Joint Tax and Customs Committee Video Conference: Transfer Pricing: New Tax Filing Requirements, Transfer Pricing Audits, and the Impact on Import Duties and VAT
Date and Time
Thursday Jun 25, 2020
2:00 PM - 3:00 PM ICT
Location
Video Conference
Fees/Admission
Free of charge for AMCHAM members only
Non-Members 1,000 THB
Contact Information
Tel. 063 535 0727 or 063 535 0728
Send Email
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Description
A recently enacted transfer pricing law now requires many corporate taxpayers to include a disclosure of related party transactions with their 2019 corporate income tax return, and to provide transfer pricing documentation if requested by the Revenue Department. Severe penalties are imposed on those taxpayers who do not comply.
The Revenue Department has automatically extended the 2019 corporate income tax return filing deadline for calendar year taxpayers from 29 May 2020 to 31 August 2020 so there is still time to take action.
We should expect to see increased transfer pricing audits since taxpayers are required to provide a roadmap of its related party transactions, pricing terms and how the pricing was determined. Taxpayers should be prepared and to know the remedies available.
Transfer pricing adjustments could also have cascading impact on duties and VAT paid for imported goods and services. Taxpayers should be aware of the risks and economic consequences.
Jonathan Stuart-Smith from EY Thailand will discuss the transfer pricing reporting requirements and tax audit strategies, and Malika Bumivarn from KPMG Thailand will discuss the impact of transfer pricing adjustments on import duties and VAT.
The Revenue Department has automatically extended the 2019 corporate income tax return filing deadline for calendar year taxpayers from 29 May 2020 to 31 August 2020 so there is still time to take action.
We should expect to see increased transfer pricing audits since taxpayers are required to provide a roadmap of its related party transactions, pricing terms and how the pricing was determined. Taxpayers should be prepared and to know the remedies available.
Transfer pricing adjustments could also have cascading impact on duties and VAT paid for imported goods and services. Taxpayers should be aware of the risks and economic consequences.
Jonathan Stuart-Smith from EY Thailand will discuss the transfer pricing reporting requirements and tax audit strategies, and Malika Bumivarn from KPMG Thailand will discuss the impact of transfer pricing adjustments on import duties and VAT.
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Contact Details
101 True Digital Park, Griffin Building, Level 12A, Unit No.12A-06, Sukhumvit Road, Bangchak, Phra Khanong, Bangkok 10260
Tel: +66 (0) 2119-3350
membership@amchamthailand.com
