Doing Business in Thailand Overview of the AEC

Transcription

1 Mazars Thailand Doing Business in Thailand Overview of the AEC Adrian Tan 23 April

2 CONTENTS 1. Mazars Facts and Figures Mazars in Thailand 2. Overview of the AEC 3. Doing Business in Thailand 4. Our People 2 Titre de la présentation

3 01 MAZARS FACTS AND FIGURES MAZARS IN THAILAND 3

4 MAZARS S FACTS AND FIGURES An international, integrated and independent organisation specialising in: o Audit and Assurance services More than o Taxation and Compliance 13,800 13,000 o Accounting and Payroll Outsourcing Professionals o Legal and Company Secretarial services o Business Advisory o Internal Audits o IFRS and Accounting projects 72 Countries o Due Diligence Reviews Now Mazars is present in 72 countries across five continents with more than 13,800 professionals Our Praxity Alliance allows us to serve our clients in 92 countries with 30,000 professionals Solutions to large international corporations, SMEs and individuals All of Mazars annual reports since 2005 are available at the following address: 4

5 5 MAZARS S WORLDWIDE PRESENCE

6 MAZARS IN THAILAND Established in 1999 Joined the Mazars international organisation in 2008 Over 140 professional staff British, French, Dutch, Australian, Thai and Japanese nationals among its senior advisors, which ensures that the company is well placed to act as a bridge between businesses operating in Thailand and related companies overseas. A personal customer approach in the following business lines: o Audit and Assurance o Accounting & Outsourcing o Tax Advisory & Compliance o Legal advisory and Company Secretarial Services o Business Advisory Expected revenue in 2014 of Euro 4 million+ Unique culture blending entrepreneurial drive with professional standards High level of English communication skills Very strong problem solving capabilities Strong in tailor made assurance solutions 6

7 02 OVERVIEW OF THE AEC 7

8 ASEAN ECONOMIC COMMUNITY (AEC) Introduction ASEAN - Association of Southeast Asian Nations Formed on 8 August 1967 AEC - ASEAN Economic Community At the 9th ASEAN Summit in 2003, the ASEAN Leaders resolved that an ASEAN Community shall be established At the 12th ASEAN Summit in 2007, the Leaders agreed to accelerate the establishment of an ASEAN Community by

9 ASEAN ECONOMIC COMMUNITY (AEC) The 10 AEC Member Countries 9

10 ASEAN ECONOMIC COMMUNITY (AEC) Population of ASEAN and selected trade partner countries/regions Source: The ASEAN Economic Community (AEC) Chartbook

11 ASEAN ECONOMIC COMMUNITY (AEC) Economic Overview of AEC Member States ASEAN-6 Thailand Malaysia Brunei Indonesia Philippines Singapore GDP per Capita (US$) 5,116 9,941 38,703 3,563 2,341 50,130 Population (M) 67,597 28, ,671 95,834 5,184 Inflation (%) FDI Inflow (US$M) 7,778 12,001 1,208 19,242 1,262 63,997 Unemployment (%) CLMV Cambodia Lao PDR Myanmar Vietnam GDP per Capita (US$) 879 1, ,403 Population ( 000) 14,521 6,385 60,384 87,840 Inflation (%) FDI Inflow (US$M) ,430 Unemployment (%) Source: ASEAN Statistical Leaflet: Selected Key Indicators 2012, year

12 ASEAN ECONOMIC COMMUNITY (AEC) The AEC Blueprint Objective: Transform ASEAN into a region with free movement of goods, services, investment, skilled labour, and freer flow of capital. The 4 pillars under the AEC Blueprint: o A Single Market and Production Base o A Highly Competitive Region o A Region of Equitable Economic Development o A Region Fully Integrated into the Global Economy 12

13 ASEAN ECONOMIC COMMUNITY (AEC) Our Understanding of the AEC to A difficult and not so easy topic to follow o Continuous ongoing discussions and implementation o Principles agreed at the ASEAN formal Summit meetings o Up to each AEC member state to implement the agreed changes in their local policies and legislations o Progress is slow Achieve all objectives by 31 December 2015? Fact or fiction? o In 2015, Thailand will face major economic changes after the AEC takes effect o AEC will enable free movement of all types of labour in the region o The AEC is similar to the European Union (EU), and therefore will face similar risks and challenges 13

