Showing 1 - 10 of 60
Challenges of cryptocurrency taxation
Business, Published on 21/04/2018
» Ever since cryptocurrencies started to gain popularity, policymakers in many countries have been debating how to design the tax system and regulate transactions in digital assets. Surprisingly, the positions of governments differ widely, in part because there is no multilateral agreement covering this new realm.
Business conversion tax incentives
Business, Published on 04/04/2018
» Tax incentives often appear attractive in theory, but the reality of attempting to claim them can often cause difficulties for taxpayers.
New transfer pricing regime imminent
Business, Published on 20/03/2018
» Since last year, Thailand has become a member of two global groups combatting international tax avoidance. First, the Global Forum on Transparency and Exchange of Information for Tax Purposes requires member countries to exchange information for tax transparency. Second, the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) commits members to implement up to 15 action plans, with action plans 8-10 concerning transfer pricing.
Spouses and tax demands
Business, Published on 06/03/2018
» Last year we were treated to some tortuous legal arguments about whether the Revenue Department could try to collect tax from former prime minister Thaksin Shinawatra on a share sale, even if it was made through the stock market, based on a summons issued to his son many years ago.
Double taxation on mortgage release
Business, Published on 20/02/2018
» Most people understand that the discharge of a debt by a creditor, or by someone else for the benefit of a debtor, could result in the debtor having taxable income equivalent to the amount of debt discharged. Likewise, when a buyer undertakes to pay off a seller’s debt in exchange for goods or services, the sum of debt released will be treated as part of the sale revenue received by the seller. On the buyer’s side, the same sum will be treated as acquisition costs for income tax purposes.
Preserving your tax appeal rights
Business, Published on 07/02/2018
» If you face a challenge from tax authorities, remember that the law can protect only those who cooperate with the taxman during the audit process. This applies in all but a few exceptional cases where people can prove they are unable to cooperate in good faith because of circumstances beyond their control.
How to use the tax treaty with Cambodia
Business, Published on 23/01/2018
» The new double-taxation agreement between Thailand and Cambodia officially took effect on Jan 1 for withholding tax and corporate income tax. The two countries only signed the agreement on Sept 7 last year but rushed to complete the ratification process on Dec 26. This super-fast track is a part of a consolidated strategic action plan for the Asean Economic Community (AEC) to support regional competitiveness.
Tax implications of adjustments to capital-reduction income
Business, Published on 29/12/2017
» Out of the 38 million income earners in Thailand, 11 million filed tax returns and only 7 million actually paid personal income tax, according to recent figures released by the Finance Ministry. For this reason, a working group has been formed to reform the Revenue Code with the intention of expanding the tax base and increasing equity in the tax system.
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.
Deductibility of guaranteed amounts by fund sponsors
Business, Lawalliance Limited Company, Published on 03/10/2017
» Property funds have long been popular with investors in Thailand, where the mutual-fund structure is being phased out and funds are being converted to real estate investment trusts or REITs. Raising funds from investors through such vehicles often involves a guarantee from the originator to increase confidence in the investment. This can be the starting point for problems on the tax front.