Post by account_disabled on Jan 1, 2024 6:07:02 GMT
PwC advises entrepreneurs to prepare for laws blocking profit transfer through transfer pricing - Personal Data Protection Laws Bangkok, 18 October 2019 – PwC Thailand advises entrepreneurs to prepare for changes in tax laws and regulations. After the government announced the enforcement of the law regarding the prevention of transfer pricing. Potential tax impacts from the new accounting standards In addition, the Revenue Department or the Supreme Court has laid down guidelines or interpretations of the law, resulting in entrepreneurs having to understand from various case studies in order to make tax management strict and consistent with the business. To reduce the risk of being assessed by Revenue Department officials. In addition, other newly issued laws such as the Personal Data Protection Act (PDPA) and the Cyber Security Law.
(Cybersecurity Law) and enforcement of the new customs law especially Job Function Email Database Changing the inspection methods of Customs officials is still an issue that is of interest to entrepreneurs and may have a broad impact on businesses. If there is no good preparation Mr. Somboon Weerawutthivong, Senior Partner and Executive Director of Tax and Legal Affairs, PwC Thailand, spoke at PwC Thailand's Symposium 2019 on the topic "It's time to prepare for changes in law and taxation" (A close look at recent legal and tax developments – it's time to act) that in the past the government has enacted many laws to be able to cope with the digital economy. Whether it is the Personal Data Protection Law that will come into full effect next year or the Transfer Pricing Provisions law that the government has already promulgated into law. In fiscal year 2020, the Revenue Department has set a tax collection target of 2.11 trillion baht, with said revenue to be used to support future investment expansion.
According to the 5-year roadmap (2016-2020) to prepare the country for Thailand 4.0, the Revenue Department, as a tax collection agency, has set goals to promote and support Policy development through tax measures to cope with economic changes Including exchanging information related to trade and investment and enhancing the context of international relations, including the preparation of conventions. or amending various double tax treaties in the form of new laws or regulations in the recent past. For guidelines and actions to achieve the goals of the Revenue Department. Legislation that has the greatest impact on entrepreneurs includes laws related to the prevention of transfer pricing. Entrepreneurs with revenues of 200 million baht or more must prepare a report on their relationships and the value of their transactions in each accounting period. According to the form specified by the Director-General and submitted together with the filing of the annual corporate income tax return (P.N.D. 50) so that the Revenue Department will have sufficient information to examine the entrepreneur. .
(Cybersecurity Law) and enforcement of the new customs law especially Job Function Email Database Changing the inspection methods of Customs officials is still an issue that is of interest to entrepreneurs and may have a broad impact on businesses. If there is no good preparation Mr. Somboon Weerawutthivong, Senior Partner and Executive Director of Tax and Legal Affairs, PwC Thailand, spoke at PwC Thailand's Symposium 2019 on the topic "It's time to prepare for changes in law and taxation" (A close look at recent legal and tax developments – it's time to act) that in the past the government has enacted many laws to be able to cope with the digital economy. Whether it is the Personal Data Protection Law that will come into full effect next year or the Transfer Pricing Provisions law that the government has already promulgated into law. In fiscal year 2020, the Revenue Department has set a tax collection target of 2.11 trillion baht, with said revenue to be used to support future investment expansion.
According to the 5-year roadmap (2016-2020) to prepare the country for Thailand 4.0, the Revenue Department, as a tax collection agency, has set goals to promote and support Policy development through tax measures to cope with economic changes Including exchanging information related to trade and investment and enhancing the context of international relations, including the preparation of conventions. or amending various double tax treaties in the form of new laws or regulations in the recent past. For guidelines and actions to achieve the goals of the Revenue Department. Legislation that has the greatest impact on entrepreneurs includes laws related to the prevention of transfer pricing. Entrepreneurs with revenues of 200 million baht or more must prepare a report on their relationships and the value of their transactions in each accounting period. According to the form specified by the Director-General and submitted together with the filing of the annual corporate income tax return (P.N.D. 50) so that the Revenue Department will have sufficient information to examine the entrepreneur. .