Insights

As we mark International Women’s Day, it is an important moment to recognise the progress made in advancing women in business across Thailand and to reflect on the work that still lies ahead. Encouragingly, more women are stepping into leadership roles, contributing their expertise and perspectives to organisations across industries. This shift reflects a growing understanding that diverse leadership teams strengthen decision-making, enhance resilience and support sustainable business performance. “Rising expectations from both talent and investors mean gender equality is no longer a values-led aspiration; it is a strategic growth lever. At Grant Thornton in Thailand, women represent half of our 24 senior leaders. We see, in practical terms, how balanced leadership sharpens judgement, elevates the quality of debate, accelerates performance, and builds organisational resilience in a volatile market,” said Ian Pascoe, CEO & Managing Partner, Grant Thornton Thailand.

Thailand is taking a significant step toward enhancing its investment climate. The Department of Business Development (DBD) has introduced a draft Ministerial Regulation aimed at reducing restrictions on foreign investment by exempting select business activities from the need to obtain permission under the Foreign Business Act B.E. 2542 (1999).

In late December 2025, the Department of Business Development (“DBD”) issued four Orders of the Central Partnerships and Companies Registration Office, together with an Announcement of the Central Partnerships and Companies Registration Office (collectively, the “Orders”), to strengthen corporate registration controls. The summary of the Orders is set out below.

On 5 June 2025, the Board of Investment (“BOI”) published Announcement No. Por 8/2568, by virtue of the Investment Promotion Act B.E. 2520 (1977). This announcement revises the Criteria for Approval of Positions for Foreign Nationals, Placement of Foreign Nationals in Approved Positions, and Extension of Position Terms and Personnel under Sections 25 and 26.

Across boardrooms and executive meetings this year, I’ve noticed something striking: executives are talking a lot about roles - but not enough about capability. The focus is almost always on vacancies - what's open, what’s urgent, and who can fill it. But in a market shaped by demographic shifts, emerging tech, and increasingly fluid career paths, the real risk isn’t an open role. It’s a critical capability gap - one you may not realise you have until it's too late.

Thailand’s position on Article 12 (Royalties) of the recent 2025 OECD report reflects a robust commitment to source-based taxation for cross-border payments. Unlike the OECD’s preferred move towards residence-based taxation for royalties, Thailand continues to advocate for the right of the state where the income arises to collect tax. By expanding the definition of royalties and establishing clear source rules, Thailand ensures that a broad spectrum of payments for technology, equipment, and expertise remains subject to local withholding tax.

In the recent 2025 OECD report, Thailand has reaffirmed its position as a "Non-Member Economy" that prioritizes source-based taxation. By maintaining specific reservations on Article 5 - Permanent Establishment or “PE”, Thailand aims to ensure that foreign enterprises contributing to its economy through sustained physical or economic presence do not circumvent local tax obligations. These positions reflect a cautious approach toward the global trend of narrowing PE definitions, focusing instead on traditional and service-based activities.

The Royal Thai Government Gazette has announced the Labour Protection Act (No. 9), B.E. 2568 (2025) (“Amendment No. 9”), which amends key provisions under the Labour Protection Act B.E. 2541 (1998) (“Labour Protection Act”). The amendments are effective from 7th December 2025 introduce new protections, leave entitlements and employer compliance requirements.

The rapid shift toward hybrid and remote work has created a complex challenge for multinational enterprises: when does an employee’s home office create a taxable presence, or Permanent Establishment (PE), in another country? The recent 2025 OECD report addresses this head-on, providing much-needed clarity through revised commentary on Article 5 (Permanent Establishment or PE). For businesses with cross-border talent, these changes offer a more practical framework for assessing tax exposure in jurisdictions where employees may be working remotely.

At the start of every year, the same urgency kicks in: "We need someone now." A resignation lands, a new project begins, a headcount is approved - and suddenly, we're back on the treadmill of reactive hiring. But what if 2026 is the year we stop doing that? Not long ago, I was speaking with the COO of a regional industrial group in Thailand. His team had just made two senior hires where both came with strong profiles, ticked the usual boxes and six months in, were underwhelming.

Grant Thornton recorded USD 8 billion in global revenues for the year ending 30 September 2024, marking an 8.8% growth in constant currency. This achievement reflects the network’s commitment to quality, innovation, and sustainability, even amid global economic volatility and geopolitical challenges.

The Thai Revenue Department (TRD) sets higher tax collection targets each year, increasing pressure on both the tax authority and taxpayers. The TRD is accelerating its transformation towards an AI-enabled, data-driven administration to enhance operational effectiveness and improve overall tax collection.

As the year closes, leadership teams across Thailand are finalising their 2026 strategies - refining targets, outlining transformation plans, and setting bold growth ambitions. But amid all this planning, one critical question often gets overlooked: Are the people who will carry this strategy into 2026 the right ones to do it? In my recent conversations with CEOs and CHROs, the answers to this question are rarely clear. Many leaders think they’ve got the right team - but they haven’t pressure-tested that belief. The world is changing fast, and the leadership qualities required even two years ago may not match what’s needed next year.

This tax news will be of interest to: Thai companies that are part of multinational enterprise (MNE) groups and engage in intercompany transactions. Introduction The Thai Revenue Department (TRD) has implemented an artificial intelligence (AI)–driven big data analysis system to improve operational efficiency, review taxpayers’ data, and assess potential risk areas or red flags. The system classifies taxpayers as either “good” or “risky”. If potential red flags are detected, the system notifies the TRD to consider initiating a tax audit. You may refer to our transfer pricing (TP) series Part 1: Potential Red Flags. In addition, the TRD has recently launched the QUICK BIG WIN scheme, which allows eligible taxpayers to receive tax refunds within a significantly shortened timeframe and without undergoing a tax audit if they meet the scheme’s criteria. This aims to enhance taxpayer liquidity and support business operations.

PRESS RELEASE Grant Thornton Specialist Advisory Services Co., Ltd. appointed as the interim executive of JKN Global Group Public Company Limited

Bangkok, Thailand, November 2025 – Business sentiment in Thailand has improved slightly but remains far weaker than in neighbouring economies. The latest Grant Thornton International Business Report (IBR) for Q3 2025 shows that optimism among mid-market businesses has risen modestly since the previous quarter, yet continues to trail ASEAN and global averages. Limited confidence and cautious investment are leaving Thailand behind its regional peers as growth slows and competitiveness weakens.