Transcript of the above video:

As the title of this video suggests, we are discussing Thai Withholding Tax, VAT, which is short for Value Added Tax and we are also discussing Social Security here in Thailand. 

So there are a number of things associated with corporate compliance in Thailand: taxes, tax compliance is a big one, VAT filings, withholding tax filings and documentation associated with payroll, payroll taxes, withholding and Social Security which is a contribution made on behalf of an employee, oftentimes at least in part by an employer, into the Social Security System so that the employee has some basic coverage associated with medical care, death benefits etc., here in Thailand. So these are some of the compliance issues that are especially important with regard to an ongoing Thai Business Visa and Work Permit. 

We have an Accounting Division within our firm. It is headed by a Thai accountant and accounting is definitely outside of my bailiwick, I can't discuss accounting in any substantive terms but what I can discuss is the fact that all of that documentation is extremely relevant in the context of a Business Visa and a Work Permit. So in 2023, we are anticipating there being a more onerous burden being placed on various companies here in Thailand to comply with increasingly stringent disclosure rules, things of that nature, tax filing rules. Again during the pandemic, there was something of a hands-off attitude because people were all just trying to get along as best they could but again that has kind of come to an end. So we are going into 2023 probably looking at a tax compliance system or a tax regulator that is going to be looking at a lot more documentation associated with tax filings than we have been looking at in the past.