Peter Nordhues
The Thai-German Chamber of Commerce is working to repair
the damage done by “intolerable” media depictions of the Bangkok’s recent
violence, chamber Executive Director Stefan Buerkle told the group at its
July meeting.
“The chamber is doing everything to correct this false
picture the people in Europe got,” Buerkle told the 60 people in attendance
at the Moon River Pub. “We have already organized exhibitions in some German
cities and more will follow with the help of Thai authorities. The chamber
likes to take part in telling the truth.”
Buerkle also praised the vigor of the Thai economy, which
showed the fastest growth in 15 years in the first quarter. He said he hopes
that continues.
The meeting rounded out with less-serious subjects, such
as joking about the German-Dutch football rivalry in the aftermath of the
World Cup and lauding the installation of a German consul in Pattaya. It was
followed by a buffet and music.
Chamber meetings are held every two months. For more information, contact
02-670-0600.
Dr. Iain Corness
The latest Automotive Focus Group (AFG) meeting had many
surprises for the members who attended last week at the Hard Rock Hotel Pattaya.
Three addresses covering Tax Challenges and Opportunities from the world-wide
KPMG were given to the AFG and covered transfer pricing, import pitfalls, BOI
and FTA’s and the Foreign Business Act. All ‘heavy’ subjects, just on their own.
Abhisit Pinmaneekul
The first address was by Abhisit Pinmaneekul, a young man
with seven years of transfer pricing working experience who has led a number of
transfer pricing projects for companies in Asia. He covered transfer pricing,
with it being highlighted that at the outset, the business had to decide whether
its transfer accounts would come under Thai tax jurisdiction or global. If it
were to be under Thai tax, then scrupulous records needed to be kept, as the
Thai authorities could ask for records up to five years old, if they felt that
the transfer pricing was being manipulated - and the Thai tax examiners had
enough information on any business’ competitors, to be able to very quickly spot
discrepancies.
Graeme Sheard.
The second address was given by Graeme Sheard who has worked
for KPMG Tax for over 26 years in various countries throughout this region
including Australia, Vietnam, Papua New Guinea and now Thailand. He is a tax
partner at KPMG in Thailand with responsibility for indirect taxes. Graeme, who
was struggling with a flu virus, nevertheless managed to pass on details of the
import situation, as far as tax was concerned and brought in the effect of BOI,
versus FTA and how a business could find itself in the wilderness between Thai
Customs Department and the Income Tax Department.
The final address was given by Ted Spevick, who is a tax
partner with KPMG in Thailand and has over 35 year’s experience in advising
multi-national businesses on international tax-related issues.
Ted Spevick.
Ted moved
straight into the Foreign Business Act, pointing out that some parts of it were
still being debated at governmental level. He brought out the fact that Thailand
is not alone in this region in trying to attract business investment, and both
Singapore and Malaysia are in direct competition.
The president of the AFG, Mike Diamente (Dana) thanked the
speakers, letting the KPMG personnel know that there were many new aspects, even
for people such as himself, who has been in the industry for many years. His “I
didn’t realize that,” was echoed by many in the room.
The meeting again showed the advantages that the AFG
membership regularly receive from this association.
