Insights

2024 is set to be a year of mass disruption as long-standing business models are tested by the rapid pace of technological advancement, causing economic upheaval around the world. In the last great technological leap, we saw traditional businesses such as Blockbuster, Tower Records and Kodak disappear as Netflix, Spotify and Instagram came from nowhere to dominate.

2024 is set to be a year of mass disruption as long-standing business models are tested by the rapid pace of technological advancement, causing economic upheaval around the world. In the last great technological leap, we saw traditional businesses such as Blockbuster, Tower Records and Kodak disappear as Netflix, Spotify and Instagram came from nowhere to dominate.

As we enter 2024, the business landscape is poised for a seismic shift, driven by the relentless march of technology and the lingering aftereffects of the COVID-19 pandemic. The Essential Guide to Business Transformation in 2024, brought to you by Grant Thornton, encapsulates not just a roadmap for navigating these changes, but also a clarion call for businesses to adapt or face the risk of obsolescence.

On 7 March 2024, the Cabinet agreed and approved the principle of OECD Pillar Two, also known as Global Minimum Tax, and tasked the Thai Revenue Department (“TRD”) with formulating the corresponding legislation.

After the company has operated until the end of its accounting period, it must submit financial statements and annual corporate income tax returns to the government. In general, the tax base of a business is calculated based on its taxable net profit. Therefore, tax adjustments and various benefits received from the government are at the heart of helping the company review its tax status to ensure that the information shown in the corporate income tax return is correct and consistent with the tax computation.

The Grant Thornton International Business Report (IBR) for H2 2023, which measures sentiment amongst mid-market business leaders, shows a considerable drop in overall business health across Thailand.

The Revenue Department has introduced the latest tax scheme, the “Easy E-Receipt”, formerly known as “Shop Dee Mee Kuen”. This scheme is designed to offer individuals tax deductions in 2024.

The new H1 2023 IBR is especially significant, as it indicates a clear expectation among business leaders of full-throated, post-pandemic growth across industries — a long-awaited development that had been delayed repeatedly in recent years amid geopolitical issues such as the war in Ukraine and the downturn of China, as well as new waves of infections.

Our CEO & Managing Partner, Ian Pascoe and Associate Director, Neetika Mutreja have published an article in INSOL World Q3 2023. They discuss the Central Bankruptcy Court's Restructuring Framework, practical hurdles that impair the efficacy of the framework, proposed amendments, and much more.

With pandemic-related work disruptions now mostly in the rear view mirror, businesses at last have a relatively clear view of what the coming months and years will bring. This clarity lets everyone — from investors and R&D teams to marketers and HR managers — chart a course forward for the post-COVID era.

For mid-market businesses, navigating the environmental, social and governance (ESG) landscape is a complex challenge, and their approach will depend on size, maturity, sector – and the priorities of stakeholders.

Forecast for Thailand’s GDP, Inflation Rates, and Interest Rates

Thailand would still be unable to return to its pre-COVID economic trajectory. The problem boils down to simple demographics. Thailand, like a number of other countries, is currently undergoing a pair of developments whose implications are hugely underappreciated.

Is Thailand’s economic recovery now beginning in earnest? Our new analysis lays out the challenges that remain for business – and our recommendations for dealing with them effectively.

The Thai economy continued to operate in a lower gear in the first quarter of 2021, but changing conditions indicate that better times are just around the corner.

The Ministry of Commerce recently withdrew its endorsement of Thailand joining the CPTPP over concerns that the trade deal may harm farmers.