14 FREE TRADE AGREEMENTS WITH ASEAN External Economic Relations ASEAN has five free trade agreements: o Australia and New Zealand o China o India o Japan o Republic of Korea ASEAN continued to support the creation of ASEAN Plus One FTAs. Thailand has 12 FTAs in effect covering 16 countries: o ASEAN o Australia o New Zealand o India o China o Japan o Korea o Peru 14

15 ACCESSIBILITY TO OVERSEAS MARKETS ASEAN and China China is ASEAN s largest trading partner Trade between China and ASEAN has grown six-fold over the past decade Discussions to upgrade the China-ASEAN Free Trade Area Singapore attaches great importance to the relations with China. Initiatives to speed up transnational infrastructure 15

16 ACCESSIBILITY TO OVERSEAS MARKETS ASEAN and the EU The EU is ASEAN s 3 rd largest trading partner ASEAN s largest foreign investor The EU has so far been instrumental in the ASEAN integration process by sharing its own experience of region building The continuing financial crisis in Europe has revealed existing and growing interdependencies between the EU and ASEAN EU is negotiating Free Trade agreements with the individual ASEAN members 16

17 TRADE AND FACILITATION IN ASEAN Major Trade Agreements The ASEAN Trade in Goods Agreement (ATIGA) o To ensure trade in goods among ASEAN economies will become more facilitated and be free of border tariffs. ASEAN Framework Agreement on Services (AFAS) o Packages of deep liberalisation are undertaken to create an environment that favours increased integration of the supply of services across ASEAN The ASEAN Comprehensive Investment Agreement (ACIA) o To provide ASEAN and non-asean investors with enhanced liberalisation, better investment protection and cooperation in investment promotion. 17

18 THE ASEAN TRADE IN GOODS AGREEMENT (ATIGA) Tariff Liberalisation in ASEAN Intra-ASEAN tariffs have mostly been eliminated. Average Tariff Rates on Imports of ASEAN Source: The ASEAN Economic Community (AEC) Chartbook

19 THE ASEAN TRADE IN GOODS AGREEMENT (ATIGA) Tariff Liberalisation in ASEAN However o There are still some Non-Tariff Barriers (NTBs) and Non-Tariff Measures (NTMs) in ASEAN o ASEAN are continuing to work on the elimination/rectification of both NTB and NTM 19

20 THE ASEAN TRADE IN GOODS AGREEMENT (ATIGA) Rules of Origin (ROO) and Certificate of Origin (CO) To obtain the preferential duty exemptions/reductions through the FTA: o Goods must be scheduled in the Inclusion List o At least 40% of the goods value must be produced in ASEAN for the CO o Goods must be substantially transformed to meet the requirements of the ROO 20

21 THE ASEAN TRADE IN GOODS AGREEMENT (ATIGA) Take an Example Situation: Foreign investment decision to either import goods into ASEAN, or consider setting up a production facility in ASEAN. o Compare the import duties with importing the goods into ASEAN, to the tariffs if establishing production in ASEAN o Choosing the appropriate ASEAN member country o Utilisation of the low intra-asean tariffs to export the product into other ASEAN members under the ATIGA o Following the Rules of Origin to be a Certified Exporter: Getting the self-certificate of Origin to obtain the preferential tariffs under the FTA and quicker customs clearance o Exporting to other countries outside ASEAN (ie. China, EU, US, Japan, etc.) 21 Titre de la présentation

22 ASEAN FRAMEWORK AGREEMENT ON SERVICES (AFAS) Liberisation of Services ASEAN still exhibits high levels of restrictiveness in services trade and investment. The services industry is a major contributor to the GDP for most ASEAN countries and it is still a protected industry in most ASEAN countries The AEC have made commitments cover the liberalisation of wide range of services sectors, including: o Business services o Professional services o Construction o Distribution o Education o Environmental services o Healthcare o Maritime transport o Telecommunications o Tourism 22

23 ASEAN FRAMEWORK AGREEMENT ON SERVICES (AFAS) Overall Services Trade Restrictiveness Indices: ASEAN* and Major Partners *Index figures range from 100 (fully closed market) to 0 (fully open market). Data for ASEAN and TPP excludes Singapore. Source: World Bank, Services Trade Restrictiveness Index database, 23

