December 2022
TAX ALERT 3: Transfer Pricing Update: Thai Country-by-Country Report (CbCR) Submission Reminder for MNEs
Submission of both the CbCR Notification and the actual CbCR is required of MNEs in the accounting period starting January 1, 2021, per Notification of the Director-General of the Revenue Department Re: Income Tax No. 408 (“D.G. 408”).
July 2022
TAX ALERT 2: Personal Data Protection Committee Announcements
On 20 June 2022, the Personal Data Protection Committee issued the following Announcements regarding:
1. Exemption from Recording Processing Activities for Small Business Enterprise as Data Controller, B.E. 2565 (effective as from 21 June 2022);
2. Criteria and Methods for Preparing and Maintaining Records of Processing Activities by a Data Processor, B.E. 2565 (effective as from 17 December 2022);
3. Security Measures by the Data Controller, B.E. 2565 (effective as from 21 June 2022); and
4. Expert Committee's Criteria to Determine Administrative Fines, B.E. 2565 (effective as from 21 June 2022.)
1. Exemption from Recording Processing Activities for Small Business Enterprise as Data Controller, B.E. 2565 (effective as from 21 June 2022);
2. Criteria and Methods for Preparing and Maintaining Records of Processing Activities by a Data Processor, B.E. 2565 (effective as from 17 December 2022);
3. Security Measures by the Data Controller, B.E. 2565 (effective as from 21 June 2022); and
4. Expert Committee's Criteria to Determine Administrative Fines, B.E. 2565 (effective as from 21 June 2022.)
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May 2022
TAX ALERT 1: Disclosure Form
The Revenue Department is ramping up supervision of taxpayers by notifying those who have failed to submit transfer pricing disclosure forms, a filing required under Section 71 ter of the Revenue Code. This heated pursuit could be a precursor to more invasive action by the tax authority, such as investigations and audits.
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April 2022
Metaverse: Challenges to Laws
It has been nearly a year since Facebook announced its “metaverse,” a move followed by other platform operators. The metaverse has since become a daunting legal challenge to businesses and attorneys. This article will provide general insight about the metaverse and its legal challenges, and pose necessary questions.
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March 2022
Trade Competition: Meaning of SME for Credit Terms
The Trade Competition Commission (“TCC”) issued guidelines on fair trade practices for credit terms for small and medium enterprises (“SMEs”). This article will discuss the TCC’s clarification of what constitutes an SME, and the credit term guidelines.
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February 2022
Thailand’s Digital Asset Tax
Thailand’s Revenue Department has finally released its guideline manual about paying personal income tax on cryptocurrency and digital tokens. The authority, it is believed, released the manual to cope with the rapid uptick in digital asset investments. This article discusses key points of the manual, particularly how the Revenue Department will treat income from digital assets.
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January 2022
Shop Dee Mee Kuen Campaign 2022 (Shop & Income Tax Deductions)
Government has rolled out Shop Dee Mee Kuen, another in a series of populist campaigns to boost spending and catalyze the national economy. The campaign offers taxpayers income tax deductions for purchases of goods and services that meet conditions under Ministerial Regulation No. 379 and Notification of the Director-General of the Revenue Department on Income Tax No. 418.
Goods and services must be paid for between 1 January and 15 February 2022 for taxpayers to benefit from the campaign.
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Goods and services must be paid for between 1 January and 15 February 2022 for taxpayers to benefit from the campaign.
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