Efforts to Eliminate Profit Shifting Tax Loopholes

Quick Summary:

The Revenue Department is drafting legislation to collect taxes from multinational enterprises (MNEs) to prevent profit shifting to subsidiaries in countries with lower tax bases.

Furthermore, the revenue from taxes under Pillar 2 will be allocated to a competitiveness enhancement fund as stipulated in the Competitiveness Enhancement Act 2017 of the BoI.

The signatories to a contract did not have a permanent establishment in the country where the income was generated, thus making it impossible to collect taxes from such digital businesses.

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Article Details

Category: EconomyBusiness

Markets: Thailand

Topics: Base Framework Revenue Department Rate Taxes Erosion Countries Country Legislation Pillar

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-23 @ 07:00:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 628 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 20762968

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About Bangkok Post

Main Topics: EconomyBusiness

Official Website: bangkokpost.com

Update Frequency: 11 posts per day

Year Established: 1946

Headquarters: Thailand

News Last Updated: 2 hours ago

Coverage Areas: Thailand

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Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #66

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