Showing 1-10 of 30 results
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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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Taxing the giants of the digital economy
Business, Lawalliance Limited Company, Published on 04/10/2016
» As digital networks continue their relentless march, tax authorities are becoming equally determined to ensure that the new giants of 21st century business pay their fair share of taxes. Recent examples include the agreement by Google to pay tax of £130 million retrospectively to the UK government, and the European Commission's order that Ireland collect record-breaking back taxes of US$14.5 billion from Apple. Even Indonesia started a tax investigation into Google last month.
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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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Correcting flaws in the tax system: vote yes or no
Business, Lawalliance Limited Company, Published on 09/08/2016
» The referendum on the draft constitution has been staged successfully and the people have spoken. In the same spirit, perhaps it's time that the Revenue Department listened to the voices of troubled taxpayers and corrected some of its mistakes promptly and transparently.
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How does the Panama leak affect you?
Business, Lawalliance Limited Company, Published on 19/04/2016
» If not for the Songkran festival, the news that 16 Thai names were on the infamous Panama Papers list might have got more attention. However, more worrisome is the Offshore Leaks Database, first released by the International Consortium of Investigative Journalists in 2013. It exposes the names of more than 750 Thailand-based people and entities, Thai and foreign, that are or have been connected with offshore tax-planning structures, mostly in the British Virgin Islands and Panama.
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E-payment and bank secrecy: what's next
Business, Lawalliance Limited Company, Published on 17/05/2016
» It has long been understood that a taxpayer has the right to a contractual arrangement that will allow him or her to incur the lowest tax cost where possible. Nothing in past constitutions or the new draft requires Thai nationals to choose a transaction that would expose the parties to the heaviest tax burden, as long as the transaction is within the law.
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New transfer pricing rule getting needed adjustment
Business, Lawalliance Limited Company, Published on 01/12/2015
» Looking back at tax developments over the past year, we've seen some promising incentives granted by the government and other developments that have caused taxpayer anxiety.
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Land and building tax bill requires greater clarity
Business, Lawalliance Limited Company, Published on 20/10/2015
» Life is getting interesting for taxpayers, with not only an inheritance tax and a new gift tax regime on the way but also a new property tax. The finance minister recently said the land and building tax bill would go before the cabinet very soon and take effect within the next two years. It could be more bad news for some residential property owners.
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CSR contributions and tax liability
Business, Lawalliance Limited Company, Published on 25/08/2015
» Every business entity is a part of society, and business growth is supported by the well-being of the community. For this reason, many companies return benefits to society by way of corporate social responsibility (CSR) projects -- for example, infrastructure providers such as water and electricity distributors often provide services free of charge to those who are needy.
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Fairer tax treatment on the cards for upfront rents
Business, Lawalliance Limited Company, Published on 28/07/2015
» Because it tends to increase continuously in value, real property has always been one of the most desirable investments. While some people have been fortunate enough to acquire properties in upscale areas, many others are competing to find sites speculated to be the next hot spot.
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