Month: September 2023

The Tax & Customs Team at Blumenthal Richter & Sumet, led by Senior Partner Sumet Mingmongkolmtir, has once again been honored with a prestigious “Highly Recommended” designation in the Asia Law 2023/2024 Directory. This recognition marks the sixth consecutive year that the practice has achieved this distinction, further affirming the team’s capabilities in advising both domestic and international clients on complex business transactions, compliance with local and international tax requirements, and strategic investment planning.

The Asia Law 2023/2024 Directory has acknowledged the Tax & Customs Team as a standout in the field, underlining its ability to deliver pre-emptive tax solutions and investment strategies that align with the diverse and ever-evolving landscape of local and international legal regulations.

Sumet expressed his gratitude for this continued recognition, stating, “I am truly honored that our practice has been recognized as ‘Highly Recommended’ for the sixth consecutive year. This achievement is a testament to the unwavering trust and support of our clients, particularly those in Asia, who have entrusted us with their most complex tax and customs challenges.”
Furthermore, Sumet Mingmongkolmtir himself received notable recognition from the publication as a “tax expert” and one of the “key partners” of the firm. His expertise and leadership have been instrumental in guiding the Tax & Customs Team towards continued excellence.

The Tax & Customs practice at Blumenthal Richter & Sumet continues to grow and is currently in the process of expanding its team. The firm is actively seeking talented professionals who are passionate about taxation and customs to join its growing practice as a Senior Associate.

As the Tax & Customs Team at Blumenthal Richter & Sumet continues to excel and provide top-tier tax and customs solutions to clients worldwide, the firm remains committed to its mission of delivering innovative legal counsel that meets the ever-evolving demands of the global business landscape.

Blumenthal Richter & Sumet (“BRS”), a leading law firm in Thailand, is pleased to announce its outstanding achievements in the latest Asia Law Profiles 2023/2024 rankings. The firm’s Real Estate & Construction and Hospitality & Lifestyle team, under the esteemed leadership of Senior Partner Robert Schuler and newly promoted Partner Weerasa Makepongtorn, has once again secured remarkable recognition.

In the Asia Law Profiles 2023/2024 rankings, Blumenthal Richter & Sumet has been recognized as a Highly Recommended firm for its Real Estate practice , solidifying its reputation as a premier legal partner in this sector and making its sixth recognition by the directory. Additionally, the firm has garnered further distinction as a Notable firm for its work in construction law.

Senior Partner Robert Schuler expressed his enthusiasm for the firm’s achievements, stating, “With Weerasa taking on an increasingly active role within the practice, I am excited about the continued growth of the Real Estate team in the Asia markets. Our dedication to excellence and commitment to delivering top-tier legal services have been pivotal in achieving these accolades.”

Weerasa has been instrumental in  streamlining and strategically managing the team’s foreign clients’ interface with domestic regulatory authorities and ensuring clients receive the highest level of legal counsel and support.

The recognition of her team in Asia Law’s 2023/2024 rankings is particularly meaningful for Weerasa, as it is her first recognition as a Partner in the team. Reflecting on her role, Weerasa Makepongtorn remarked, “I am honored to contribute to the success of Blumenthal Richter & Sumet and to facilitate a seamless experience for our international clients navigating the intricacies of Thai law. I sincerely thank our clients for their continued support.”

BRS continues to set the standard for excellence in the legal industry, and its exceptional achievements in the Asia Law Profiles 2023/2024 rankings reaffirm its commitment to delivering exceptional legal services across various sectors, particularly in Real Estate and Construction.

 

 

 

 

Blumenthal Richter & Sumet has dominated Asia Law Profiles  2023/2024 rankings with recognition in six awards categories.

We are thrilled to share that our Real Estate Practice and Tax Practice have once again been recognized by Asia Law Profiles for their outstanding work as Highly Recommended practices.

Our internationally renowned Real Estate & Hospitality team, led by Senior Partner Schuler and supported by newly promoted Partner Weerasa Makepongtorn, garnered its sixth accolade in recognition of the team’s work in advising multinational corporations, institutional investors, private equity funds, SMEs and entrepreneurs on a wide range of transactions, involving various types and classes of real estate assets.

Our Tax & Customs team, led by veteran Senior Partner Sumet Mingmongkolmtir was highlighted as a Highly Recommended practice, for the sixth year in a row, attesting to the caliber of the firm’s work in advising domestic and foreign clients on structuring complex business transactions and arrangements and delivering pre-emptive tax solutions and investment strategies to meet the range of local and international legal requirement.

We have also been recognized as a Recommended firm for our Dispute Resolution Practice and Corporate and M&A Practices, in addition to a Notable Firm for our work in the Technology, Media and Telecommunications practice and for our Construction Practice.

Asialaw, an internationally recognized legal directory known for being the only one of which provides comprehensive analysis on Asia’s regional and domestic firms, and leading lawyers from the regions, further recognized Blumenthal Richter & Sumet for having “a strong reputation in the market for its tax and technology practice…[assisting] both international and domestic companies in expanding into new markets, growing their businesses and navigating regulatory frameworks”.

 

 

 

 

Sumet Mingmongkolmitr and Warumporn Chaosanguan

On 18 September 2023, the Thai Revenue Department released the Revenue Department’s Order No. Por. 161/2566 regarding payments on the income tax under Section 41 paragraph 2 of the Thai Revenue Code (the “New RD’s Order”).

Under the New RD’s Order, Thai tax residents who derive assessable income from work or activities conducted outside Thailand or derive assessable income from property situated outside Thailand, and bring such income into Thailand in any tax year, shall be required to include such income in the personal income tax calculation for the tax year in which the income is brought into Thailand. The New RD’s Order will be effective on the assessable income that is brought into Thailand from 1 January 2024 onwards. Whilst per the current practice, the taxpayers are not required to include such income in the personal income tax calculation if they bring such income into Thailand in the latter tax year.

The New RD’s Order would affect Thai tax residents (individuals regardless of nationality who aggregately stay in Thailand for not less than 180 days during a given tax year). Under the country’s tax system, Thai tax residents are required to self-declare when it comes to personal tax liability. Consequently, there is ambiguity regarding the practicality and effectiveness of the tax authorities’ tools for tracking and cross-checking the individuals’ assessable income. Some taxpayers have further raised concerns about whether the new policy would place both more tax and administrative burdens on legal taxpayers.

In this regard, the taxpayers who derive assessable income from offshore are recommended to plan and review their tax planning for bringing the income into Thailand. Furthermore, our Firm anticipates foreseen problems in declaring and proving the assessable income brought from offshore under this New RD’s Order.

As the Revenue Department has not yet released further guidelines responding to the above concerns, the Tax and Customs Practice Group at Blumenthal Richter & Sumet will keep track of developments in connection to its order regarding offshore income tax for Thai tax residents and inform you accordingly.