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09.11.2020

Transfer Pricing Update

Author
Till Morstadt
Managing Partner
Thailand
View Profile

By joining the Inclusive Framework on Base Erosion and Profit Shifting on 2 June 2017, Thailand committed itself to the implementation of the BEPS minimum standards.

As a consequence, the Act Amending the Revenue Code on Transfer Pricing (“TP”) was announced on 18 November 2018 and came into effect on 1 January 2019, requiring any company with annual revenue of over THB 200 million (~ USD 6.5 million) to submit a TP disclosure form together with its annual tax return and to prepare the underlying TP documentation.

The usual due date is within 5 months after the fiscal year end (i.e. normally 31 May, unless the company uses a deviating Fiscal Year (“FY”)), but the deadline for the 2019 tax return has been extended until 31 August 2020 to alleviate the impact of the COVID-19 pandemic.

Companies that reach the above-mentioned threshold of annual revenue of over THB 200 million and are thus required to submit a TP disclosure form should take note that Thailand signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 3 June 2020, becoming its 137th signatory.

Once ratified, Thailand must legislate, implement, and follow the automatic exchange of information requirements known as the Common Reporting Standard and Country-by Country-Reporting (“CbCR”), which requires the automatic exchange and reporting of certain taxpayer information to other countries’ revenue departments.

Companies should therefore implement procedures to strictly comply with their tax obliga-tions, including the preparation of a comprehensive transfer pricing documentation. As a member of the international community, Thailand will need to enforce all its obligations under multilateral treaties to avoid being blacklisted. In addition, the impact of the COVID-19 pandemic on the Thai tourism industry and economy as a whole will force the Thai authorities to increase their scrutiny on taxpayers to boost fiscal earnings.

Author
Till Morstadt
Managing Partner
Thailand
View Profile
Newsletter Transfer Pricing

With this newsletter, we inform multinational companies on country-specific and international legislative documents and regulations.

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Article published in TP Newsletter 2/2020
Transfer Pricing Newsletter: Update on the recent news and cases in 13 countries
View publication
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