Thailand expects to collect global minimum corporate tax from Jan 2025, finance minister says

Bangkok: The country’s finance minister announced on Friday ( Dec 13 ) that Thailand will implement a minimum global corporate tax of 15 % on multinational companies starting in January 2025.

According to Pichai Chunhavajira, who spoke on a local television program, the state may pass a law on the subject of tax collection right away.

Following a Reuters report that the government approved draft legislation to obtain the nation’s minimum corporate tax on Wednesday, Pichai made his remarks.

Regardless of where they are located, under new regulations being enforced by the Organization for Economic Cooperation and Development ( OECD ), multinationals with annual global turnovers of more than 750 million euros ( US$ 84.58 million ) will be subject to a minimum 15 % tax.

Thailand’s business tax is now set at 20 %, but businesses that receive bonuses from the Thailand Board of Investment you obtain an deduction of up to 13 years.

Vietnam’s legislature approved the least world tax rate last month.

Indonesia, Southeast Asia’s largest market, Malaysia and Singapore have furthermore said they will employ the maximum tax rate in 2025.