In 2023, Thailand witnessed significant offsets in its tax regulations, bringing both challenges and opportunities for businesses operating within its borders. As the global economic landscape evolves, Thailand’s tax policies have been revised to align with international standards, stimulate economic growth, and foster a more competitive business environment.
This article reviews the key tax changes in Thailand in 2023 and their potential impact on businesses.
Thailand has been a cash-driven society for many years. But over the past 8 years the payment systems landscape has changed massively and presented consumers with a number of alternative ways to pay for goods and services.
The Thai government has approved measures to encourage investment in special economic zones (SEZs). The purposes for developing the SEZs include the acceleration of border trade, increasing border security, promoting the greater distribution of income, and enhancing Thailand’s competitiveness in the ASEAN Economic Community.
In 2021, Thailand is the world’s 53rd-largest country by area, 20th-largest by population, and the 28th-largest in the world by economic size. With a newly industrialized emerging market economy, international investors know the country for its robust growth rates that are being driven by a rapidly expanding population and growing exports around the world.
