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
In mid-January, Thailand was the second country globally to be impacted by the COVID-19 virus outbreak. Initially, the number of infected individuals was comparatively low. However, recently, the number of cases has increased, and we have now implemented our business continuity plan.
Replacement for Songkran holiday on 27 July 2020
On 30 June 2020, the Cabinet announced the first Songkran holiday substitution for 27 July 2020.
New 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.
Revaluation model for property, plant, and equipment, as well as investment property for Non-Publicly Accountable Entities
As a result of the COVID-19 pandemic, the Federation of Accounting Professions (TFAC) has evaluated the effect that it might have on non-publicly accountable entities. One issue that TFAC is aware of is the accounting principles for recognizing property, plant, and equipment, as well as investment property as assets under the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”).
Rehabilitation of businesses affected by the COVID-19 outbreak
The outbreak of COVID-19 has affected various aspects of the Thai economy, including the purchasing power of consumers, raw material and equipment shortages, and delayed transportation of goods and material. This has led to a significant drop in sales, which in turn has affected the financial liquidity of various businesses. In addition, financial institutions are very cautious about lending, for fear of having problems with bad debt. The Thai government has made issuing policies to prevent Thai financial institutions from facing the same problems that they did in 1997 during the so-called “Tom Yam Kung crisis” one of its top concerns.
Mazars APAC Payroll Newsletter – Quarter 2 – 2020
In the second edition of our APAC Payroll Newsletter, we have both general updates and COVID-19 measures announced across Asia-Pacific. For the very latest news please follow the links provided to the Mazars’ websites in the respective countries.
A Closer Look
As the COVID-19 epidemic continues to disrupt business, with significant effects on 2020 financial statements expected, stakeholders are working hard to respond to this unprecedented crisis.
Covid-19: Mazars Global Resource Centre
The Covid-19 pandemic is causing uncertainty and disruption around the world. We remain by our clients’ sides during these unprecedented times, helping to protect people and ensure business continuity and service.
In response to the crisis, we have created a free-to-access Covid-19: Mazars Global Resource Centre – a dedicated hub with interactive tools, a global helpline and expert insight to help our clients navigate uncharted territory.
In response to the crisis, we have created a free-to-access Covid-19: Mazars Global Resource Centre – a dedicated hub with interactive tools, a global helpline and expert insight to help our clients navigate uncharted territory.
Covid-19 Global Tax and Law Tracker
Covid-19 business impact update
In mid-January, Thailand was the second country globally to be impacted by the COVID-19 outbreak. Initially, the number of infected individuals grew at a comparatively low rate. In the past six weeks, there have been no reported cases of local transmission.
The Thai cabinet approved an extension of the Emergency Decree through to 31 August 2020 to prevent a possible second wave of the outbreak. It also introduced the fifth phase of the easing of lockdown measures, allowing more economic and social activities to take place, but keeping many health and public safety rules and regulations in place.
To assist you with your business decisions, we have addressed some of the key issues that many businesses are facing at the moment.
The Thai cabinet approved an extension of the Emergency Decree through to 31 August 2020 to prevent a possible second wave of the outbreak. It also introduced the fifth phase of the easing of lockdown measures, allowing more economic and social activities to take place, but keeping many health and public safety rules and regulations in place.
To assist you with your business decisions, we have addressed some of the key issues that many businesses are facing at the moment.