Transfer pricing disclosure form released
06 January 2020
The Thai Revenue Department has issued the transfer pricing disclosure form that companies will need to file with their corporate income tax return if they had related parties during the accounting period and their reported total revenues are greater than THB 200 million (approx. USD 6.64M).
The disclosure form, which applies for accounting periods beginning on or after 1 January 2019, requires all related parties of the company to be disclosed, regardless of whether the company transacted with them during the period. Companies will therefore need to carefully consider the definition of related parties in the Revenue Code to ensure they make a complete disclosure.
If the company has transacted with a related party it must disclose the value and nature of the transactions.
The form groups the information disclosed for companies in Thailand separately from the information disclosed for companies outside Thailand.
The form also requests information about business restructuring between related parties and whether the company has transferred intangible assets to a related party during the accounting period.