Insights

Grant Thornton’s upcoming International Business Report (IBR) will be the most consequential report of its kind in recent memory. As the world's leading mid-market business survey, the IBR acts as a barometer for the private sector, reflecting the current business outlook as it appears from the inside. With widespread vaccine distribution allowing much of the world to finally reach the light at the end of the pandemic tunnel, the coming IBR will sketch the first complete picture of what the landscape looks like on the other side.

As businesses look ahead to economic recovery in Thailand, some sectors have valuable lessons to learn regarding resilience and overall business strategy.

A share premium is a credited difference in price between the par value, or face value of shares, and the total value a company received for issued shares. You usually record the share premium as capital in the company’s balance sheet. Thus, you do not register the share premium in the company’s revenue and show it in the profit and loss account.

For many businesses, Thailand’s tax and legal infrastructure can seem dauntingly complex. In addition, finding the right tax and legal advice could also be challenging. Given that existing regulations can provide government officers with broad interpretative discretion, businesses must constantly keep themselves abreast of the latest compliance requirements and practices. There is no “one-size fits all” solution or approach to optimise tax savings and legal compliance. Each business is unique in its requirements and circumstances. The effective advisor must thoroughly understand the client’s business and objectives and be aligned with the client on the key priorities, financial capacity, real world commercial limitations, and risk appetite. Furthermore, in the course of obtaining tax and legal advice, businesses often feel the experience wanting. Lawyers, tax advisors, and accountants seem to speak in coded language and are removed from the commercial realities faced by the clients. Professional opinions and recommendations often seem complicated and impracticable. At Grant Thornton in Thailand, we understand the need for high-quality professional services that are tailored to each client’s unique requirements. We strive to provide clients with professional services that leverage our international and local expertise while maintaining approachability. This approach aligns with our core principles of collaboration and respect – the key pillars of our CLEARR values which form the basis of our client-centric approach to delivering services. Quality with a personal touch We strive to provide personalised advice to businesses of all sizes and across a broad spectrum of industries. At Grant Thornton, our partners and senior professionals are accessible to our clients, irrespective of the size and nature of the assignment. This involvement ensures that our clients’ needs are thoroughly understood by our team at all levels, and that our deliverables meet the client’s expectations and requirements. A relationship-led approach We believe in that our relationship with clients should not be transactional. Rather, the relationship should be founded upon trust and professionalism. At Grant Thornton, we strive to understand our clients’ businesses, industries, strengths, and also relative weaknesses in order to develop the appropriate solutions and advice for our clients. We take pride in the long-term professional relationships that we cultivate with clients – often spanning years or even decades. Two kinds of synergy We believe in harnessing the synergy of people and technology to deliver exceptional services. We have invested heavily in training our people and developing a collaborative culture within our firm. This enables us to avoid complex chains of communication, and streamline our decision-making process. We strive to extend this collaborative culture to our clients, thereby allowing us to work in tandem and effectively with our clients. Furthermore, recognizing that we are living an age where technology can be harvested to improve efficiency and the quality of deliverables, we routinely assist our clients in exploring and adopting automation technologies to address their needs. Our tax and legal services Our advisory services include assistance in a range of corporate legal and tax matters ranging from tax planning and compliance, international tax advisory, transfer pricing, tax dispute resolution, business establishment, investment promotion application, and customs & trade advisory. Our services include: ● Tax advisory and compliance services ○ Planning and calculation for corporate income tax, VAT, and withholding tax ○ Preparation of tax audits and dispute resolution ○ Evaluation of the company’s tax compliance with tax and auditing obligations ○ Preparation and submission of tax returns ● Transfer pricing ○ Preparation of planning and strategy for domestic and international transactions, including intellectual property solutions ○ Preparation and review of transfer pricing documentation ○ Review of transactions and supply chains ● Customs and trade advisory services ○ Identification of customs and trade privileges ○ Preparation for tax and import or export controls ○ Assistance with customs audits and dispute resolution ○ Valuation, classification, and verification of product origins ● Corporate secretarial services ○ Registration and setup of the company, including application for Foreign Business Licenses ○ Preparation of angular general meetings and board meetings ○ Arrangement of social security requirements and other certifications or notarisations ● Legal advisory and compliance services ○ Preparation and submission of business registration ○ Submission of business incentives and required permits ○ Performance of compliance reviews ○ Preparation for compliance with foreign ownership requirements ● Business permits and licenses ○ Preparation and submission of applications to the Board of Investment ○ Preparation and submission of required permits for products, including for food, cosmetics, and hazardous substances ● Work permits and visas ○ Applications for work permits and visas ○ Assistance with visa conversions Finding the right path forward Tax and legal matters can seem complex or complicated. Nonetheless, with the right insight and advice, these complexities can be navigated, and the associated risks managed. At Grant Thornton, our mission is to assist our clients in cutting through regulatory webs, thereby enabling clients to focus on building and growing their businesses. If you would like to learn more about Grant Thornton or get in touch with our team, you may contact us at: +66 2 205 8142

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.

Outsourcing lets businesses focus on their core operations, while letting specialists help with other responsibilities. Here we show how this approach can lead to major business improvements.

This case study shows how the consulting team at Grant Thornton in Thailand helps clients improve internal efficiency and comply with regulatory standards within their industry.

Sound guidance from Strategy to Execution can help companies find success in the new environment after the pandemic.

Is Thailand’s economic recovery now beginning in earnest? Our new analysis lays out the challenges that remain for business – and our recommendations for dealing with them effectively.

The Thai economy continued to operate in a lower gear in the first quarter of 2021, but changing conditions indicate that better times are just around the corner.

Going public can dramatically increase a company’s funding as well as its prestige. But as we describe here, the process is highly regulated by Thai authorities, with complex requirements and no room for error.

From Shared Service Centres, to Assisted Captive and Virtual Captive solutions, to Full Outsourcing, we review the various ways that companies can transform non-core activities to increase their overall agility.

Transfer pricing disclosure form in Thailand may be complex, but serious penalties await companies that fail to meet government requirements. Here we provide some of the details on how these disclosure form works.

For business to succeed, trustworthy local connections are needed to navigate laws and regulations in the relevant area. Outsourcing provides the best access to the necessary expertise.

This newsletter provides an update on Thailand’s Country-by-Country Reporting regulations involving various business circumstances, for accounting periods beginning after 1 January 2020.

This article explains how business process optimisation and robotic process automation can help businesses of all types and sizes increase their efficiency.