News

15
May
2019

New tax amnesty regulation in Thailand

A newly enacted law, The Act for Exemption on Penalties, Surcharges, and Criminal Offenses and Support of Operations Under the Revenue Code BE 2562 (the “Tax Amnesty 2019”) will provide a good opportunity for a small and medium-sized enterprises (SMEs) that are subject to corporate income tax (CIT), provided that they are a company or juristic partnership and they meet the following requirements:

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24
Apr
2019

FRANK Legal & Tax will be relocating to 208 Wireless Road on 2nd May, 2019

We are excited to announce that we are moving to new premises at 208 Wireless Road on 2nd May, 2019. We have been at our current location since 2013 and have now outgrown our current facilities. The time has come to move and we are pleased that we could secure new offices at the exclusive 208 Wireless Road building, which is centrally located and nearby our current location. Our full address will be Unit 1104, 208 Wireless Rd, Lumphini, Pathum Wan, Bangkok 10330.

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09
Apr
2019

Amusement Parks: a Guide to Regulation in Thailand

With tourism playing a significant role in Thailand and increasing demand to diversify tourist entertainment offerings, amusement parks are booming. When setting up such a park, even if it is part of a mall or a hotel, many different areas of Thai law need to be taken into account. The most important regulations are detailed as follows:

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31
Mar
2019

Liquidation of a Thai company

At the end of a life cycle of a private limited liability company in Thailand it is necessary to liquidate and dissolve the company by resolution of its shareholders. The procedure, has to follow the rules of the Sections 1247 – 1273 of the Civil and Commercial Code of Thailand (CCC). To proceed with the dissolution and liquidation of the company under the provisions of the CCC, the shareholders are required to do the following:

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15
Mar
2019

Update on Smart Visa Program

The Thai Government has taken a series of efforts in driving the economy through innovation and attracting highly skilled talents (Smart T), investors (Smart I), executives (Smart E) and startup entrepreneurs (Smart S) in its targeted industries – the so-called S-Curve industries – to Thailand. Therefore, the Smart Visa program was launched, which offers some significant benefits for the applicant, like no necessity for a work permit (even for spouse and children), no 90 days report and no requirement for a re-entry permit. While it went viral quickly, the number of applicants was low, as its conditions were hard to reach. To raise attractiveness and practical relevance of the program, the BOI has now updated the criteria for the Smart Visa program on December 24th, 2018, just 9 months after the program was launched. The main changes are shown as follows:

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21
Feb
2019

Thailand’s International Business Center Incentives

Under the Foreign Business Act (“FBA”), foreigners are legally restricted in doing certain businesses in Thailand as prescribed in the lists Annexed to the FBA.

Fortunately, there are various possibilities to obtain official permissions. And there are also government schemes available which provide for tax exemptions and tax reductions. Until now the Thai government authorities offered investment promotions for international headquarters (IHQ) and international trading centers (ITC). These have been replaced by the international business center (IBC). The differences between IHQ/ITC and IBC are as follows:

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06
Feb
2019

Reasons for a gift agreement

Valuable gifts such as condominium units, houses and cars are not uncommon in Thailand, and most such gifts are made for specific reasons. The reasons for such gifts could not be more diverse, and personal disappointment might lead to great regret.

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23
Jan
2019

Litigation law in Thailand

Litigation under Thailand contract law is usually the last resort to solve a dispute or enforce a claim. Many parties to a dispute try to avoid a litigation process because they fear the court costs or losing the case. However, sometimes litigation is the only way for a party to obtain relief. Therefore, it is good to know that the Thai civil justice system is generally accessible and unbiased. Also, the time it takes for a judgement to be passed is reasonably fast.

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16
Jan
2019

Legalization of Cannabis in Thailand

Before its ban in 1934, cannabis was an essential part of the rural culture in Thailand. It was used as medicine, as fiber for clothing and even as a traditional spice for the Thai boat noodle soup. Under the Marijuana Act, B.E. 2477, released in 1934, the possession, usage and sale of cannabis was criminalized and punished. Although the climatic conditions to produce cannabis in Thailand are excellent and the value of the plant for agriculture is immense, Thailand followed the anti-drug course; as one of the original signatories of the International Opium Convention of 1912 (Den Hague) Thailand announced in 1976 the Narcotics Control Act, B.E. 2519 and its amendments in 1985 (Narcotics Act No. 2) and 1987 (Narcotics Act No. 3)

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