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Bangkok Post, Thailand, Tax Column.
Sep. 3--Good news has arrived for taxpayers having disputes with the Revenue Department over the 15 percent withholding tax on payments under a swap transaction to an offshore counterparty, or 1 percent for a local transaction. A new departmental regulation (No. Por. 114/2545) dated Aug 15 treats payments under a swap transaction as miscellaneous income falling outside the scope of withholding tax. Thus, there is no more withholding tax on onshore or offshore swap transactions.
Briefly speaking, an interest rate swap transaction occurs when two parties exchange their interest rates to hedge their positions from the fluctuation of interest rates in the market. For example, Party A borrows from a bank at a floating rate of interest while Party B pays a fixed rate on its loan. If Party A feels it safer to have a fixed rate while Party B believes that the rate could go down and wants to have a ...
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Source: HighBeam Research, Bangkok Post, Thailand, Tax Column.