Mazars in Thailand technical update – June 2022

Keywords: Mazars, Thailand, Tax, Legal, Accounting, IFRS, Sustainability, Inventory, CIT, IDC, PDPA, TFRS, NPAEs, IFRS IC, IFRS 15, IASB, ESMA, ISSB, EFRAG

4 July 2022

Tax

• Tax issues relating to trading inventory

Legal

• New criteria for providing corporate income tax incentives to international distribution centres
• New non-tax-related incentives for legal entities that are majority foreign-owned
• Small enterprises exempt from preparing certain records of processing activities as set out in the Personal Data Protection Act

Accounting

• Exposure draft of TFRS for NPAEs

IFRS

• Redeliberations continue on Primary Financial Statements project
• Sixth compilation of IFRS IC agenda decisions published
• IFRS IC agenda decision on whether a software reseller is an agent or principal under IFRS 15
• New IASB appointments
• Standards and Interpretations applicable at 30 June 2022
• ESMA highlights key issues for 2022 interim reporting raised by Russia’s invasion of Ukraine

Sustainability

• ISSB and EFRAG draft standards on sustainability disclosures: a comparative analysis