Update on Information Exchange and Transfer Pricing Disclosure Form
On the path to enforce the Country-by-Country Reporting (CbCR) requirements in Thailand, there are a few developments regarding the TP rules in Thailand over the past month including the development of information exchange and the newer version of the Transfer Pricing Disclosure Form (TPDF).
Legal Updates: Thailand Approves New Measures to Attract Skilled and Wealthy Expats
The epidemic of coronavirus disease 2019 (“COVID-19”) has been severed and protracted from 2020 until today. As a result, the Thai government has implemented strict epidemic prevention and lockdown measures to prevent the spread. Consequently, gross domestic product (“GDP”) and domestic investment are greatly reduced. Intending to inject foreign money into an economy and to […]
Transfer Pricing Documentation Requirements in Thailand
According to Section 71 bis and Section 71 ter of the Thai Revenue Code, taxpayers that have related parties and earn annual revenue of at least THB 200 million are required to prepare and submit a transfer pricing disclosure form within 150 days after the year-end (the same deadline as the Corporate Income Tax return […]
Legal Updates: Extending the Enforcement Period for Another 3 Years to Modify the Non-Qualifying Building for Hotel Business
On 6 August 2021, the Ministerial Regulations Prescribing Qualifications of Other Types of Building Used in Hotel Business Operation (No.3) B.E. 2564 (2021), issued by the Ministry of Interior, was announced in the Royal Thai Government Gazette in order to extend the period for the buildings which does not meet the requirement for obtaining a Hotel License but provides accommodation service on a short-term basis, which basically deemed […]
Legal Updates: Enforcement of the Prohibited Importation of Used Motorcycles into the Kingdom
To tackle the increase of air pollution, traffic safety, and illegally disassembly of motorcycles to sell the spare parts in which cannot be fully taxed by the Thai government, thus, the Cabinet has approved the drafting of the basic principle on 25 May 2021, that will eventually become the Notification of Ministry of Commerce Regarding […]
Compensation Schemes for Social Security Assistance
The cabinet of ministers has approved the compensation scheme for the secured employer and employee according to Section 33 on July 20, 2021. The Social Security Office (“SSO”) has been allocated this compensation as part of the Royal Decree that authorizes the Ministry of Finance to lend capital to solve a problem, alleviate, and regenerate the economy and society that has been affected by the COVID-19 pandemic. This compensation will be given to employers and employees affected by the […]
Amendment to Public Limited Companies Act B.E. 2535 (1992) and Introduction of Operational Efficiency
In the light of this digital era, the Cabinet of Ministers passed a resolution on May 11, 2021, to adopt the new Public Company Limited Act (“Drafted Legislation”) in order to modernize the corporate processes and provide operational convenience to the public limited companies under the Public Limited Companies Act B.E. 2535 (1992) (“Act”) by […]
Not all audits have to be long and painful
The general perception with annual audits throughout the world is they are a necessary evil. Companies are required to have an audit, but they find the whole process a lot of effort and cost for very little benefit. PKF Thailand auditors are different. They traditionally have provided their client’s additional level of service. The PKF […]
Legal Updates: Another One-Year Postponement of PDPA
Legal Updates: Another One-Year Postponement of PDPA June 8, 2021 Despite the postponement of the Personal Data Protection Act B.E. 2562 (2019) (“PDPA”) last year, the Ministry of Digital Economy and Society still foresees difficulty fully enforcing PDPA in 2021 due to technical obstacles in the course of PDPA implementation and the current situation of […]
Legal Updates: A Way Out for the Real Estate, Industry?
11 May 2021 The government is looking to amend the current real estate law to pave the way for more foreign investment in Thailand in order to stimulate the economy during the pandemic. This legal amendment promises more freedom for foreign acquisition of condominiums, houses, and lands in Thailand. The public reaction to this news […]
