10 January 2018 Thai Cabinet approves draft transfer pricing act The Thai Cabinet approved the draft transfer pricing act (the Draft Act) on January 3, which will add specific transfer pricing provisions to the Revenue Code. This approval follows a public hearing held in July 2017 on the first draft Act that was approved in principle in May 2015. Subject to a legislative procedure and announcement, the Draft Act will be enacted and become effective for accounting years beginning on or after January 1, 2017. In the past, the tax authorities have relied on the internal departmental guidelines issued in 2002 for their transfer pricing audit purposes. The proposed provisions will provide clearer regulations on the implementation and enforcement of the Thai transfer pricing regime. Document ID: 2018-0052 |
