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More transactions taxable after July 16, 2001

by Surasak Tumcharoen

The Revenue Department will require companies and limited partnerships to withhold taxes on several additional types of transactions starting from July 16, 2001. 

The changes were approved by the cabinet on June 12, 2001 and have now been enacted as law. 

The categories subject to the new withholding tax include transactions between companies to limited partnerships, such as brokerage fees, copyrights or similar rights, debenture and promissory note interest and fire insurance premiums. Tax rates range from 1% to 3% of the transaction's value.

Among services not subject to the tax are fees for public transport, life insurance premiums and service fees paid to hotels or restaurants.

Bangkok Post, July 2, 2001

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