24 ASEAN FRAMEWORK AGREEMENT ON SERVICES (AFAS) Mutual Recognition Arrangements (MRAs) Currently, only 8 professions have been agreed to implement an MRA: o Engineering o Medical practitioners o Nursing o Surveying o Accountancy services o Dental practitioners o Architectural services o Tourism professional However, the recognition has to follow the local laws and regulations in each AEC member. The catch? Demonstrate that the local qualification was obtained in ASEAN. For foreigners holding foreign qualifications, there are still questions and negotiations. 24

25 ASEAN ECONOMIC COMMUNITY (AEC) Key Points to Takeaway The development of the AEC should be viewed as a journey. The deadline of 31 Dec 2015 is not the end destination but an important milestone. Examine and ultilise the relevant FTA(s) pertaining to your business, customers and suppliers. Monitor the ongoing reforms in the region, especially with the AFAS (Labour) and ACIA (Investment) agreements Develop a long-term strategy. Being adaptable and flexible is a requirement. Great opportunities still remain! 25 Titre de la présentation

26 03 DOING BUSINESS IN THAILAND 26 Titre de la présentation

27 DOING BUSINESS IN THAILAND Topics 1. Business Plan 2. Setting-Up a Business in Thailand 3. Thai Partner Selection 4. Board of Investment (BOI) 5. Taxes in Thailand 6. Accounting Requirements 7. Company Secretarial Requirements 8. Banking and Finance 9. Human Resources 10. Working Permits and Visas 27 Titre de la présentation

28 1. BUSINESS PLAN Golden rule in business:thinkbeforeyoustart Should be drafted based on business idea and should include as a minimum: o Business case o Financing o Ownership o Purpose of setting-up a business Be extremely careful for setting up a business for the following reasons: o Just to get a working permit o Just to get a Visa o Just because my partner likes to start some business o Just to take foreign ownership 28 Titre de la présentation

29 2. SETTING-UP A BUSINESS IN THAILAND Legal Entities Company Limited A company with limited liability. The shareholders are liable for the amount limited to the paid-up capital. This is the most common legal structure for doing business in Thailand. Partnership Requires a minimum of 2 persons. The partners are each separately and individually liable for all liabilities including income tax on partnership profits. Representative Office A specific set-up for specified non-trading activities (sourcing/qc/data collection). A representative office requires a Foreign Business License. 29 Titre de la présentation

30 2. SETTING-UP A BUSINESS IN THAILAND Legal Entities (continued) Branch Office The structure of a branch office is similar to a limited company, except that a Foreign Business License is required if the activities fall under the Foreign Business Act. Regional Office This is not a legal entity, but a structure whose operations are restricted to seven specific activities. It requires a Foreign Business License. Regional Operating Headquarters A specific structure for a regional head office with control over subsidiary/affiliated companies in a minimum of three countries. Reduced income tax rate on service income and a flat personal income tax rate of 10% for expatriates working in Thailand. 30 Titre de la présentation

31 2. SETTING-UP A BUSINESS IN THAILAND Foreign Business Act/ Ownership The Foreign Business Act (FBA) regulates foreign ownership in businesses included in the FBA: The businesses prohibited specifically. The businesses related to the national safety or security or affecting arts and culture, tradition, folk handicraft or natural resource and environment. o Group 1: The businesses related to the national safety or security o Group 2: The businesses connected to arts and culture, traditional and folk handicraft o Group 3: The businesses connected to natural resources or environment The business for which it is considered that Thai nationals are not yet ready to compete with foreign interests. If not regulated or prohibited in the FBA, the business can be fully owned by a foreigner. (e.g. most of manufacturing activities can be 100% foreign owned). 31 Titre de la présentation

32 2. SETTING-UP A BUSINESS IN THAILAND Some Specifics A company needs a minimum of three shareholders The shareholders can include legal entities and natural persons Nominee shareholding is not allowed A director of the company needs to be a natural person A foreigner working in Thailand needs a working permit and an employment visa 32 Titre de la présentation

33 3. THAI PARTNER SELECTION Considerations Key for successful business Take time for building the relation Start the negotiation process based on equality Design agreements and contracts together Take advantage of the local knowledge and connections 33 Titre de la présentation

