Day 2 - Maximising Shareholder Value

PwC Thailand’s 2024 Symposium:
Day 2 - Maximising Shareholder Value

Beyond boundaries: Shaping tomorrow’s innovations

In today’s dynamic tax environment, where the Thai tax authority is increasingly aligning with evolving global tax regulations, businesses must remain informed and adaptable. Staying current on tax laws, regulations, interpretations, and common non-compliance pitfalls is crucial for adjusting tax strategies, maintaining compliance, and preparing for future regulatory changes.

Understanding the ever-changing international principles of taxation is equally important. Aligning with global standards is essential for staying competitive in an interconnected world. It is necessary to explore Thailand’s progress towards international tax norms, understand the implications of OECD membership, examine the transfer pricing landscape, and anticipate the implementation of Pillar Two to develop effective tax strategies.

In practice, as tax authorities adopt advanced technology in their work, businesses should stay one step ahead. Tax knowledge alone is no longer sufficient to make a business stand out. Staying updated on tax laws should be complemented by leveraging technological advancements, such as artificial intelligence, to enhance tax compliance and modernise tax operations, thereby boosting business competitiveness.

Despite being well-prepared, tax audits are inevitable. Building a strategy to confidently navigate tax audits from the outset is greatly beneficial to the business. This involves strategic preparation, managing document flow, handling tax refunds, and fostering a proactive approach to regulatory challenges.

Join our annual seminar, "Beyond Boundaries: Shaping Tomorrow’s Innovations," where we will help businesses navigate the complexities of modern tax regulations and prepare for future challenges with innovative solutions. Gain the latest insights, strategies, and best practices in Thailand’s tax landscape.

Topic synopsis

Wednesday, 20 November 2024 – Maximising Shareholder Value

10.30–11.10am
11.10am–12.10pm
1.30–2.30pm
2.30–3.30pm
4–5pm

10.30–11.10am

Thailand’s tax update

The constantly shifting landscape of tax regulations demands that businesses remain adaptable. With the continuous changes in the global tax environment, the Revenue Department has also adopted and issued new guidance and regulations to address these shifts. Companies need to understand the evolving situations and adjust their tax strategies. In this session, we will provide the latest tax updates and interesting tax rulings that could impact your tax practices, helping you stay well-informed and prepared for upcoming changes.

Speakers

Orawan Fongasira
Tax and Legal Partner, PwC Thailand
Vunnipa Ruamrangsri
Tax and Legal Partner, PwC Thailand
Tuttapong Kritiyutanont
Tax and Legal Associate Partner, PwC Thailand

11.10am–12.10pm

Challenges and opportunities: Tax function in the era of AI

This session will explore the evolving landscape of the tax function in the era of AI. A panel discussion will provide an in-depth look into future trends and key challenges, supported by real-world examples and case studies. Additionally, the session will cover best practices in tax governance and innovative strategies for leveraging technology to enhance efficiency and ensure compliance. Gain insights into how to transform tax operations and stay ahead in this rapidly changing environment.

Moderator

Wutinon Trisrisak
Tax and Legal Partner, PwC Thailand

1.30–2.30pm

Breakout session 1 (Please select session A or B)

Session A - Pathway to OECD: The future of Thailand’s international tax roadmap

Over the past ten years, Thailand has steadily progressed towards international tax norms. Transparency and consistency have been the key requirements that the OECD has been pushing all countries to adopt.

Whether through bilateral information exchanges or adopting the BEPS initiative, Thailand’s international tax landscape has been evolving quickly.

Now, with OECD membership in its sights, we ask:

Is Thailand’s international tax system ready, or will it require more changes?
Are past domestic interpretations by the Revenue Department still valid, or will they need to follow global interpretations proposed by the OECD?

In this session, we will delve into these questions and share our insights on Thailand’s tax roadmap: from the past to the present and towards the future.

Speakers

Vanida Vasuwanichchanchai
Tax and Legal Partner, PwC Thailand
Nopajaree Wattananukit
Tax and Legal Associate Partner, PwC Thailand

Session B - Future-Ready: Navigating Thailand’s transfer pricing transformation towards an OECD candidate country

As Thailand pursues OECD membership, explore whether the country is ready for the OECD transfer pricing practices. Join our ‘Future-Ready: Navigating Thailand’s transfer pricing transformation towards an OECD candidate country’ session to gain insights into expected regulatory and practice changes. Stay informed, on-trend, and ready to align with OECD transfer pricing standards.

