Newsletter

Computer Violation Act

Iss9/08

The Computer Violation Act which became effective on  August 23, 2008 requires internet service providers, businesses, schools, hotels, banks, government agencies, apartment and residential complexes, Internet cafes and game shops to keep Internet traffic information of users for 90 days in order for police to be able to track down persons engaged in cyber crime

TAX COMPLIANCE REMINDERS

Iss8/08

For entities that are juristic persons whose accounting period is January 1óDecember 31, we are approaching 150 days from the last day of the accounting period and tax forms to be filed are:

 - P.N.D. 50 Income Tax Return for Companies or Juristic Partnerships,

 - P.N.D. 52 Income Tax Return for Companies or Juristic Partnerships undertaking International Transportation Business,

 - P.N.D. 55 Income Tax Return for Foun- dations or Associations.

ACT TO ENSURE SKILLS DEVELOPMENT IN COMPANIES

Iss7/07

?The Department of Skills Development will strengthen enforcement of the 2002 Labor Act on skills development to make sure the country's
workforce gets proper staff training through skills development.

Businesses who fail to comply with the law by not providing the
proper training will be mandated to pay contributions to the skill
development fund.

 

 

PROPOSED FOREIGN BUSINESS ACT AMENDMENT

Iss6/07

Recently, the Cabinet principally approved the amendment of the
Foreign Business Act B.E 2542 (1999) as proposed by the Commerce
Ministry despite the amendment being vigorously opposed by the
Joint Foreign Chambers of Commerce and Trade, which asserts
that it will discourage foreign investment and, furthermore,requested the government to study the proposed measures for 6 more months.

 

 

FOREIGN SOURCE DIVIDENDS TAX BENEFITFOREIGN BENEFITS

Iss5/07

Last year, the government issued Royal Decree No. 442 which focuses on outbound investment and its potential to generate income for Thailand, rather than solely developing the economy by relying on foreigners investing into Thailand. The Decree attempts to facilitate investment outside Thailand by allowing profits earned from those investments to be remitted to Thailand with tax benefits, regarding foreign source dividends to Thai companies.



LTF and RMF Allowances

Iss4/06

The end of the year is coming and it is a good time to take advantage of the tax allowances for individuals in the form of Retirement Mutual Funds (RMF) and Long Term Equity Funds (LTF). You have time until December 2006 to invest in the funds to lower your personal income tax payment. These funds were created to encourage investors to make long term investments in listed companies. RMF RMFs allow tax benefits for investors by exempting from personal income tax the actual amount being invested up to 15% of the individual's yearly income in a given year and when combined with the amount being invested in a provident fund or Government Pension Fund, it does not exceed Baht 300,000 in such a year. Fund managers are allowed to invest your money into debt instruments,

Proposed Tax Incentives for New SET Listings

Iss3/06

Several leading businesses and investment organizations are proposing to the Finance Ministry new tax perks for companies to list on the Stock Exchange of Thailand (SET). Previously, the Finance Ministry provided a special corporate tax rate of 25% (instead of the normal 30% corporate tax rate) for five years for newly listed companies on the SET. However, this special corporate tax rate ended last year. The parties will discuss these proposals among others to seek ways to expand the investor base by attracting new listings, and to implement tax incentives without a time frame. The idea behind the incentives is to reward listed companies for having to comply with stricter disclosure and reporting rules when compared to non-listed companies.

THAI ECONOMIC UPDATE

Iss2/06

In March 2006, the Monetary Policy Committee (MPC) of the Bank of Thailand, met to assess the latest economic developments and trends to determine the appropriate monetary policy. A summary of the issues discussed are stated as follows. In Quarter 4 of 2005, the Thai economy expanded slower compared to the prior quarter, and economic indicators in January 2006 showed an ongoing moderation in domestic demand. However, external demand expanded well, and the MPC views that the momentum in growth should continue forward supported by a favorable outlook on exports in accordance with positive global economic trends.

Corporate Governance

Iss1/06

Last year, the government issued Royal Decree No. 442 which focuses on outbound investment and its potential to generate income for Thailand, rather than solely developing the economy by relying on foreigners investing into Thailand. The Decree attempts to facilitate investment outside Thailand by allowing profits earned from those investments to be remitted to Thailand with tax benefits, regarding foreign source dividends to Thai companies.


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