Showing 1-10 of 28 results
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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.
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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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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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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.
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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.
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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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The government's tax amnesty scheme: Is it the real deal?
Business, Lawalliance Limited Company, Published on 12/01/2016
» Many small businesses had something extra to celebrate at the New Year with the surprise announcement of a tax amnesty scheme. “Amnesty” is a word the director-general of the Revenue Department refused to use in a recent interview, stressing anyone breaching the conditions could face an investigation later. Given the broad scope of the law, all small and medium-sized enterprises (SMEs) must understand what is involved.
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Will the price-valuation rules change in the near future?
Business, Lawalliance Limited Company, Published on 22/09/2015
» Ever since Section 65 bis and Section 65 ter of the Revenue Code were created, most transactions, unless excluded from the tax regime, have been subject to tax based on transaction value. However, the law rarely accepts a transaction value lower than the "market value" and allows authorities to assess additional tax based on "imputed revenue", which is on a par with the market value.
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Transfer-Pricing loopholes likely to be closed soon
Business, Lawalliance Limited Company, Published on 02/06/2015
» Among tax-avoidance methods, transfer pricing is the most controversial. While it is never acceptable to the Revenue Department, it has become pervasive and more complicated.
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Realisation rules for zero-coupon notes
Business, Lawalliance Limited Company, Published on 19/05/2015
» Each business activity has its own timing for its own reasons, and the realisation of revenue and expenses for tax purposes is no exception. Under the Revenue Code, the "accrual basis" methodology always applies to the realisation of revenue and expenses for tax calculation unless a different basis is approved by the director-general. The accrual basis requires that:
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