In this session, our experts will discuss Thailand’s current transfer pricing landscape, identify key gaps with OECD guidelines, explore potential changes if Thailand becomes an OECD member, and examine the impacts on businesses.

Speakers

Janaiporn Khantasomboon
Tax and Legal Partner, PwC Thailand
Panachai Anontanut
Tax and Legal Partner, PwC Thailand
Kanyarat Jarukiattikul
Tax and Legal Director, PwC Thailand

2.30–3.30pm

Breakout session 2 (Please select session C or D)

Session C - Are you #PillarTwoReady?: Overcoming practical challenges and a roadmap for data strategy to tackle Pillar Two compliance.

Pillar Two’s complexity, novelty and associated uncertainty compound already complicated global compliance and regulatory challenges. This overhaul of the international tax framework is a massive undertaking for tax, accounting and finance departments. Given the upcoming timeline, key considerations for groups to comply with Pillar Two rules may include the following.

Are your current systems configured to enable you to get the necessary data at a constituent entity level?
Have you assessed your current gaps in data to determine how to prioritise them so that you can develop a remediation plan that will enable you to meet your financial reporting obligations and, ultimately, compliance?
Have you considered the impact of Pillar Two on your organisation’s overall processes, systems and people from the parent entity level to each subsidiary in the group?
Are your functions adaptable to ever-evolving landscapes, with new legislative updates, administrative guidance released, and additional compliance requirements announced?

This session will delve into some critical data challenges in a continually evolving Pillar Two landscape and our insight and strategies for how companies can prepare for compliance.

Speakers

Orawan Phanitpojjamarn
Tax and Legal Partner, PwC Thailand
Sukrit Srisakulchawla
Tax and Legal Associate Director, PwC Thailand

Session D - Shaping your vision on tax audits: Stand your ground with confidence and stay one step ahead of the challenges in the evolving field of tax audits.

Navigating tax audits can be a daunting experience for any taxpayer. However, with the right strategies and knowledge, you can confidently turn the tables and navigate the process.

In this session, you will gain a comprehensive understanding of various types of tax audits and the common triggers that initiate them. Equip yourself with effective strategies to take control of the audit process from the beginning. Learn how to prepare thoroughly, anticipate the tax officers’ actions, and engage confidently with tax officers while maintaining seamless control throughout the process.

Discover how to steer the audit in your favour by managing document flow meticulously to ensure completeness and transparency and handling tax refunds effortlessly to claim the amount due to you without complications.

Speakers

Niphan Srisukhumbowornchai
Tax and Legal Leader, PwC Thailand
Jareeporn Phongsuriyanunt
Tax and Legal Director, PwC Thailand
Chompunut Aimtala
Tax and Legal Senior Manager, PwC Thailand

4–5pm

Breakout session 3 (Please select session E or F)

Session E - What’s next in evolving customs and excise practices: Everything you need to know about the shifting focuses of customs and excise audits (WMS)

Thai Customs is transforming its audit landscape as business practices and supply chains evolve, particularly in cross-border transactions with technology integration and information sharing. Notably, there has been a shift in audit priorities: from focusing on royalties to scrutinising related party transactions, and addressing routine issues with certificates of origin to tackling more complex challenges in issuing procedures. This session will delve into these changes, their impact on businesses, and essential strategies for management.

Speakers

Tanarat Permpoonsap
WMS Director, PwC Thailand
Tananya Woointranont
WMS Senior Manager, PwC Thailand

Session F - Pitfall prevention: Avoiding common tax non-compliance issues

In the fast-paced world of innovation, businesses often prioritise breaking boundaries and shaping the future, sometimes overlooking critical tax non-compliance obligations. Non-compliance with tax laws and corporate governance can lead to penalties, reputational damage and hindered growth.

This discussion will explore common tax non-compliance pitfalls that businesses frequently encounter. By understanding these risks, companies can implement proactive strategies to mitigate them. The session will provide insights into integrated compliance frameworks, real-world examples of non-compliance, and practical advice on staying ahead of evolving regulations. The goal is to foster innovation while ensuring a robust compliance foundation that supports sustainable growth and minimises risk.

Speakers