Transcript of the above video:

As the title of this video suggests, we are discussing well the Petroleum Income Tax Act. I thought of making this video, again I am going to read an article from the Bangkok Post, or excerpts from an article. To provide some background though, so going back a couple of weeks there was kind of a brouhaha that kind of built up as the Thai Government was discussing the so-called exit tax or departure tax wherein folks that were leaving the country - there was a law on the books in the '80s, it is still on the books I think it's an Emergency Decree actually, that allowed for essentially an exit tax to be imposed. So folks that wanted to leave the country needed to go ahead and pay a fee to do so. It was sort of abandoned I believe in '91 and it hadn't really been back since. Now again there was sort of a well, as the title of the article: Clarifying Departure Levy Scuttlebutt. There was sort of a scuttlebutt if you well that was raised because people didn't really love the notion of it of an exit tax and quite honestly I don't think it is a great idea for tourism and things, they came out and clarified and said look basically there is a law that requires that we review these old laws and rules and decrees and things from time to time, just to see if we still need them. It is not overly clear if there needs to be an outcome, there just needs to be the review, and again let's get into that, quoting directly again: Bangkok Post, that is bangkokpost.com. Quoting a little bit of an excerpt here, I urge those who are watching this video, go read that article in detail, a lot more information in there. Quoting directly: "In the event there is a legal hearing on the matter, the Revenue Department said a public hearing is in line with the law governing law development and the evaluation of issued laws passed in 2019." So they are saying, in 2019 they passed an Act that said we have got to basically review laws from time to time, the sort of old laws from time to time. "Next year the Department plans to hold public hearings on the Petroleum Income Tax Act and the Inheritance Tax Act." 

I made another video contemporaneously with this one where we kind of delved in to the Inheritance Tax side of that where there might be implications in terms of Wills and Estates and the laws governing that here in Thailand. Petroleum Income Tax Act you are sitting there saying "well if I am not in the petroleum business how does this impact me?" It may not and it might. These things have a tendency to have unintended consequences if you will. At first they may be having a hearing on Petroleum Income Tax and the next thing you know, it becomes a much more broader discussion of tax generally. That could occur; don't know yet; it is not going to happen until next year and we will certainly keep you updated on this channel as the situation evolves.