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Articles Reimported after Permitted Exportation to be Exempt from Customs Duties

The Act on Amendment to the Customs Tariff Decree B.E. 2530 (No. 8), B.E. 2557 (2014) publicized in the Government Gazette on 4/12/2015 will become effective on 4/3/2015. Apart from the delegation of a legislative power to the Minister of Finance to ease alteration to the Customs tariff, which currently requires the lengthy and political parliamentary enactment, by issuing Ministerial Regulation with approval from the Cabinet, the Amendment adds new categories of Customs-exempt articles and empowers the Director-General of the Customs Department to issue an advance ruling on Customs tariff as pointed out below. (1) Any articles permitted to be shipped abroad for manufacturing, mixing, assem

Debt Collection Law to Come into Force Soon

The Debt Collection Act was recently passed by the National Legislative Assembly and will come into force at the end of the 180 days of the publication in the Government Gazette. Contrary to the initial draft approved by the Cabinet, the definition of “debt collectors” governed by the Act was extended to cover any creditors entitled to accept performance of debt originated from any action in their ordinary or usual course of business, regardless of its legitimacy, their agent or sub-agent. This means all trade and other creditors, except those personal creditors who grant non-business loans to their friend or family and other creditors entitled to any other non-commercial debts, e.g. debt in

Thai Supreme Court Regard Capital Increased for Non-Profitable Reason as Taxable Income

Thai Supreme Court (Dhika Court) recently ruled that the share premium paid to a company upon its increase of capital for the specific purpose of settlement of debts to its creditors immediately followed by its liquidation was deemed taxable income of the Company. Pre-Judgment Rulings In 2008, Thai Revenue Department (RD) issued an Advance Ruling No. GorKor 0702/3214 saying that a share premium—the value of share received by a company in excess of its par value—was not principally deemed taxable income. Nonetheless, if the capital increase was not made in accordance with the law or the excess value of share was excessively determined or there was any hidden agenda behind the capital increase

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