Business operators and individual investors are showing a spiking interest in digital assets as alternatives to traditional investments. In response to this trend, Thailand’s Securities and Exchange Commission (“SEC”) introduced a real-estate backed initial coin offering, an addition to the current laws, to allow business operators to procure funds for investment.

In this edition, we continue our discussion of customs errors and violations commonly made by importers. The author hopes to encourage awareness, especially of the legal consequences, and help importers improve their compliance framework. This article continues our customs series. Article 191, the first in the series, was published in April 2021.

The Revenue Department recently announced new rules to write off bad debt for corporate income tax purposes. The new rules intend to resolve issues that had long barred taxpayers from writing off bad debts. In this article, the author addresses only rules applicable to non-financial institutions.

DRKI has been representing clients in an increasing number of disputes with Thailand’s Customs Department.

In this series of articles, DRKI discusses errors commonly made by importers to create awareness of these issues and perhaps provide readers a basis, or an encouragement, to perform their own internal customs compliance checks.

Thailand has approved the use of e-signatures under the Electronic Transactions Act B.E. 2549 (“Act”). Thailand now recognizes electronic signatures ascribed to contracts and other documents as legal equivalents to physical signatures. The move is expected to facilitate business and keep Thailand and its economy abreast with the global digital transformation. 

Starting 1 September 2021, government will levy VAT on foreign digital services (e-services) consumed in Thailand, a move anticipated to collect nearly Baht 5 billion in state revenue, annually.