Legal Update April 2024

Thailand Legal Update April 2024

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Thailand Legal News


New types of businesses under BOI

The Board of Investment (BOI) approved additional types of businesses eligible for investment promotion

Business Conditions




World Class Event (Music, sports, and international festivals that take place in Thailand) – Investment/expense  of not less than THB 100 million (approx. USD 2.75 million) – Import tariff exemption for tools and machine that are necessary for the event and cannot be domestically procured
Printed circuit board (PCB) – Production support, Production of important raw material, or Production of other raw material – Corporate income tax for up to 8 years, depending on the type of business and amount of investment
Affordable accommodation – Sales price not exceeding THB 1.5 million (approx. USD 40,000) per unit and sales only to individuals (not juristic persons)

– Must have a usage area of not less than 24 Sqm. for condominiums and 70 Sqm. for row houses and single houses

– Corporate income tax break for up to 3 years, with a maximum amount of 100% of the investment (excluding the building of the accommodation)
Software improvement for digital services or digital content – Not less than THB 1.5 million (approx. USD 40,000 of investment) per year (calculated from the cost for hiring local IT personnel after the promotion) – Common non tax incentive

– Excluded: land ownership

Cabinet Resolutions


Tax incentive for Electric (EV) truck and bus purchase

A new measure approved by the Electric Vehicle Board (EV Board) will allow a deduction of the EV truck and bus purchase price from the corporate income tax for up to 1.5 times the amount for the imported completely built-up units (CBU), and 2 times for domestically produced or assembled. However, the measure will have to be announced under the Royal Gazette to be effective.

Increase of minimum wage for 4-5 stars hotel employees

The Cabinet approved an increase of the minimum wage for workers in 4-star hotels and above in specific tourist areas across 10 provinces to THB 400 (approx. USD 11) per day. These areas include certain districts of Bangkok, Krabi, Chon Buri, Chiang Mai, Prachuap Khiri Khan, Phang-nga, Rayong, Songkhla, Surat Thani, and the whole Phuket province. The increase will take effect from 13 April 2024 onward.

Flat-rate tax for investment token

The Cabinet approved a measure allowing holders of digital tokens to choose not to include profits from digital token trading in their personal income tax calculation if they have already paid a 15% withholding tax on the profit. These measures will apply retroactively from 1 January  2024 onward.

Criteria and procedure for advertising an invitation to a shareholder meeting for bearer share shareholders via electronic means

Companies with bearer-share shareholders can opt to advertise an invitation for a shareholder meeting via electronic means (instead of via local newspaper) as required under Section 1175* of the Civil and Commercial Code must follow the following criteria and procedures:

  • The advertisement must be made through a website that is generally and easily accessible without any discrimination or a website designated by the Department of Business Development;
  • The ownership of the website can be verified;
  • The advertising text or document must include:
    • Place, date, and time of the meeting;
    • Meeting agenda;
    • In the case of a special resolution, the contents to be proposed for voting must also be specified;
  • The advertising text or document must appear at all times from the advertising date until the date of the shareholder meeting.

*Please note that the stipulations above are additional requirements in case the company issues bearer shares.

We hope that we have been able to assist you with this information.
If you have any further questions, please contact us:

Lorenz & Partners Co., Ltd.

27th Floor, Bangkok City Tower, 179, S Sathorn Rd,

Thung Maha Mek, Sathon, Bangkok 10120

Email: [email protected]
+66 (0) 2 287 1882

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