Legal Insight Vol. August 2021 of Bangkok Global Law

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Legal Insight Vol. August 2021 of Bangkok Global Law Our Legal Insight Vol. August 2021 covers in 24 interesting articles as follows:   Digital Digital Platform regulation in Thailand Decentralized finance (DeFi) in Thailand MDES Notification on Criteria on Storing Computer Traffic Data of Service Providers B.E. 2564 (the “Notification”) New Digital Currency issued by…
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Will the COVID-19 pandemic give rise to the force majeure clauses?

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Will the COVID-19 pandemic give rise to the force majeure clauses? COVID-19 As a result of third wave pandemic in Thailand, it significantly affects Thai’s economy as a whole including commerce, production, import and export activities. Consequently, a number of businesses could not be able to satisfy their contractual obligations. This has raised an issue…
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What is Non-Fungible Token?

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What is Non-Fungible Token? Digital Asset Non-Fungible Token (“NFT”) is a digital token that hold a unique data which cannot be readily interchanged. We use the NFT for represent the ownership of unique item, such as drawing, digital art, game item, music, or etc. Most NFTs generally are on Ethereum blockchain. Because of holding a…
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Thailand allows tax break on software related expenses for SMEs

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Thailand allows tax break on software related expenses for SMEs Taxation The Cabinet approved a measure that small and medium-sized enterprises (“SMEs”) will be allowed to subtract software or computer program-related expenses from their corporate income tax liability, up to two times the expense in certain cases. There are three qualifying expenses including the purchase…
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Thai SEC issues new utility token regulations for exchanges

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Thai SEC issues new utility token regulations for exchanges Digital Asset On 11 June 2021, Thailand’s Securities and Exchange Commission (“SEC”) announced some rules and guidelines for local digital assets exchanges. The new rules will ban digital asset exchanges from trading meme- or fan-based tokens, non-fungible tokens (NFTs) and exchange-issued tokens. This, however, has no…
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Thai Cabinet approved 4 drafts of Royal Decree to extend the period for industrial tax incentives with the purpose to motivate the foreign investors

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Thai Cabinet approved 4 drafts of Royal Decree to extend the period for industrial tax incentives with the purpose to motivate the foreign investors Taxation On 25 May 2021, Thai cabinet approved 4 drafts of Royal Decrees extending tax incentives until 31 December 2022 in order to support the Project of Industry 4.0 as well…
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Tax Relief Measures on medical donation

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Tax Relief Measures on medical donation Taxation On 18 May 2021, one draft of the Royal Decree issued under the Revenue Code has been proposed which provides tax benefits for donation on medical supplies imported for public charitable purposes. The tax benefits are offered for donations made between 1 March 2021 and 31 March 2022.…
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Tax Exemption on the Asset Warehousing Program responding to Covid-19

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Tax Exemption on the Asset Warehousing Program responding to Covid-19 Taxation On 18 May 2021, the Cabinet approved tax benefits for the transfer of collateral to pay off debt under asset warehousing program according to the Emergency Decree on provisions of assistance and recovery for entrepreneurs affected by COVID-19 Pandemic B.E. 2564 (A.D. 2021) (the…
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Strengthen regulation on food delivery app

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Strengthen regulation on food delivery app Digital The government’s new approach to implementing pricing control measures on Gross Profit (“GP”) or commission fee for online food platform. The new regulation will affect the business costs of selling and fuel intense competition in the segment on at least five main food delivery platforms – Line Man…
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Silver Lining in Real Estate Industry for Foreigners

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Silver Lining in Real Estate Industry for Foreigners Investment New solution for foreign investment has shined bright in real estate sector as Thai government has been planning to amend the current real estate law to stimulate the economy and recover from the pandemic. According to this proposed amendment, foreigners will be promised with more freedom…
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