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ResourcesCorporate and Tax AdvisoryThailand Tax LawReopening a Thai Business in the Aftermath of COVID-19

Reopening a Thai Business in the Aftermath of COVID-19

Transcript of the above video:

As the title of this video suggests, we are discussing the aftermath of the Coronavirus pandemic or COVID-19 and we are specifically discussing what things to be thinking of if you are a business owner here in Thailand and you are looking to get things going again in the aftermath of this shutdown as of the time of this video we are dealing with as a result of the measures being taken by the government to flatten the curve, decrease the amount of infections that are going around here in Thailand. 

So first of all we have got to give hats off to everybody, the Thai people and everybody living here. It seems that at least as of the time of this video, these initiatives are bearing fruit. Infections are down, certainly deaths are down and that is a great thing. Hopefully, we will be seeing things reopen soon. What should you be thinking about going into reopening? Well a couple of things, most notably taxes. Yes, there was a deferment by the Thai Revenue Department in order to allow folks some breathing space with respect to paying their taxes. So SMEs certainly I am sure appreciated that but taxes will need to be dealt with in a timely manner in the aftermath of this.

Meanwhile for those who are foreign small business owners here in Thailand, taxes may have had to been dealt with throughout the shut down because oftentimes that documentation is a prerequisite in order to see one's Visa, specifically Thai business visa extension maintained or if you are needing to deal with your extension shortly after the shutdown and you have partaken of some of the deferments, it is probably a good idea to get with your accountant or a legal professional or both and figure out a way in which to get one's records and documentation brought up to date in order to ensure that a business visa extension processes smoothly. 

Something else to consider is employees may have been furloughed during this unprecedented state of affairs and documentation associated with Social Security as well as things associated with maintenance of their payroll etc. may need to be dealt with in the aftermath COVID-19.

It is probably not a terrible idea to be thinking of this as we are getting things at least moving in anticipation of at least a soft reopening if you will of Thailand and hopefully we will see this sooner rather than later but something to be thinking about in the lead-up to the reopening of Thailand especially for small business owners is the steps that are going to need to be undertaken to keep things moving smoothly after the reopening occurs.