BUSINESS

New provisions for tax breaks

Business, Tilleke & Gibbins International Ltd, Published on 10/01/2014

» Generally speaking, Specific Business Tax (SBT) is an alternative tax that is levied on certain types of businesses _ particularly those in the financial services sectors. It was first introduced in tandem with the value-added tax (VAT) regime in 1992. The method for collecting SBT can be likened to that of sales tax, which was used in Thailand in the previous incarnation of indirect tax collection, before VAT.