Showing 1 - 10 of 10
Your RMF and the law: keep all your papers in order
Business, Lawalliance Limited Company, Published on 30/05/2017
» The great economist Adam Smith once outlined four canons of taxation, one of which is certainty, or as he put it: "The tax which each individual is bound to pay ought to be certain and not arbitrary." This means that where the law denotes what tax should be collected from the taxpayer, there should be no interpretation required to expand the scope of the tax to be collected.
Complications arising from new stamp duty rules
Business, Lawalliance Limited Company, Published on 26/07/2016
» While stamp duty is a type of nuisance tax that tends to be forgotten, failing to comply with its requirements could have distressing consequences. An instrument that is not properly affixed with stamp duty may be subject to surcharges that could climb as high as 600% of the original duty. As well, it could be prohibited from being used as evidence in a court of law.
When will a liquidator be released from tax liability?
Business, Lawalliance Limited Company, Published on 26/01/2016
» When a life ends, whether that of a person or a business, it does not mean tax liability will also end. Dissolution and liquidation of a company are part of many corporate reorganisations, and in our experience this often requires the liquidator to make a speedy distribution of cash and other assets to shareholders. Thus, it is necessary for the liquidator to understand what he has got himself into.
Can inheritance tax work?
Business, Lawalliance Limited Company, Published on 09/09/2014
» Now that we have new cabinet ministers to drive the economy forward, the next expectation is for martial law to be lifted so that foreign investors and tourists can feel more comfortable about returning to Thailand. Meanwhile, the junta is determined to quickly show the people some signs of genuine reform, so it’s no surprise it has revived the idea of an inheritance tax (IHT).
Finding the Least-Worst method of mobile app taxation
Business, Lawalliance Limited Company, Published on 19/11/2013
» Smartphones and tablets make your life easier, and there are many applications and content services that can be purchased and downloaded online.
Handling the 5% tax assessment
Business, Lawalliance Limited Company, Published on 07/05/2013
» In the real world, your company may come across a situation in which a financial statement cannot be signed off because of some problems. For example, conflict from changing the licensed auditor from one house to another often delays the audit process as the old one may refuse to cooperate and return necessary documents. Violating Securities and Exchange Commission rules, such as for a connected transaction, could also be the cause of postponing the completion of the financial statement until the problem can be resolved.
Tax impact from new accounting standards and what to expect
Business, Lawalliance Limited Company, Published on 26/03/2013
» Companies in Thailand this year are required to adopt three new Thai Accounting Standards (TAS) in preparing their financial statements, effective from Jan 1. They are: TAS 12 "Income Taxes"; TAS 20 "Accounting for Government Grants and Disclosure of Government Assistance"; and TAS 21 "The Effects of Changes in Foreign Exchange Rates". All will definitely have a direct impact on many companies.
Capitalising taxable income over 90 years? Yes, It can be done
Business, Lawalliance Limited Company, Published on 26/02/2013
» Have you ever thought that you could capitalise taxable income over a very long period of time and pay corporate income tax year by year, even if you have already received all the upfront payments from customers? This sounds common enough in cases where you have a long-term contract with one period of time for the provision of services.
When car benefits become contentious
Business, Lawalliance Limited Company, Published on 20/11/2012
» Tax treatment of fringe benefits from employment always plays a key role for both employer and employee. It also can be the source of endless disputes between tax authorities and taxpayers. Once the fringe benefit is paid in kind, determination of the monetary value can be very subjective. It depends on the nature of each benefit, item by item, as well as the discretion of each tax official in each case.
Spouses now unchained by tax treatment
Business, Lawalliance Limited Company, Published on 17/07/2012
» Many couples when they marry start a family business together to build their future. The key rationale is that Thai personal income tax law recognises a married couple as a single taxable entity to prevent abuses.