Expatriates taking up employment in Thailand will be subject to our comprehensive tax rules and employment visa requirements. Grant Thornton's Expatriate Tax team can help expatriates and their employers in dealing with Thailand tax and employment visa matters.

The credit crunch in the United States and Europe appears to be transforming into a global recession and starting to squeeze business across a wide range of industries. Slowing growth, weakening demand and reduced lending by banks, compound an already difficult environment in which key commodity prices are fluctuating rapidly. While some geographies and industries are proving more resilient than others, our general advice to clients is to take proactive steps to prepare for potentially challenging days ahead.

This article covers the topic Income from trusts and settlements, item A1 (b) (vi) of the Study Guide. It supersedes the article entitled The taxation of trusts and trust beneficiaries, first published in the November/December 2005 issue of student accountant. The taxation of unit trusts and real estate investment trusts (REITs), item A2 (b) (ii) of the Study Guide, is covered in a separate article.

Although the Promotion of Investments Act 1986 covers more than one tax incentive, only two – pioneer status and investment tax allowance (ITA) – are examinable in Paper P6 (MYS). These two incentives are closely related as both apply to the same kinds of activity, and they are alternatives which are mutually exclusive. Both apply to many different kinds of activity but the only activities examinable in Paper P6 are those specified in the Study Guide

From the time of its introduction, income tax in Malaysia has operated on the full imputation system when dealing with dividends. From January 2008, the imputation system is to be phased out and a new single-tier system introduced. This article outlines the transition arrangements.