Insights

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.

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.

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.

Advances in digital technology and artificial intelligence can significantly ease the strain on your accounting department, streamlining back office operations and opening the door to better, more in-depth and wide-ranging analysis of your company’s economic direction. Data-based simulations can integrate complex arrays of variables in order to highlight ripe areas of focus for your company, and can now do so more efficiently than ever.

Bangkok, Thailand – On September 24, 2024, Grant Thornton, in collaboration with the British Chamber of Commerce Thailand (BCCT) and the American Chamber of Commerce in Thailand (AMCHAM), will host a groundbreaking conference titled “Courageous Leadership in the Age of AI” at the Hyatt Regency Bangkok Sukhumvit. This full-day event is set to bring together over 300 senior executives, business owners, and emerging leaders to explore the critical intersection of leadership and artificial intelligence (AI) in today's rapidly evolving landscape.

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 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/.

For many manufacturers, cash flow is the limiting factor that determines how many new business opportunities they are able to pursue, and how ambitious their strategy can be as they plan for the future. The demands of Industry 4.0 require data-driven management both inside and outside the factory, requiring continuous capital investment to keep pace with a fast-moving business environment. Pricing pressures add to the challenge, reducing margins even as customer demands increase ever more quickly. Even the most forward-thinking manufacturers will have trouble staying ahead of the curve if they cannot access enough internal cash flow to keep the wheels of innovation turning.

Global business is facing a wave of disruptive influences that look set to spark the Fourth Industrial Revolution. We explore how the way professionals work is evolving, the leadership skills that will be needed within the dynamic mid-market to thrive, and how organisations can stay competitive in the war for talent and customers in 2030.

Despite a decades-long conversation, progress towards gender parity has been slow. Grant Thornton research shows that, while the global percentage of women in senior management hit 29% in 2019, in 2018 it was 24% – an identical figure to 2016, 2014 and 2007. It takes more than good intentions to create change: the business case for diversity must be convincingly argued. That case is clear: a study of 1,000 companies in 12 countries by McKinsey & Company found that organisations in the top 25% for gender diversity among executive leadership were likely to outperform on profitability (by 21%) and value creation (by 27%).

Employee engagement is often confused with employee satisfaction, but there is a fundamental difference between the two ideas. A team member may be content with the easy rhythm of the status quo, but only an engaged employee will take the initiative to improve efficiency and performance wherever possible.

TFRS 16 largely retains the definition of a lease in TAS 17 but changes the guidance on how to apply it. This refinement was necessary, as the removal of ‘off-balance sheet’ operating leases created a greater need for distinguishing between a lease and a service contract.

January 2019 marked the one-year anniversary of the inception of the US - China trade war. What started with the US increasing import tariffs on Chinese solar panels and washing machines, later spiralled into retaliatory and counter-retaliatory tariff measures between the two countries. Throughout much of 2018, the global business community looked on with apprehension as the two largest economies escalated their trade dispute, which, at its peak, tallied 360 billion USD in combined tariffs. At the close of 2018, the world breathed a sigh of relief when the US and China called for a temporary truce and agreed to resume trade negotiations.

The Labor Protection Act (No.7) has been officially published in the Royal Gazette on 5 April 2019, and will be in effect on 5 May 2019. The essentials of the amendments are set out in this article.

On 26 March 2019, the Cabinet approved draft Royal Decrees revoking all tax benefits granted by the Thai Revenue Department (“TRD”) to the following Board of Investment (“BoI”) regimes: 1. Regional Operating Headquarter (ROH); 2. International Headquarter (IHQ); and 3. International Trading Center (“ITC”)

Too often considered to be a medium-to-low priority, corporate culture affects everything about an organisation – from the way its over-arching goals, to its internal behaviour, to the types of interactions it creates with its customers. Moreover, corporate culture issues are primarily leadership issues, because the way senior management thinks and acts will always affect the mindset at other levels of the organisation.