In light of the Covid-19 virus crisis that is causing the current economic downturn which is affecting businesses across the kingdom, The Royal Thai Government recently approved Phase One of a broad range of financial and fiscal relief measures designed to help Thai companies, especially small and medium-sized enterprises (SMEs), alleviate the current business downturn.
The newly approved Transfer Pricing Act, which aims to regulate transfer pricing between Thai companies and affiliated companies, and will be added as Section 71 Bis to the Thai Revenue Code, will have a big impact on companies in Thailand. For the accounting period of 1 January – 31 December 2019, the Transfer Pricing Act will require companies with annual revenue of over THB 200 Million (approx. EUR 6 Million) to submit transfer pricing documentation together with the annual tax return to the Thai Revenue Department. On 18 November 2019, the Thai Revenue Department published its guidelines on what information must be included in such transfer pricing documentation.
With regard to the recent Covid-19 outbreak, concerns have been raised regarding health issue in the workplace. As infections can happen very easily, there are certain measures that can be taken by the employer.
Under the new Personal Data Protection Act of Thailand (“PDPA”), sending an email newsletter to your customers, employees or business partners will now be subject to legal compliance requirements. This article summarizes the key issues:
A “Pink ID Card” is an ID Card that was initially issued to stateless people to restrict their movement within the Kingdom of Thailand. The Registration Act of 2008 allows them to be issued to anybody that qualifies. To apply for a Pink ID card, you need a Thai ID number and you must have you name present in either a Yellow House Registration book or Blue House Registration book. If your name is currently in a Yellow (Foreigners) or Blue House Registration (Permanent Residents), the next step is for you go to the District Office and bring all original documents and a copy of the following:
GTCC Executive Breakfast Talk “PDPA-What Businesses Need to Know”
with our Lawyers Fabian Doppler and Rangsarit Suwanarat.
Date: Tuesday, 25 February 2020 Time: 8:30 – 10:00 hours
Venue: 9th Floor, Library room, Bangkok Marriott Marquis Queen’s Park
Directors in today’s global market are increasingly being held personally liable for their actions that harm their companies, as well as facing civil and criminal liabilities for failing to comply with the procedures and requirements of various laws. In Thailand, directors of private limited companies face the genuine possibility of criminal sanctions for violations of the Civil & Commercial Code (CCC). Further, there are several Acts for which the violation thereof can result in criminal sanctions, including fines and even imprisonment. Directors can find themselves subject to criminal sanctions for such minor infractions as late filing or inadvertently filling out a form incorrectly.
FRANK Legal & Tax is pleased to invite you to our seminar:
Navigate Thailand’s labor law and policies with our seminar ‘Labor Law and Termination of Employment in Thailand‘ – in partnership with the Thai-Italian Chamber of Commerce (TICC).
On November 1st 2019, the Thai Ministry of Interior published two announcements regarding the fees for property registrations. One announcement is related to condominiums, the other announcement for land and buildings. According to the notifications, the registration fee for the transfer of ownership of a condominium, or a land and building at the Land Office will be reduced from 2% to 0.01%. The reduction only applies if the value of the condominium, or land and building, does not exceed 3 million THB.
As the Thai Baht is under pressure due to imbalanced capital flows, thus unusually strong in comparison to foreign currencies, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to loosen rules to facilitate capital outflows. MOF and BOT expect these measures will lessen pressure on the Thai Baht. These regulations are effective since November 8th, 2019 and include facilitations on:
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