regulation under the Revenue Code on exemption of personal income on the following circumstances:

  1. Income in the form of money or benefits derived from employment termination due to death, disability or retirement at 55 years old and being a member of the provident fund for not less than 5 years.
  2. Income in the form of money or benefits from the provident fund due to employment termination by reason other than in (1) above, where the employee maintains the full amount of money or benefit from the provident fund with the Fund and receives the income after such employee dies, is disabled or 55 years old and was the member of the provident fund for not less than 5 years.
  3. The exemption shall be applicable to income received from 1 January 2010.

2. Exemption of fees for the customs clearance process on the following:

  1. Import or export entry for the movement or transfer of goods between domestic operators who have been granted customs privileges.
  2. Customs entry for bringing goods out of a bonded warehouse, customs free zone area or IEAT free zone by a person entitled to customs duty exemption under customs law or other related laws.
  3. Import entry for goods under Section 19 bis sold to person entitled to customs duty exemption under customs laws or other related laws.
Reference:
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