Income Tax Exemption for Merger or Acquisition of Commercial Banks
Notification of the Director-General of the Revenue Department No.404 was published regarding exemption of income tax for the commercial banks as a result of merger or acquisition of business in whole or in part as follows:
- For the income invested in computer programs or enhancing permanent establishment, excluding land and permanent establishment used for residential purposes.
- For income paid for termination or amendment of the contracts related to computer program or commercial banks as well as movement of the machine, component, equipment, tool, instrument, decoration and furniture due to the merger or acquisition in whole or part.
The commercial banks, aiming to exercise this incentive, are required to provide a report declaring a detail of exempted assets or expenditures in accordance to this Notification.
Legal Insight Vol. April 2021 of Bangkok Global Law
The PDF file can be downloaded via the link as set below.
Income Tax Exemption for Merger or Acquisition of Commercial Banks_Bangkok Global Law