Legal Committee Video Conference: “Covid-19 Corporate & Tax Relief Measures for Thai Companies”
On April 8, AMCHAM’s Legal Committee hosted a video conference on tax relief measures for Thai companies during covid-19. The video conference meeting began with an opening address by Heidi Gallant, Executive Director of AMCHAM Thailand, who set the course for the meeting.
Legal Committee Leader, Eric Meyer, Tilleke & Gibbins’ introduced the guest speaker and encouraged members to share topics for future events that they would like to know more about to navigate through these unprecedented times.
Guest speaker Kobkit Thienpreecha, a partner and director of Tilleke & Gibbins’ corporate and commercial group addressed the upcoming statutory duties for companies to hold annual general meetings of the shareholders and to prepare tax filings with the Revenue Department of Thailand.
He began his presentation with information on standard annual general meeting agenda for private and public companies and the general process of holding AGM. He shared statutory deadlines for companies with fiscal period ending December 31st to hold 2020 AGM and submit audited financial statements, along with fine rates for non-compliance. He followed this up with some key tips and takeaways on tax relief measures announced by the Royal Thai Government during covid-19, their restrictions and alternatives for companies to work with these measures. He also listed details of tax relief measures that were already in place and those that were in the pipeline.
A part of the presentation also focused on tax deductions for SMEs that were enrolled in the “Soft loan” program for covid-19 and were eligible only if they have registered with the Revenue Department as “single account” taxpayers.
Kobsak shared more information on other relief measures such reduction of withholding tax rates, time extension for taxes such as VAT returns, withholding tax returns, extension of time for corporate income tax, personal income tax, excise tax for entertainment establishment business operator and domestic oil, and oil related products business. He also shared a list of eligible goods issued by the Ministry of Public Health that are exempt from custom duty.
The video conference meeting was followed by a question and answer session. AMCHAM members can refer to the presentation on MIC. The Legal Committee will hold another meeting on April 10 at 2pm with David Beckstead, Counsel at Chandler MHM, who will present on issues of contract and performance-related issues in this rapidly evolving environment. You can register for the event here.
