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.
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.
Tax filing deadline extensions in 2021
On 28 January 2021, the government extended the deadlines for filing returns for and paying personal income tax, withholding tax, and value-added tax. In addition, on 30 April 2021, the deadlines for filing returns for and paying corporate income tax were extended.
Extended deadline for foreign entities conducting business in Thailand to file audited financial statements
Due to the COVID-19 outbreak, the Department of Business Development (“DBD”) has extended the deadline for foreign entities conducting business in Thailand, such as a representative office or branch office, and which have an accounting period from 1 January 2020 to 31 December 2020, to file their audited financial statements.
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.
Social Security Fund Measures
Tax Measures on COVID-19
The Cabinet has approved the following tax measures to help boost the economy during the COVID-19 outbreak.
Provident fund
Employers or employees facing financial difficulties due to the COVID-19 outbreak can postpone making contributions until December 2020.