Thai Cabinet Approves Bill to Implement Qualified Refundable Tax Credits Within Pillar 2 Global Minimum Tax Framework

The Thai Cabinet provisionally approved the draft National Competitiveness Enhancement for Targeted Industries Bill on 3 September 2025. The Bill provides for the implementation of Qualified Refundable Tax Credits (QRTCs) under the Pillar 2 Global Minimum Tax (GMT) framework, which were announced by Thailand's Board of Investment earlier in August. QRTCs essentially allow promoted companies to receive cash refunds for unused credits. These credits are treated as income rather than as a reduc…