Forvis Mazars in Thailand technical update - February 2025

Tax

• VAT Compliance alert: New input VAT deduction rules for sales outside of Thailand

Legal

• Implementation of the Employee Welfare Fund: Contribution collection, membership conditions, and compliance requirements

Accounting

• Accounting treatment of compensation from insurance for bad debts under TFRS for NPAEs

IFRS

• IASB starts discussions on Statement of Cash Flows project
• Classification of Cash Flows related to Variation Margin Calls on “Collateralised-to-market” Contracts (IAS 7)
• IFRS Foundation (re-)appoints Trustees
• IFRS Foundation publishes guide to “climate-first” approach

Sustainability

• EC publishes a “Competitiveness Compass” for the EU including simplification of sustainability reporting requirements