Showing 1-10 of 17 results
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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.
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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.
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Turning entrepreneurs into corporate entities
Business, Lawalliance Limited Company, Published on 07/03/2017
» February was a busy month in terms of new tax legislation. But this is just the beginning, as the director-general of the Revenue Department has also announced an ambitious plan to study extending Thailand's tax jurisdiction to overseas traders in cross-border e-commerce transactions. The idea is to generate tax revenue from online businesses, as the current legislation does not allow Thailand to tax foreign traders not doing business within the country.
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Using the tax system to reduce inequality is a work in progress
Business, Lawalliance Limited Company, Published on 24/01/2017
» The seriousness of economic inequality was portrayed dramatically by Oxfam International last week, when it reported that the eight richest people in the world own as much wealth as the 3.6 billion who make up the poorest half of humanity. In Thailand, the wealth held by the 50 richest people has been estimated at 25% of the country's gross domestic product.
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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.
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Taxable vs non-taxable reimbursements
Business, Lawalliance Limited Company, Published on 06/09/2016
» Most tax matters are all about sorting taxable income items from non-taxable ones. Whenever you receive a payment that is referred to in a contractual document as "reimbursement", it is important to realise that there is only a thin line between a genuine reimbursement and one that is regarded as disguised revenue for tax purposes.
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Lump-sum payments to departing employees
Business, Lawalliance Limited Company, Published on 12/07/2016
» When employment comes to an end, whether due to retirement, redundancy or voluntary resignation, the employer may need to make a lump-sum payment to the employee. As the lump sum could be all that a retired employee has left to live on, or a fund to be used during the vocational transition, the law helps to ease the tax burden by allowing a special calculation so that it is taxed separately from other income.
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New tax incentives aimed at summer spending sprees
Business, Lawalliance Limited Company, Published on 05/04/2016
» Once again, Thailand's hot summer has become the season for tax incentives. So much legislation has been coming out lately that it's difficult for taxpayers to ensure timely and accurate compliance.
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Bonuses as a prohibited deductible expenditure
Business, Lawalliance Limited Company, Published on 09/02/2016
» To an employee who performs work with passion and pride, the year-end bonus (or special remuneration in whatever form) not only means extra wealth but also signifies how his or her work has been valued.
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Double taxation of employee stock options
Business, Lawalliance Limited Company, Published on 06/10/2015
» Capable and loyal employees are prized by all businesses, and large companies often seek to keep their top talent by rewarding qualified personnel through an employee stock option plan (Esop).
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