Forvis Mazars in Thailand technical update - September 2024

Tax

• Thailand extends the reduced VAT rate of 7% for another year.
• Royal decree exempts trading of cryptocurrency and digital tokens from VAT.
• Flat 15% withholding tax on profits from investment tokens for individuals.

Legal

• Ministry of Commerce updates registration requirements for e-commerce businesses.
• New guidelines for approval, renewal, and placement of individuals in BOI-related positions.

 Accounting

• The importance of ESG information for non-publicly accountable entities in Thailand.
• Guideline on TFRS 5: ‘Non-current assets held for sale and discontinued operations.’

IFRS

• Improvements to IFRSs – Volume 11.
• Exposure draft on Climate-related and Other Uncertainties in Financial Statements.
• Exposure drafts addressing hyperinflationary currencies and amendments to IFRS 19.
• Updates on PiR IFRS 9 Phase 2 (Impairment) and PiR IFRS 15.
• New IPTF working document on hyperinflationary economies.
• IASB Board composition insights.

Sustainability

• Updates on jurisdictional adoption of sustainability reporting.
• ISSB implementation insights and maintenance of SASB standards.
• Overview of ESRS-ISSB standards interoperability.
• EU Directive on corporate sustainability due diligence and the European Commission’s FAQ on CSRD.
• ESMA's public statement and guidelines on ESRS enforcement.
• EFRAG’s new answers on ESRS application and proposed XBRL Taxonomy.