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Legal Update
New Criteria on Interest Rates under the CCC
March 2021
On 9 March 2021, the Cabinet approved a Draft Amendment to the Thai Civil and Commercial Code (the “Draft Amendment”) which proposes changes in (i) an interest rate or default interest rate under the Thai Civil and Commercial Code where it is not expressedly determined in an agreement or in the laws and (ii) the method for default interest calculation.
VAT on Foreign e-service
March 2021
With effect from 1 September 2021, Thailand will impose value-added tax (“VAT”) liability on foreign digital service providers with an aim to level the playing field between domestic and foreign online operators. Key takeaways from this notable change can be summarized as follows:
BOI Package for 2021
January 2021
The Thailand Board of Investment (the “BOI”) has approved a series of measures with an aim to stimulate national economy in 2021, especially in respect of the target industries and the adoption of digital technologies. Key details of the approved scheme are set out below.
MOC Offers Discounts on Fees for Registration of Partnerships and Limited Companies
January 2021
In December 2020, the Ministry of Commerce (the “MOC”) issued the Ministerial Regulation Prescribing Fees, Reduction in Fees and Fee Exemptions for Registration, Document Inspection, Certification of Documents and Other Fees Relating to Partnerships and Limited Companies B.E. 2563 (2020) which offers 50 per cent discount off the registration fees for partnerships and limited companies conducted via the MOC’s e-registration system from 1 January 2021 to 31 December 2023 purposely to encourage the registration through eregistration system in order to transform governmental filings into the digital era. Such discount is a boost from the previous ministerial regulation in 2018 which offered a lower discount rate at 30 per cent.
New Criteria on Default Interest and Application of Debt Repayment Proceeds
December 2020
In October 2020, the Bank of Thailand (the “BOT”) issued its Notification No. SorGorSor2. 9/2563 regarding Default Interest Rate Calculation and Application of Repayment Proceeds (the “Notification”) setting out new criteria on default interest and application of debt repayment proceeds for compliance by certain financial service providers1 (the “Financial Service Providers”).
Delayed Enforcement of the PDPA
September 2020
The Personal Data Protection Act B.E. 2562 (A.D. 2019) (the “PDPA”) was published in the Royal Gazette on 27 May 2019 as the main legislation governing personal data protection in Thailand. Similar to the General Data Protection Regulation (GDPR), the PDPA imposes a number of significant obligations on persons involving in the process of collecting,