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Country-by-Country Report Requirement in Thailand
News - 2021-11-05

Country-by-Country Report Requirement in Thailand

On 15 Oct 2021, the Thai Revenue Department (TRD) published on its website further details and guidelines concerning the Country-by-Country Report (CbCR) in a Notification of the Director-General of the TRD regarding Corporate Income Tax no. 408 dated 30 Sep 2021 (“the Notification”). We summarise the key points of the Notification as follows.

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Legal Updates: Thailand Approves New Measures to Attract Skilled and Wealthy Expats
News - 2021-10-13

Legal Updates: Thailand Approves New Measures to Attract Skilled and Wealthy Expats

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 forestall the economic consequences of the COVID-19, the Cabinet approved an economic stimulus and investment promotion package to attracted wealthy foreigners and highly skilled professionals from overseas on 14 September 2021, proposing by the Office of the National Economic and Social Development Council (“NESDC)”.

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Transfer Pricing Documentation Requirements in Thailand
News - 2021-10-12

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 filing). In addition, tax officers may request transfer pricing documentation which taxpayers must submit within 60-120 days. Taxpayers who fail to comply or submit incomplete or incorrect documentation will be subject to a THB 200,000 fine for each such failure.

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Legal Updates: Extending the Enforcement Period for Another 3 Years to Modify the Non-Qualifying Building for Hotel Business
News - 2021-09-09

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 to be illegal “hotel” business, to modify the building properly and to legally obtain a license to change the purpose of such building used as a hotel.

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News - 2021-08-20

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 Prescription of Used Motorcycles as Goods Prohibited to be Imported into the Kingdom B.E. 2564 (2021) (“Notification”). Under which, the Notification was promulgated on 11 August 2021 by the Mistry of Commerce.

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News - 2021-08-10

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.  

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News - 2021-07-13

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 introducing electronic arrangements for relevant procedures and eliminating outdated and inefficient requirements thereunder.

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News - 2021-07-02

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 Thailand audit team ....

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News - 2021-06-08

Legal Updates: Another One-Year Postponement of PDPA

Since the postponement affords additional time for all sectors in Thailand to adapt and customize their operation for PDPA compliance, this Royal Decree is a blessing in disguise. By next year, most sectors’ operations, if not all, should be in full compliance with PDPA; this will only be beneficial for all parties involved because PDPA offers comfort to all data subjects that their personal data will be handled with due care and transparency. In another light, PDPA enforcement will usher in a new regulatory era of data transactions in Thailand, which is necessary, given how much data is being used in the current business paradigm of the global Big Data trend

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News - 2021-05-11

Legal Updates: A Way Out for the Real Estate, Industry?

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.

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