Mazars in Thailand technical update – November 2021

Keywords: Mazars, Thailand, Tax, Legal, Accounting, IFRS, SMEs, antigen test kits, ex-convicts, DBD, TISO, IBC, Visa, permanent residence, IFRS IC, IAS, VAT

2 December 2021

Tax

• Additional tax deduction for SMEs to acquire a computer program
• Additional deduction for the purchase of antigen test kits
• Additional deduction for the employment of ex-convicts

Legal

• New guidelines on requesting DBD permission not to hold an annual general meeting of shareholders within the period fixed by law
• Extending the scope of business of a Trade and Investment Support Office and International Business Centre to provide loans to affiliated companies
• Temporary visa extensions
• Applications being accepted for Thai permanent residence

Accounting

• Initial measurement of property, plant, and equipment

IFRS

• IFRS IC agenda decision on non-refundable VAT on lease payments
• IFRS IC rules on the subsequent accounting treatment of warrants initially classified as financial liabilities
• Fifth compilation of IFRS IC agenda decisions
• Ongoing IASB deliberations on the presentation of financial statements