Insights

This tax news will be of interest to: Thai companies that are part of multinational enterprise (MNE) groups and engage in intercompany transactions. In the TP series Part 1 & Part 2: we have highlighted the potential red flags and how to deal with transfer pricing (TP) audit. The main focus of the Thai Revenue Department (TRD) is on intra-group services, which we will cover in this article.

Thailand’s Business Confidence Falls Sharply Amid Rising Pressures and Global Headwinds Q2 2025 Grant Thornton IBR shows slowing optimism and investment intentions across the mid-market Bangkok, Thailand, July 2025 – Business confidence among Thailand’s mid-market firms continued to decline in Q2 2025, with reduced expectations across revenue, exports, and employment – despite solid GDP growth and an impressive export performance in the first quarter. The second half of the year is going to be much more challenging with GDP growth continuing to fall. According to the latest Grant Thornton International Business Report (IBR), conducted between 16 April and 29 June 2025, Thai mid-market businesses are navigating a more uncertain economic landscape. The percentage of leaders “very confident” in economic improvement dropped sharply to 19%, down from 31% in Q1. A plurality of respondents (36%) are now “unsure,” while 17% report having no confidence at all.

In Thailand’s fast-moving business environment, one truth is quietly shaping the success of transformation and growth: the leaders who can truly move the needle, those who can drive change, inspire teams, and navigate complexity, are rarely the ones applying for roles. They’re not browsing job boards. They’re not polishing their resumes. They’re deep in the business of leading. But they are listening for the right opportunity, at the right moment, delivered by someone they trust.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Global Business in a New Risk Landscape Given the present level of technological development and economic volatility around the world, businesses are operating under immense pressure from all sides.

Not long ago, in a meeting with a group of senior executives here in Bangkok, I noticed something interesting. While everyone was talking about Generative AI, the opportunities, the fears, the future, very few were talking about leadership. How will we, as executives, actually lead in a world transformed by AI? It struck me that while AI advancing at incredible speed, leadership thinking must move even faster. This is not just another business trend. It is a profound shift - one that challenges how we define value, build teams, and set strategy. Here are a few thoughts I wanted to share.

In May, we explored how leadership must evolve in Gen AI. This month, I want to shift our focus to something equally fundamental but often ignored in transformation conversations: process. It's not technology, platforms, or automation. It's just a simple, clear human process, the way work actually happens, from the ground up.

Mid-market optimism falls as tariff threats become reality

The Thai Revenue Department (“TRD”) has announced the Emergency Decree on Top-up Tax, B.E. 2567 (2024) (“Top-up Tax Law”), which will be effective from January 1, 2025. Below is a summary of the key aspects of this law.