The members of ABC Group of Companies called for a Cowboy Night to welcome 2018; and with good Thai food, music, drinks and some games, where everyone was a winner, we all had a really good time.
ABC Group of Companies, Amari Ocean Pattaya and Singapore-Thai Chamber of Commerce, supported by various other Chambers of Commerce and the business comunity, organized for the 7th time the OKTOBERFEST PATTAYA. A great event where around 250 participants enjoyed good food, orginal Oktoberfest Beer from Munich and live music.
The Industrial Estate Authority of Thailand, Ministry of Industry, has announced plans to set up 28 additional industrial estates to accommodate the expanding production base.
During April and May of this year the IEAT received proposals from private companies on new industrial estates when a total of 28 projects were proposed: 18 small and medium-sized enterprise (SME) industrial estates; four logistics industrial estates, and six, which will link the East-West Economic Corridor in northeastern Thailand.
The 18 SME industrial estates are designed to strengthen cluster-based industries for both Thai and foreign investors. The proposed sites are in Chonburi, Rayong, Chachoengsao, and Ayutthaya targeting companies engaged in automobiles and automotive parts, electronics and electrical appliances, and agro-industry and related businesses.
The four logistics industrial estates will locate in the Chiang Khong district of Chiang Rai, with the aim to provide logistics services and facilitate border trade. Government policy is to develop Chiang Rai into a special economic zone to promote strategic partnerships with neighboring countries and increase border trade.
The industrial estates connecting with the East-West Economic Corridor will aim to develop area-based industries in the northeastern region.
The 28 projects cover an area of 14,000 rai, or 5,600 acres and will create 530,000 jobs as well as generate more than 800 billion baht in investment funds. Construction is expected to be completed in the next few years.
The Secretary General of the Board of Investment (BOI) reaffirmed the commitment to revise and implement a new investment promotion policy. The new policy is expected enter into effect on 1 January 2015.
In January 2013, the BOI released a draft of the new investment promotion policy, which represented a complete overhaul of the current investment promotion scheme. In May, the BOI issued a press release that reaffirms its intention to implement the new promotion scheme, though the effective date has been moved to 2015 to allow time for businesses to adjust themselves.
Under the new promotion scheme, the BOI has discarded the zoning concept (whereby investment incentives are granted on the basis of geographic zoning), and adopted a targeted industry and industrial cluster approach. Presently, the BOI proposed to promote 10 types of industries including, infrastructure, medicine, scientific equipment, renewable energy, business support services, high technology automotive and electronics, food processing, etc.
Several types of industries that are currently promoted will be removed from the promotion scheme. These include hospitals, telecommunications, design centers, several textile and garment businesses, electric powered vehicles, 4 stroke motorcycles, ceramics, forestry, animal feed, etc.
On 27 May 2013, the Revenues Department issued a new VAT reporting requirement that is applicable for all VAT registrants (Announcement of the Director General No. 197 (2013)).
Under this new reporting requirement, the VAT registrant must submit a monthly summary on sales of goods or services. The summary must include the (1) VAT receipt numbers, (2) names of the purchaser of goods or services, (3) tax identification number of the purchasers, (4) main or branch office of the said purchasers, (5) the value of the goods or services sold, and (6) the VAT on the sale. The summary is to be filled out in accordance with the standard form provided in the announcement.
This new reporting requirement will enter into effect on 1 January 2014. This is a significant addition to the existing monthly VAT reporting requirement. Under the existing reporting standard, the VAT registrant is only required to file a monthly VAT summary (Form Por Por 30) with the lump sum input and output VAT. The VAT registrant is not obliged to provide details of each VAT transaction to the Revenues Department.
The Anti-Money Laundering Office (Amlo) recently announced that the global intergovernmental Financial Action Task Force (FATF) has agreed to upgrade Thailand from its "dark grey'' to "grey'' list following the passage of two bills to amend the Anti-Money Laundering Act and the Anti-Terrorism Act. That means Thailand is still considered a risk, but is making active progress to address FATF concerns.
The decision came after Bangkok presented evidence to prove it was attempting to fight money laundering. Key to that evidence was the recent implementation of two bills on money laundering and financial support for terrorism. However, the process of upgrading Thailand from the list will not be completed until FATF experts have certified the amended laws are being fully enforced.
The improvement in Thailand's position will strengthen foreign investor confidence and the country's reputation.
The annual Pattaya October Beer Festival called the OKTOBERFEST PATTAYA was held on 27 October 2012 with the support of ABC Asian Legal Service Co., Ltd. at the Amari Orchid Hotel. The event in Pattaya fully kept the spirit of its "big brother" in Munich, despite the fact that it has been on a much smaller scale.
This was a great opportunity not only to have a good time, but also to initiate business relationships with foreign and Thai companies. We were glad to see so many guests at this event that has become a tradition for Pattaya residents and visitors.
On September 30, 2012 Law Firm ABC Asian Legal Service Co. concluded the Agreement on strategic partnership and long-term cooperation with Ukrainian law firm IMG Partners.
IMG Partners was founded in 2000, and since that time has been successfully operating on the Ukrainian legal market. The key directions of company business are agricultural and land law, litigation, taxation, bankruptcy and restructuring.
The parties have agreed to provide each other with support and counseling on legislation of their countries, and to collaborate in projects in the areas of priority interest such as energy, construction, agriculture, metallurgy, fertilize manufacturing, tourism and trade.
ABC Group of Companies celebrated the 12th anniversary of ABC Asian Business Consulting Co., Ltd. on August 4, 2012 in the garden of luxury Amari Orchid Hotel in the open air with friends and partners.
Representatives from more than 100 companies from Eastern Seaboard and Bangkok as well as many directors of the Singapore-Thai Chamber of Commerce joined the celebration. Live music, fine dining, dances and friendly atmosphere made the event unforgettable.
Thanks to all friends and partners for their warm congratulations!
The income tax rate is reduced to 23 %, a new rule applies to companies whose accounting business period ends on December 31, 2012 or later. Of 1 January 2013, the rate reduces to 20%. The maximum tax rate till 2012 was 30%.
Progressive tax rate for small and medium-sized enterprises remains without changes as for the taxation of income up to 150 million Baht (0%) and of income up to 1 million Baht (15%). Reminding that the company is considered as small or medium-sized business, if it meets the following requirements
1. Authorized capital is not more than 5,000,000 Baht;
2. Income for the accounting period is less than 30 million Baht (additional requirement is due to innovation).
The social security fee was reduced from 10%. During the year, the fee was changed as follows: from January 1, 2012 to June 30, 2012 the fee was 6%, from July 01, 2012 to December, 31 2012 the fee is 8%. The payment procedure is the same: half of the fee is paid by the employer and half of the fee is withheld from the employee's salary.
Our new address is 352/329 M. 12, Nongprue, Banglamung, Chonburi 20150, Thailand. Phone: +66-38-252531 / 2, Fax: +66-38-252533