November, 2023 - BRS Lawyers

Senior Partner Andreas Richter Receives INTERLAW’s Interlawyer of The Year Award

Posted on 30 November 202330 November 2023 by brslawyers2017

Andreas Richter, Senior Partner at Blumenthal Richter & Sumet, has been honored with the prestigious Interlawyer of the Year Award for 2023 by INTERLAW in acknowledgment of his unwavering dedication, commitment, and camaraderie within the legal community. This distinguished award was presented to Andreas during INTERLAW’s annual conference, held in Costa Rica in October 2023.

Blumenthal Richter & Sumet serves as the exclusive Thailand representative of INTERLAW, a renowned global network of independent law firms comprising over 7,500 lawyers situated in more than 150 cities worldwide. Recognized for legal excellence for over four decades, INTERLAW consistently holds a Band 1 ranking in leading legal directories such as The Legal 500 and Chambers & Partners.

Andreas’s illustrious career spanning three decades in the areas of foreign direct investment and corporate law set him apart as a worthy recipient of this accolade. Beyond his unwavering commitment to his clients, Andreas has demonstrated a remarkable dedication to nurturing enduring relationships within the global legal community. His proficiency in collaboration and knowledge-sharing has solidified his role as a mentor and friend, particularly within the INTERLAW Network.

Notably, Andreas played a pivotal role in successfully organizing INTERLAW’s Asia-Pacific Regional Conference in Bangkok earlier in the year, attended by over 60 legal professionals from the Asia Pacific region. Additionally, Andreas exhibited exceptional collaborative and synergy-building skills within the INTERLAW community, collaborating with fellow INTERLAW member firms on various cross-border initiatives, including the establishment of the firm’s Japan Desk in partnership with the esteemed Tokyo law firm Momo-O, Matsuo & Mamba.

We, at Blumenthal Richter & Sumet, extend our heartfelt congratulations to Andreas Richter for this well-deserved recognition.

BRS and Zhong Lun W&D Law Firms Forge Collaborative “China Desk”

Posted on 29 November 2023 by brslawyers2017

Renowned international law firms, Blumenthal Richter & Sumet (“BRS”) and Zhong Lun W&D (“ZLWD”), one of the largest law firm in the People’s Republic of China, have signed a Memorandum of Understanding (MoU) to establish an informal strategic alliance and inaugurate their collaborative “China Desk.” The “China Desk,” staffed by proficient Thai and Chinese attorneys, is ardently devoted to addressing the distinct needs of Chinese corporate clients conducting business in Thailand, as well as Thai companies investing in China.

The signing of the MoU was attended by BRS Senior Partner Andreas Richter, the driving force behind the China Desk practice. Also present were Partner Stefan Riedl, a distinguished expert in Corporate and Contract Law, as well as M&A, and Partner Weerasa Makepongtorn, a key member of the internationally acclaimed Real Estate & Hospitality team.

The event also welcomed Tongxin Xie, a Partner of ZLWD, who divides her time between Bangkok and Shanghai, and Wei Lin Liang, a Senior Partner of ZLWD based in Shanghai with over 30 years of experience in Chinese inbound and outbound foreign direct investment.

Tongxin plays a pivotal role in advising Chinese companies on their investments in Thailand. Collaborating closely with Andreas and his corporate team, her practice focuses on guiding Chinese clients through Thailand’s foreign investment framework, establishing foreign-owned subsidiaries, factory and land acquisitions, securing Board of Investment promotions, and obtaining relevant licenses and permits.

Wei Lin, an authority in the Chinese foreign direct investment landscape, boasts a market-leading practice representing large-scale enterprises, including multinational corporations and leading Chinese conglomerates, in corporate governance, investments, mergers & acquisitions. He is also a veteran in helping Chinese companies establish their presence in Africa, the Middle East, and Latin America.

“BRS and ZLWD are committed to further developing and enhancing our cross-border expertise, enabling Chinese clients to successfully enter the Thai market and establish their business operations in Thailand and Southeast Asia,” remarks Andreas Richter. “I have known and worked with Wei Lin for over 15 years; our joint collaboration is based on mutual professional respect and a long and trusted personal friendship. My team and I eagerly anticipate working with Wei Lin and Tongxin to facilitate seamless cross-border transactions between China and Thailand.”

Income Tax for Foreigners with and without Long-Term Resident Visa

Posted on 10 November 202310 November 2023 by brslawyers2017

Sumet Mingmongkolmitr and Yanisa Rujirawat

According to the Royal Decree (No. 743) regarding the reduction of tax rate and exemption of tax, and the Director-General of the Revenue Department’s Notification regarding Income Tax (No. 427) prescribing the criteria, procedures, and conditions on income tax reduction and exemption for foreigners categorized as long-term residents, qualified foreigners who have been granted Long-Term Resident Visa (the “LTR Visa”) will be eligible for tax privileges, which are:

In the case of foreigners granted the LTR Visa in the category of a “Highly-Skilled Professional”, these foreigners will be entitled to a reduction of the personal income tax rate, from 35% to 17%, for employment income derived from working for a company or registered partnership which engages in the target industries under the laws of National Competitiveness Enhancement, Investment Promotion, and Eastern Economic Corridor. Moreover, this type of assessable income will not be treated as taxable income for the purposes of calculating personal income tax when filing the Personal Income Tax Return, provided that the tax on such income has already been withheld at a rate of 17% and the LTR Visa holder does not request a tax refund or credit from the Revenue Department.

In the case of foreigners granted the LTR Visa in the categories of “Wealth Global Citizen”, “Wealthy Pensioner”, and “Work from Thailand Professional”, these foreigners will be exempted from paying personal income tax on their assessable income derived in the previous tax year from their work or business conducted abroad or from their properties situated abroad which have been brought into Thailand.

On the other hand, for foreigners working in Thailand who have not been granted the LTR Visa, regardless of the fact that they are employees of Thai companies or foreign-based companies, employment income will be regarded as an assessable income derived from employment or business carried out in Thailand. As such, any income paid by Thai companies and/or foreign-based companies to those foreigners for their employment or business conducted in Thailand, including income paid outside Thailand by foreign-based companies, will be treated as taxable income and calculated when paying personal income tax in each tax year, regardless of whether or not such foreigners reside in Thailand for an aggregate period of 180 days.

In cases where such employment income is paid to foreign employees by their employers in Thailand, the employer who is the payer of income shall also be responsible for deducting withholding tax from such income. In this regard, the tax withheld will be creditable against the personal income tax payable by those foreign employees when filing the Personal Income Tax Return, or those foreign employees will be entitled to request a refund of tax paid or withheld in excess from the Revenue Department in the event that the total tax withheld by the payer of income exceeds the total tax payable by those foreign employees.

If you are a foreigner working in Thailand and would like to learn more about how the aforementioned Decree and Notification impacts your tax payment, please contact the authors of this article, Sumet Mingmongkolmitr (Senior Partner) and Yanisa Rujirawat (Associate).