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Thailand Prepares Global Minimum Tax Bill for Approval

The Finance Ministry is set to present a global minimum tax bill to the Cabinet for approval within the next two weeks, aiming to increase the Revenue Department’s annual earnings by up to 20 billion baht from multinational enterprises.

This legislative proposal aligns with Thailand’s commitment to the Organization for Economic Cooperation and Development (OECD) agreement, which seeks to prevent multinational companies from shifting profits to low-tax jurisdictions.The OECD’s global minimum tax initiative mandates that member countries implement a corporate income tax rate of at least 15%. This measure is intended to discourage tax competition among countries vying for foreign investments through lower tax rates.

Deputy Finance Minister Julapun Amornvivat confirmed that the bill will be enforced by 2025, as initially planned. He assured that all necessary legislative amendments would be completed by the end of this year to meet this deadline.

The global tax issue was a key topic at the Economic Ministers Council meeting on May 27. During the meeting, the Board of Investment expressed concerns regarding potential delays in the bill’s enactment. However, Julapun reassured that the bill would proceed as scheduled, ensuring Thailand’s adherence to the OECD agreement.

Key officials, including representatives from the Finance Ministry and the Board of Investment, have emphasized the importance of this bill in maintaining Thailand’s economic integrity and global standing.

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