Insights

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

Bangkok, Thailand, April 2024 — The Grant Thornton International Business Report (IBR) for Q1 2024 unveils a strikingly optimistic outlook among Thailand's mid-market business leaders, juxtaposed with the looming challenges that will shape the nation's economic future. With a Business Health Index score of 13.5, Thailand outperforms its ASEAN, Asia-Pacific, and global counterparts, signaling a robust confidence that may overshadow critical issues such as demographic changes, skills shortages, and the necessity for digital advancement.

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.

In a significant development on 15 September 2023, the Thai Revenue Department (“TRD”) issued the Departmental Instruction no. Paw 161/2566 (2023) re: the income tax payment under Section 41 paragraph 2 of the Thai Revenue Code (“TRC”). This freshly unveiled guidance is poised to exert a profound influence on the taxation framework governing foreign-sourced income that is repatriated to Thailand by any Thai tax residents with implications set to take effect from 1 January 2024 onward.

On 7 March 2023, the Cabinet approved in principle official plans for implementing Global Minimum Tax under the OECD BEPS – Pillar 2 regime. One of the assignments to the BOI was to provide relieve to the companies impacted by this Pillar 2 in Thailand

Organisations must be aware of the circumstances in which they are allowed to collect data to comply with Thailand’s Personal Data Protection Act.

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

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.

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.

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.

Around the world, organisations are discovering the benefits of putting people at the centre of their plans and processes. There can hardly be an industry where people matter more than government.

Union Budget 2017-18 presented today reinforces government’s intent to bring about key reforms and focus on rural development.