Category: News

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).

 

 

 

Senior Partner Robert Schuler was awarded gold member status in recognition of his outstanding commitment and substantial contributions to IR Global network.

Robert received this honor at IR Global’s Annual Conference, which took place in Amsterdam in September 2023, from IR Global’s Business Development Director, Ross Nichols (pictured).  Robert’s recognition is a testament to his outstanding contribution to IR Global’s thought leadership as a favorite contributor and author of real estate and commercial articles for the network, where he explores legal developments and their impacts on clients from both a legal and commercial perspective. He is also committee member for Asia Pacific and passionate supporter of IR Global’s affiliated Sinchi foundation, which focuses its advocacy and service on issues related to indigenous rights, the preservation of cultural and the protection of nature.

A U.S.-licensed attorney, Robert has been working in Southeast Asia for more than 20 years. He leads Blumenthal Richter & Sumet’s Real Estate & Hospitality Group, advising investors and family offices, institutional investors and private equity funds to locally owned boutique hotels, leisure facilities, restaurants and F&B operations and international hotel chains and resorts on all aspects of the industry. Robert and his team has been recognized for their excellence in the real estate and hospitality sector by leading international directories including Legal 500 and Chambers & Partners.

“I want to express my gratitude to my IR Global peers,” remarks Robert, “It has been great working together and sharing knowledge to build the synergy to most effectively assist our clients as their work becomes increasingly global in nature and crosses into more and more jurisdictions”.

Robert has been a member of IR Global – a multi-disciplinary professional services network that provides legal, accountancy, financial advice to companies and individuals around the world which is listed by The Legal 500 and ranked by Chambers & Partners in its global list of “Leading Law Firm Networks” – since 2017 an exclusive member for Real Estate and Project Finance in Thailand.

Learn More about IR Global Here: https://irglobal.com/about/

 

On September 5, 2023, prominent leaders from Blumenthal Richter & Sumet (“BRS”) in Bangkok and the Beijing-headquartered Zhonglun W&D Law Firm (“Zhonglun W&D”) convened to reflect on their five-year collaboration and explore strategies to further strengthening their dynamic working relationship. The primary objective of this gathering was to foster dialogue and reaffirm their shared commitment to delivering exceptional legal services to Chinese clients seeking investments in Thailand.

Present at this meeting were distinguished individuals from the Bangkok office, including Senior Partner Andreas Richter, a renowned expert in foreign direct investment with over three decades of professional experience. Joining him were Partner Ekkarat Ritthiplang, specializing in corporate law and cross-border transactions, who excels in managing interactions between foreign clients and Thai authorities, and Partner Stefan Riedl, a distinguished expert in Corporate and Contract Law as well as M&A, recognized for his proficiency in crafting and negotiating robust commercial agreements.

Also in attendance was Tongxin Xie, a Partner at Zhonglun W&D Law Firm based in Shanghai. Splitting her time between Bangkok and Shanghai, Tongxin plays a pivotal role in advising Chinese companies on their investments in Thailand. Collaborating closely with Andreas, Ekkarat, and Stefan, her practice revolves around guiding Chinese clients through Thailand’s investment framework, establishing foreign-owned subsidiaries, securing Board of Investment promotions, and obtaining relevant licenses and permits.

Leveraging Tongxin’s unique expertise in both Thai and Chinese law and business practices, BRS and Zhonglun W&D have strategically combined their strengths to form a collaborative working alliance that caters to the legal needs of large Chinese corporations and high-net-worth individuals seeking to establish and expand their businesses in Thailand. BRS’ China Desk, supported by two additional native Mandarin-speaking attorneys, provides specialized legal assistance to Chinese enterprises navigating the intricate landscape of the Thai market, particularly within regulated sectors such as automotive, pharmaceuticals, and other manufacturing and service industries. Together, the China Desk has already successfully represented Chinese clients in market-leading inbound transactions, including many state-owned enterprises.

“Zhonglun W&D is one of the earliest-established Chinese law firms and has evolved into one of China’s premier law firms with a global outlook,” remarked Andreas. “We consider ourselves extremely fortunate to collaborate with a firm that boasts such a long and successful history in China and abroad. This cooperation uniquely positions us to harness our combined expertise in fostering cultural and economic connections between businesses in Thailand and China.”

Blumenthal Richter & Sumet (“BRS”) is pleased to announce the successful conclusion of our 2023 internship season, marking yet another enriching and diverse experience for 11 aspiring legal practitioners.

Over the past few months, BRS had the privilege of hosting a diverse group of interns, including students from the legal faculty of leading local institutions Thammasat University and Chulalongkorn University. Furthermore, the firm proudly welcomed students from international backgrounds. Our interns included two outstanding individuals from International School Bangkok (“ISB”), one of Thailand’s most prestigious international schools, where our Senior Partner Andreas Richter serves as Chair of the Board of Trustees. Additionally, we had the honor of hosting an ISB alumna currently studying at Stanford University, one of the world’s top-ranking educational institutions. Expanding our global reach, we welcomed an intern who graduated from Humboldt-Universität zu Berlin in Germany.

Partner Ekkarat Ritthiplang, an alumnus of Chulalongkorn University who plays a key role in recruiting and supervising interns from local universities, affirms, “Our Thammasat and Chula interns displayed remarkable dedication and adaptability in tackling complex legal tasks in both Thai and English language. I am deeply impressed with the quality of their work and hope to see many of them join our firm in the near future”.

Looking ahead with enthusiasm, Ekkarat is excited for the upcoming 2024 season and is eager to get to know the new class of interns, as BRS has now launched its recruitment and application period. As part of our outreach, Partner Weerasa Makepongtorn, recently promoted at Blumenthal Richter & Sumet, participated as an esteemed speaker at the Thammasat University Internship Fair, held on September 19 at the University’s Rangsit campus.

Weerasa participated in a panel discussion where she shared what sets BRS apart as a truly international law firm – our roster of attorneys and consultants hailing from Thailand, Germany, America, Austria, China and Japan and our long-term affiliation with prestigious international networks Interlaw and IR Global. She emphasized our firm’s recognition as one of the most entrepreneurial and progressive firms in Thailand – characterized by our open-door policy, transparent communication and pillar of providing commercially minded and business-oriented legal advice.

This event held special significance for Weerasa, as it marked one of her first speaking engagements as a Partner representing BRS. She shared, “Returning to Thammasat, my alma mater, as a Partner feels like a full-circle moment for me. It’s a testament to the firm’s commitment to nurturing talent and providing opportunities for growth. I very much look forward helping Thammasat’s students advance in their legal careers as part of their internship with us.”

Weerasa also expressed her excitement about conducting interviews with internship applicants. She said, “I am genuinely excited about the interview process. It’s an opportunity to identify the future stars of our profession and bring fresh talent into our dynamic team. Ekkarat, myself and the internship committee are very much looking forward to getting to know the newest potential members of the BRS team.”

We had a wonderful time meeting prospective interns at Chulalongkorn and Thammasat University’s Open Houses and are delighted to announce that applications are now open for our local internship program.

More information about our internship program for Thai university students is available on our social media channels.

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.