Showing 1 - 10 of 71
Choosing between a tax appeal and a tax refund
Business, Lawalliance Limited Company, Published on 19/09/2017
» You may be surprised to learn that some people do not always claim the preferable tax treatment offered by the government. This is not a surprise to those of us who deal with taxation professionally, as some tax officials interpret the law narrowly and impose extra conditions to prevent abusive transactions based on their understanding or attitudes.
Determination of Section 40(8) income
Business, Lawalliance Limited Company, Published on 22/08/2017
» The government recently introduced a tax incentive programme to encourage individuals, including ordinary partnerships and groups of persons, to reorganise their businesses and operate them in the form of a company limited or a juristic partnership. This would make it easier to screen them for tax compliance, given the need to prepare statutory accounts.
The importance of the effective date in tax laws
Business, Lawalliance Limited Company, Published on 08/08/2017
» The government of Prime Minister Prayut Chan-o-cha has passed a number of tax laws and regulations -- far more than its predecessors in the previous decade of political turmoil -- since coming to power in 2014. Keeping track of the enforcement of these new rules is complicated, as some have retroactive effect and some grant grace periods.
Tax issues and business transfers: the devil is in the details
Business, Lawalliance Limited Company, Published on 25/07/2017
» Ever since tax incentives for business reorganisation were introduced two decades ago, different issues have arisen intermittently, especially as they relate to an entire business transfer (EBT), which has become a popular practice.
Changing rules for applying foreign tax credits
Business, Lawalliance Limited Company, Published on 12/07/2017
» One of the original principles outlined in the OECD Model Tax Convention is that no taxpayer should be taxed repeatedly on the same amount of income earned from a cross-border transaction. This situation is referred to as "juridical double taxation" -- where income is subject to taxes under the jurisdictions of more than one state.
Looking for tax incentives? Make sure you comply
Business, Lawalliance Limited Company, Published on 13/06/2017
» Tax incentives can be as sweet as honey, but making a mistake in compliance, inadvertently or otherwise, can leave a taste as bitter as gall. Corporate taxpayers have learned this painful lesson in light of court rulings on the tax treatment of losses carried forward from Board of Investment-promoted businesses.
Your RMF and the law: keep all your papers in order
Business, Lawalliance Limited Company, Published on 30/05/2017
» The great economist Adam Smith once outlined four canons of taxation, one of which is certainty, or as he put it: "The tax which each individual is bound to pay ought to be certain and not arbitrary." This means that where the law denotes what tax should be collected from the taxpayer, there should be no interpretation required to expand the scope of the tax to be collected.
New tax legislation to comply with Fatca
Business, Lawalliance Limited Company, Published on 16/05/2017
» On March 4 last year, Thailand and the United States entered into an agreement to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (Fatca), which Washington introduced in 2010 in an attempt to discourage tax evasion by US citizens holding assets abroad.
When the spirit of the law shines
Business, Lawalliance Limited Company, Published on 02/05/2017
» The current government has been trying very hard to make Thailand a jurisdiction that places more emphasis on substance and less on surface appearances. This is evident in recent legal reforms, but the attitudes of state authorities remain problematic. Many seem to believe that in order to be patriotic, the private sector must submit to any extra conditions that authorities impose above and beyond the legal framework.
Tax deductibility of penalties and surcharges
Business, Lawalliance Limited Company, Published on 04/04/2017
» What would you do if one day a government body issued a ruling that set aside a guideline you were required to comply with, and another day it issued another ruling requiring you to do a different thing, potentially exposing you to wrongdoing? Unfortunately, that day appears to have arrived in the case of the Board of Taxation, a panel drawn from various respected government agencies, appointed and empowered under the Revenue Code to provide interpretations on tax matters.