COVID-19 impact
Insights
COVID-19 impact
COVID-19 has already had a significant impact on global populations and markets. This collection of articles is intended to support business in the light of this uncertain situation by providing updated information, listing resources, and encouraging a culture of preparedness.
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A message from Managing Partner of Mazars in Thailand regarding Covid-19
The COVID-19 situation in Thailand is very volatile, as the outbreak in March 2020 was brought under control quickly, followed by a few months without any local infections, which was then followed by an unexpected outbreak in December 2020. At Mazars, we are fully aware of the current situation and have now implemented our business continuity plan.
OECD Guidance on Transfer Pricing implications of Covid-19 pandemic
On 18 December 2020, the Organisation for Economic Co-operation and Development (OECD) issued the much-awaited guidance on Transfer Pricing implications of Covid-19 pandemic that provides broad principles for taxpayers in reporting the financial periods affected by the pandemic and for tax administrations in evaluating the implementation of taxpayers’ Transfer Pricing policies.
Covid-19 business impact update
The COVID-19 outbreak has had a significant impact on business sectors and the overall economy of the country. Due to the ongoing disruption during the crisis, businesses need to stay agile and adapt their business strategy to survive and turn this crisis into an opportunity.
To assist you with your business decisions, we have addressed some of the key issues that many businesses are facing at the moment.
To assist you with your business decisions, we have addressed some of the key issues that many businesses are facing at the moment.
Employment matters
Stay up to date on employment matters news, and government regulations in light of COVID-19 to prepare your business during this uncertain situation.
Force Majeure and COVID-19
The term ‘force majeure’ is defined broadly in the Thai Civil and Commercial Code as an event that is unforeseeable, unpreventable, and unavoidable for an affected party, but no list of such events is provided.
Travel provisions
As a result of the continuing effects of the COVID-19 outbreak abroad, announcements issued by the Civil Aviation Authority of Thailand (CAAT) on banning incoming flights to Thailand are still enforceable except for state or military aircraft, emergency landings, landings for technical aircraft without any passengers disembarking, humanitarian and medical relief flights, repatriation flights, cargo aircraft landings, and certain passenger flights.
Reductions in the Social Security Fund (SSF) contribution rates
Reductions in the Social Security Fund (SSF) contribution rates for both employees and employers were published in the Royal Gazette on 13 April 2020, 14 September 2020, 30 December 2020, 5 February 2021 and 28 May 2021.
Benefits from the Social Security Office
The Ministry of Labour announced two Ministerial Regulations on 17 April 2020 and on 30 December 2020 to allow the SSO to pay benefits to the employee in case of dismissal, resignation, work suspension due to quarantine or observing quarantine and work suspension due to COVID-19 whether by the government order or not.
Tax Measures on COVID-19
The following tax measures have been announced to support business during the COVID-19 outbreak.
Provident fund
Employers or employees facing financial difficulties due to the COVID-19 outbreak can postpone making contributions until June 2021.