Next month, seven years of trade negotiations will culminate in the signing of the Regional Comprehensive Economic Partnership (RCEP) at the ASEAN summit in November 2020. With 15 signatories expected (excluding India), accounting for almost 30% of the world’s GDP, the RCEP is poised to create the world’s largest trading bloc. Its members will include […]
A circular issued by the Bank of Thailand (BOT) on 15 September 2020 has introduced digital personal loans to Thailand. Under the BOT Circular Re: Criteria, Procedures, and Conditions for Digital Personal Loan Business Operations, licensed personal loan business operators may now offer digital personal loans, in which personal loans are provided and repaid via […]
A new announcement provides for electronic civil court proceedings in the Court of Appeals and the Supreme Court. Under the Directive of the President of the Supreme Court on Electronic Court Judgements (the “Directive”), if the court deems it appropriate, or one of the parties tenders a request, the court may require proceedings to take […]
On 25 September 2020, the Ministry of Finance issued a Notification of the Ministry of Finance Re: Exchange Rate of Foreign Currency into Thai Currency under Section 9 of the Revenue Code (“Notification”), which prescribes the method for converting foreign currencies into Thai Baht when remitting withholding tax under Section 3 Quattuordecim of the Revenue […]
In recent years, ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, Myanmar, Vietnam, Laos, Cambodia, and Brunei) have established themselves as a primary production hub and an important attraction for international investments. Taken into account as a whole, ASEAN is the fifth largest economy in the world in terms of GDP and is among the most […]
On September 23rd, 2020, three Royal Decrees granting corporate income tax deductions for investment in automation systems and robotics, the hiring of STEM employees, and employee training were promulgated in the Government Gazette. The Royal Decrees took effect on September 24th, 2020. Royal Decree Issued under the Revenue Code Governing Tax Exemption (No. 710), B.E. […]