2019-2020 TAX UPDATES
Noteworthy Tax Updates for the years 2019 and 2020 were the topic of the Breakfast Talk hosted by Mahanakorn Partners Group (MPG) on 26 November 2019, from 8:30 to 10:30AM.
MPG Head of Auditing, Mr. Kusa Songtish, presented the following topics:
✓ Roadmap of TFRS (2019-2020):
○ 2019 TFRS 15 ‘Revenue from contracts with customers’
○ 2020 TFRS 16 ‘Leases’
○ 2021 Conceptual Framework for Financial Reporting
✓ Transfer Pricing Law, 2019 Amendments
✓ Labor Protection ActE. 2541 – New Severance Pay Rate
✓ International Business Centre Regime
The Breakfast Talk was held at the Mahanakorn Partners Group’s Bangkok Headquarters at Kian Gwan House III, 9th Floor, 152 Wireless Rd., Lumpini, Pathumwan, Bangkok, 10330, Thailand. The conversation started with an overview of main changes in the Thai Financial Reporting Standards in 2019 and 2020, including the Five-Step Model and a relevant case study that highlighted impacts and opportunities of the new standards. The second topic was Transfer Pricing, specifically the provisions of the Revenue Code Amendment Act (No. 47) B.E. 2561 (2018), which entered into force on January 1, 2019. The MPG auditor went on to describe structure and benefits of transfer pricing, in compliance with the arm’s length principle. The third topic was the key changes resulting from a revision of the Labour Protection Act (B.E. 2541), which, in general, grant more rights to employees. The fourth and final topic was the International Business Center (IBC) regime, with a focus on qualification criteria as well as tax and non-tax incentives.
ABOUT MPG
The Mahanakorn Partners Group (MPG) is a leading professional services firm, that serves as a One-Stop Platform to assist any company or individual with a wide-range of Legal, Accounting, Auditing, Tax Advisory, and Management Consulting services. Founded in Thailand over twenty years ago, today MPG comprises five corporate divisions, staffed by lawyers, chartered accountants, auditors and international management consultants. Headquartered in Bangkok, with an ASEAN presence and a global footprint, MPG has received many accolades over the years and is consistently one of the most recommended professional services firms by Embassies and Chambers of Commerce in Thailand.
ABOUT THE SPEAKER
Mr. Kusa Songtish (กุศ สองทิศ) is a CPA (Certified Public Accountant) and serves as Head of Auditing at MPG. He has accumulated over a decade of auditing experience throughout his career, his expertise extending, but not limited, to such diverse industries as Manufacturing, Distribution, Logistics and Construction. He has advised several multinational enterprises as well as the local affiliates of Fortune 500 Companies on Tax and Regulatory matters.
Date: November 26, 2019 (Tuesday)
Time: 8.30 AM. – 10.30 AM. (8.30 AM. registration. Seminar will start at 9.00 AM.)
Venue: Mahanakorn Partners Group, Kian Gwan House III (MAP)
Easy to reach with MRT Khlong Toei station
Cost: FREE OF CHARGE