Insights

A great idea is worthless without the funds to bring it to fruition. One of the most underappreciated responsibilities of business leaders is to ensure adequate liquidity for each new endeavour that their companies embark upon. This task requires great insight into company operations and market patterns, as well as an excellent sense of timing, as the necessary cash must be available at the precise moment the organisation needs to access it. Whether a business is a well-established company or a fast-growing start-up, this principle holds true. Even the most seasoned organisations can falter if liquidity management is neglected, just as newer companies can fail to get off the ground without the right financial planning.

Left unchecked, all things fall into disorder. This universal law requires that we maintain high standards of maintenance and organisation in all aspects of both life and business. As soon as we allow ourselves slack in any area, the deterioration process will begin anew.

Thank you to the 140+ attendees from over 70 companies who joined us for the Accounting & Tax Updates 2024 Seminar!

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.

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/.

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.

The future of finance will be decided by companies that focus on technology, people, and regulatory compliance to adapt to a post-pandemic landscape.

Because no two problems are identical, a one-size-fits-all service is not the ideal way out. Many issues can be adequately addressed only through carefully tailored solutions, adapted to the client’s own pain points. We find that these types of “out-of-the-box” services tend to exceed client expectations, while also remaining sensitive to their budgetary concerns. To illustrate how we guide our clients towards success, we share with you two different case studies, each beginning with its own set of problems.

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

In the midst of the COVID-19 pandemic, auditors should accept new engagements cautiously and leverage technology to complete ongoing ones.

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.