Latest Transfer Pricing News: Revenue Department published Disclosure Form
On 7th November 2019, Revenue department published disclosure form which a company having obligation of submission of disclosure form, which is transactional information between related companies or juristic partnership, together with corporate tax return (PND50) every year.
The company having obligation of submission of transfer pricing report must submit disclosure form annually before Revenue department orders the company to submit other transfer pricing document such as local file.
See our tax news in this month for more details.
Law on Control of Dual-Used Items and Customs Law
Department of Foreign Trade in Ministry of Commerce (“DFT”) shall enforce Notification of Ministry of Commerce Subject: Dual-used items shall be licensed and the goods are required to comply with measures on export arrangement since 1st January 2020. The purpose is that an enterprise can prepare and be ready for implement of the standard on export license of the dual-used items as well as the operation of certifying goods of which HS Code is under the scope of dual-used items shall apply.
The dual-used items are goods and technology which can be applied for commercial and military purposes, including use for design, development, manufacturing, use, modification, storage, transportation, or any other actions to bring about high-smash-power weapons. DFT sets out the following goods which shall be licensed for export:
Dual-used items under List 1 attached to Notification of Ministry of Commerce Subject: Dual-used items shall be licensed for exportGoods which can be suspected and relevant to military
Goods of which tariff rate as set forth in List 2 attached to Notification of Ministry of Commerce Subject: Dual-used items shall be licensed for export
Moreover, the dual-used items shall be subject to Customs Act B.E. 2560 (2017). According to Section 51 and Section 208 of the Customs Act, before an exporter can export, the exporter shall comply with law relevant to customs (including law of Ministry of Commerce on dual-used items). The exporter shall be licensed for export of dual-used items by DFT. If the exporter does not implement, the exporter shall be fined not exceeding THB 50,000.