Mazars in Thailand technical update - May 2023

Keywords: Mazars, Thailand, Accounting, Tax, Legal, IFRS, Sustainability, IASB, ISSB, VAT

31 May 2023 

Tax

• Thailand on implementing Global Minimum Tax Rules under OECD's BEPS 2.0 Pillar Two

Legal

• Amendment of Qualifications, Criteria and Conditions for Smart Visa
• Amendment of Qualifications, Criteria and Conditions for LTR Visa

Accounting

• Revised and Amended Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”)

IFRS

• IFRS IC agenda decision on definition of a lease: level of evaluation and substitution rights
• OECD Pillar Two: publication of final amendments to IAS 12 expected by end of May
• Discussions on the equity method
• IFRS IC members reappointed

Sustainability

• ISSB: new transition relief for first-time publication of sustainability-related information under IFRS
• First-time application of IFRS S1 and S2: creation of a Transition Implementation Group
• ISSB: upcoming public consultations on the Board’s future work plan and the exposure draft on the international applicability of SASB standards