On October 2, 2018, the Cabinet passed a resolution to propose the draft Amendment of Revenue Code to amend the rules for the use of currencies other than Thai currency. The main point of amendment are:
1. Amendment of Section 65bis (5) and repeal Section 65bis (8)
(1) Money, asset or liability having value or price in foreign currency on the last day of an accounting period, shall be converted into value or price in Thai currency as follows in the case of a company or a juristic partnership other than a commercial bank:
Asset: the average of buying rate and selling rate or the average of buying rate of commercial banks that is calculated by the Bank of Thailand
Liability: the average selling rate of commercial banks that is calculated by the Bank of Thailand or other methods which are in accordance with the accounting standards according to the rules, procedures and conditions prescribed by the Minister in the Government Gazette
2.Add following rules for a company or juristic partnership using foreign currency for making financial transactions:
(1) Section 76 Ter - It can prepare accounting information in foreign currency by informing the Director-General.
(2) Section 76 Sex - Tax payment and tax refund shall be done in Thai currency.
(3)Section 76 Quarter – When it change the currency to prepare accounting information, the remaining balance of prior accounting period shall be converted into that currency as following:
money, assets, liabilities and other items in the financial statements : as prescribed by the Minister in the Government Gazette
net loss under Section 65ter (12) : the average of buying rate and selling rate* at the last day of accounting period
(4)Section 76 Septem - Exchange gain/loss from (2) or (3) shall not be regarded as revenue or expenses for calculation of net profits or net loss
(5)Section 76 Quinque - When it still has the remaining balance in other currencies than the currency to prepare accounting information, conversion shall be done by each of followings:
using the average buying rate and selling rate
or other methods which are in accordance with the accounting standards(prescribed by the Minister in the Government Gazette)
<original Thai version>
->to following website of Revenue Department
http://www.rd.go.th/publish/27853.0.html