Mazars in Thailand technical update - October 2020

Keywords: Mazars, Thailand, Tax, Accounting, Legal, IFRS, Audit, Personal income tax, corporate income tax, foreign currencies, Civil and Commercial Code, IFRS IC, European Union

2 November 2020

Tax

• Personal income tax deduction for the purchase of domestic goods or services
• Use of foreign currencies as functional currencies for corporate income tax purposes
• Additional deduction for an investment in new machinery

Legal

• Additional amendments of provisions of the Civil and Commercial Code related to limited companies

Accounting

• Recognition of a restructuring provision

IFRS

• Tentative IFRS IC decision on a sale and leaseback transaction via the sale of equity interest in a subsidiary
• Standard-setting for global sustainability and the role of the IFRS Foundation
• The European Union enters the race to standardise non-financial reporting