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.

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.

As we reflect on the challenges and opportunities of the past year, it's evident that many Thai entities have faced heightened scrutiny through tax audits, particularly amidst requests for tax refunds or company dissolutions. As we embark on 2024, we're gearing up with renewed determination to tackle this challenge head-on. We're excited to announce our initiative to raise awareness surrounding tax audits in these specific scenarios.

Today, as we navigate the complexities of modern finance, the challenges faced by accounting professionals are multifaceted. This seminar will guide us through these hurdles, shedding light on the intricate balance between compliance, precision, and the evolving expectations within the accounting realm.

In the world of professional cycling, where teams compete fiercely for glory on the grandest stages, the story of the Grant Thornton Cycling Team stands out as an inspiring tale of perseverance, passion, and tenacity. Rising from humble beginnings, this team has defied the odds to challenge the world's best at prestigious events like the Tour de Taiwan. Let's hear about the remarkable journey.

Throughout this workshop, we will delve into the life cycle of companies, examining the stages of growth, maturity, and adaptation. Our focus will extend to the current business environment, where your Company stands today, and how our evolving strategy aligns with the ever-changing market dynamics.

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.

This year marks a significant milestone for Grant Thornton's Women in Business report. It's been 20 years since we first started tracking the percentage of senior management positions held by women at mid-market businesses across the globe. While there has certainly been progress over the past 20 years, this progress has been far too slow. We believe the agility of the mid-market can help to set a new course and accelerate progress. Insights from our 2024 Women in Business report reveal clear strategies that create the right environment for women to thrive, significantly reducing the time it will take to reach gender parity in the workplace.

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.

Due to the rapid growth of online transactions, a new regulation has been issued by the revenue department to receive the revenue data of online merchants in electronic form. This move aims to improve the collection system, ensuring the fair and comprehensive collection of revenue data.

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.

ESG has become a vital component to business, with increasing scrutiny on companies to achieve sustainability-related goals. Join us as we examine how to add value to your ESG agenda through the latest global tax and ESG developments.

In a significant development on 15 September 2023, the Thai Revenue Department (“TRD”) issued the Departmental Instruction No. Paw 161/2023 re: the income tax payment under Section 41 paragraph 2 of the Thai Revenue Code (“TRC”). Under this DI, a Thai tax resident with foreign-sourced income will be taxed in Thailand when such foreign source income is remitted into Thailand irrespective of when such income is remitted into Thailand. This rule applies only to Thai tax residents and will be effective from 1 January 2024 onward. You can find more details from our previous publication: https://www.grantthornton.co.th/insights/tax-alerts/.