Showing 1 - 10 of 21
Flip-flop on treatment of exports of services
Business, Lawalliance Limited Company, Published on 17/10/2017
» Trying to prove an export of services is quite elusive in respect of time and place, and different parties have different views on what should be considered as exportation for tax purposes. For this reason, the number of problems encountered in applying zero-rated value-added tax (VAT) to services has reached epic levels.
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.
Realisation of expenses under the 'canon of certainty'
Business, Lawalliance Limited Company, Published on 27/12/2016
» More than two centuries ago, Adam Smith set out the rule that equity, certainty, convenience and economy are the top four canons for a good tax system. But since government authorities tend to care less about these principles and more about collecting taxes, it's no surprise that confusion persists when it comes to realisation of expenses.
When receivables are seized to pay off tax debts
Business, Lawalliance Limited Company, Published on 29/11/2016
» The government has been giving away a lot of tax packages -- not only as a new-year present but all year round. It started with a tax amnesty programme (without calling it an amnesty), and has also offered allowances for those who spend at Thai resorts during holidays, double deductions for new investments, and tax incentives for investors that take significant steps in contributing to technological growth.
Handling immovable properties within the family
Business, Lawalliance Limited Company, Published on 18/10/2016
» With the new land and building tax due to take effect from next year, in combination with the inheritance tax and changes to the Revenue Code on gifts from parents to children earlier this year, more people are attempting to manage their properties to save tax. Though it is everyone's lawful right to do tax planning, it is necessary to be aware of some relevant interpretations.
Tax losses and BoI-promoted businesses: a cautionary tale
Business, Lawalliance Limited Company, Published on 31/05/2016
» All that glitters is not gold. While the tax incentives granted to businesses promoted by the Board of Investment (BoI) are dazzlingly attractive, ambiguities in the statutory provisions often bring about dreadful tax results in the end. Look no further than recent court cases involving carried-forward tax losses sustained by BoI-promoted projects.
Bad debt write-offs and VAT impact
Business, Lawalliance Limited Company, Published on 03/05/2016
» One tax default can cause a domino effect and lead from one unpleasant outcome to another misfortune. One good example involves erroneously writing off bad debts.
Making a tax appeal under new procedures
Business, Lawalliance Limited Company, Published on 17/11/2015
» In our previous article, we took a big-picture look at the forthcoming changes in tax appeal procedures at the court level. One of the main changes is an appeal against a judgement by the Central Tax Court must be made to the new Special Court of Appeal, and its judgement will be treated as final. Only in some exceptional cases will the litigant be able to appeal to the Supreme Court, which must grant permission for the filing first.
New era for tax appeals in the offing
Business, Lawalliance Limited Company, Published on 03/11/2015
» It is commonly known that tax disputes can take years to resolve, with the longest delays usually seen at the Supreme Court level. From the date a complaint is submitted to the Tax Court until the final judgement is rendered by the Supreme Court, it could take four to seven years.
Testing the dividend exemption status
Business, Lawalliance Limited Company, Published on 21/10/2014
» Thai tax law does not have a concept of a "consolidated tax" for companies within the same group, and each company is treated as a separate taxable entity. Consequently, economic double taxation arises whereby profits that have already been taxed in the hands of an operating company could be taxed again and again in the hands of its corporate shareholder and so on, up to the top tier of the shareholding – hence reducing the rate of return to the investor.