Insights

Lessees must ensure that they are performing the proper accounting for any rent concessions they are granted during the COVID-19 pandemic.

As businesses adjust to new realities during the COVID-19 pandemic, changes in transfer pricing and other areas will have significant tax planning implications, which we outline here.

With Thai businesses and citizens tightening their belts amid the COVID-19 economics crisis, we examine whether the Thai government's current tax reduction will provide sufficient help.

As they strive to meet the extraordinary challenges of the day, business leaders must also consider how they will adapt to the post-COVID-19 landscape.

The consequences of the COVID-19 pandemic will be far-reaching. However, by working together, we can learn from this crisis and build a better future.

By properly managing cash flow and liquidity, businesses can brace themselves for the impacts of the COVID-19 pandemic.

Accountants must carefully consider the implications of the Coronavirus as they prepare financial reporting for 2019 and beyond.

Organisations must respond quickly to changing conditions during this health crisis, particularly with regard to cash management and business strategy. Our guide can help.

This article examines the RCEP trade agreement as it stands in late 2019, while also comparing it to the CPTPP agreement.

As a new and unpredictable decade dawns, the business world looks forward with its optimism largely intact, according to Grant Thornton’s latest International Business Report (IBR). Leaders in mid-market companies around the world delivered an average optimism score of 59% in H2 2019, a rise of 3% over the first half of the year. This modest improvement is an encouraging contrast to the two consecutive declines that preceded it, although there remains a long way to climb before reaching H1 2018’s high of 69% global optimism.

Despite the challenges facing the Thai economy, businesses in Thailand can succeed in 2020 by reducing overheads, conserving cash, improving efficiency of internal structures, and focusing on customer service.

With the economic outlook in Thailand less bright than in years past, we look at how the country can find a new way forward for future business success.

As we have seen, Thailand plans to spend money attracting new businesses and tourists, all while lowering personal income taxes. Given such an array of new expenses, the treasury arm of the Thai government would ordinarily come under pressure to balance the budget. Indeed, we have already seen the Ministry of Finance struggling to locate new sources of revenue. Thailand’s Revenue Department has considered plans for imposing taxes on capital gains, casting the tax net wide enough to include on-line operators. Banks will be required to report account holders with high-volume cash transactions in an effort to seal off tax evasion. Plans are in place to increase the tax base – with a target of adding 200,000 new taxpayers per annum.

The world’s leading survey of mid-market companies, Grant Thornton’s IBR, once again provides vital insight into the health of the global mid-market. These results for H1 2019 reflect the views of nearly 5,000 mid-market companies across 30+ countries interviewed in May and June of this year.

As the world’s economic engine slows, countries are moving to stimulate their economies by increasing government spending and cutting taxes to inject cash into the domestic economy. Such actions are intended to boost the economy, and prevent it from stalling.

Now that the political climate in Thailand has stabilised, the government is looking to speed up its Free Trade Agreement (FTA) negotiations with key trading partners. Plans include resuming negotiations with the EU and UK post Brexit, as well as talks to join major multilateral FTAs. To be successful in these negotiations, Thailand needs to keep in mind the consequences that non-tariff barriers will have on improving trade as a whole.