EABC – KPMG Evening Talk on “Thailand’s New Draft Transfer Pricing (TP) Law: “Impacts on the Business Community”
Press Release: EABC – KPMG Evening Talk on “Thailand’s New Draft Transfer Pricing (TP) Law: “Impacts on the Business Community”, 8 September 2015, KPMG Lounge, Empire Tower
The European Association Business and Commerce (EABC) together with the KPMG in Thailand hosted an evening talk by Mr. Abhisit Pinmaneekul, Transfer Pricing Partner, KPMG in Thailand, on the topic of Thailand’s New Draft Transfer Pricing Law: Impacts on the Business Community at the KPMG Lounge, Empire Tower, Sathorn, on Tuesday, 8 September 2015.
Since 7 May 2015, the business community in Thailand is getting alert by the Thai Cabinet’s approval of the Draft Transfer Pricing legislation. This legislation shall be approved by the National Legislation Assembly (NLA) of Thailand before coming into force, expected this year. It is then urging all companies, both Thai and foreign business, to get themselves prepared for potential changes caused by this legislation, particular in the area of tax assessment.
Realized this new potential challenge, the EABC and the KPMG in Thailand, co-organized the evening talk on transfer pricing law to advocate our members on the progress and way forward to achieve an ease of doing business in Thailand. Three main recommendations from Mr. Abhisit were shared with the audiences on how to prepare their business once the Transfer Pricing Law is effective; (1) transfer pricing policy and risk review must be conducted to evaluate the situation, (2) a local benchmarking study should be undertaken to test mark-ups and margins earned for better evaluation, and (3) transfer pricing documentation must be prepared in advance for auditing to reduce time and any possible hassles in document submission. Action plans to manage any transfer pricing exposures must also be determined.
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Patthira Weir (Anne) Tel: 02-670 -0624 ext. 102 email: firstname.lastname@example.org
About EABC: Please visit website www.eabc-thailand.eu
The European Association for Business and Commerce (EABC) is a European Trade Organization. Funded by the European Union and situated in Bangkok Thailand with an objective to contribute to the improvement of trade and investment for European companies in Thailand and to increase European Trade and Investment in Thailand.