34 4. BOARD OF INVESTMENT (BOI) Introduction The Board of Investment (BOI) operates under the Ministry of Industry and is the principle government agency for encouraging investments in Thailand. The BOI facilitates investments in Thailand and is offering the following promotions: o Corporate Income Tax incentives o Import Duty incentives o Relaxation of foreign equity requirements o Visa and working permit facilitation o Land ownership by foreign entity The nature and amount of the promotional rewards depends on the individual application, the type of investment, the region in which the business is located and the discretion of BOI. A BOI certificate is issued per project, which allows companies to have more BOI promotions. 34 Titre de la présentation

35 4. BOARD OF INVESTMENT (BOI) BOI Application In principle the process has the following steps: 1) Study BOI regulations and requirements (applicant) 2) Fill in the application form (applicant) 3) Submit application to the BOI (applicant) 4) Presentation and interview session (applicant and BOI) 5) Project evaluation (BOI) 6) Approval / Non-approval (BOI) 7) Notification of decision (BOI) 8) Acceptance of Promoted status (applicant) 9) Promotion certificate issuance (BOI) 35 Titre de la présentation

36 4. BOARD OF INVESTMENT (BOI) BOI Application: Pitfalls to Avoid Business Case o Detail information required o Understanding of the requirements Machinery Stock Process Products Specific requirements for including second hand machines in the application do apply. Prepare the application with the operational mode in mind. 36 Titre de la présentation

37 4. BOARD OF INVESTMENT (BOI) BOI Operational: Pitfalls to Avoid Administrative burden o Specific reporting o Maximum stock levels o External Audit Communication between BOI and Revenue Department Limitations on moving machinery and raw material out of the factory Notification on business interruption for more than 2 months 37 Titre de la présentation

38 5. TAXES IN THAILAND Introduction Governed by the Thai Revenue Code includes laws, Royal decrees, Departmental regulations and notifications. The interpretation of the above has been tested in several court cases. The related jurisprudence is a guidance for similar situations. The Tax system is complex Revenue Department investigations of individual companies are common and unfortunately feared. Argumentation of Revenue Department officer can be challenged and it is strongly recommended to involve a Thai Tax lawyer in this process. The many countries have a Double Tax treaty agreement with Thailand. 38 Titre de la présentation

39 5. TAXES IN THAILAND Forms of Taxes Corporate Income Tax o Tax on taxable income (net profit) of companies o Small company (paid-up capital < THB 5 m): 0 20% o Company limited with paid-up capital > THB 5 m: 20% o Government agreed the above tax rates for 2014 and 2015 Personal Income Tax o Progressive tax rates (from 2013 onwards): 0-150,000 0% 150, ,000 5% 300, ,000 10% 500, ,000 15% 750,001 1,000,000 20% 1,000,001 2,000,000 25% 2,000,001 4,000,000 30% > 4,000,000 35% 39 Titre de la présentation

40 5. TAXES IN THAILAND Value Added Tax (VAT) o Indirect Tax imposed on the value added of each stage of the production or distribution o Persons and Company with turnover > THB 1.8 million are subject to VAT o VAT is levied at a rate of 7%. Special Business Tax (SBT) o Some businesses are not subject to VAT but to SBT. o Banking, Life Insurance, brokerage, real estate, factoring Stamp Duty o Stamp duties are payable on most documents filed by Companies at the Government. o Stamp duties are taxed on instruments (contracts). o The amount varies per instrument. 40 Titre de la présentation

41 5. TAXES IN THAILAND Petroleum Income Tax o Income under petroleum act Excise Tax o Levied on certain products such as alcoholic beverage, tobacco and fruit juice Signboard Tax (local tax) o Tax imposed on signboards and calculated per square meter o Different rates for Thai and foreign language Property Tax (local tax) o Owners of land and building in designated areas may be subject to either local administration tax or house and land tax. o Local administration tax is based on the appraised value. 41 Titre de la présentation

42 5. TAXES IN THAILAND Withholding Tax For certain categories of income in respect of payment to resident individuals or for specific services, the payer has to deduct withholding tax at source and pay this to the Revenue Department. The tax withheld shall then be credited against tax liability of the tax payer at the time of their tax filing: o Employment / Hire of work 0 37% o Interest 15% o Dividend 10% o Royalty 0 37% o Rents 5% o Prizes 5% o Service and professional fees 3% o Public entertainer remuneration 5% o Advertising fees 2% o Capital Gains 0 37% 42 Titre de la présentation

43 5. TAXES IN THAILAND Custom Duties The majority of goods imported to Thailand are subject to customs duties. The rate varies from 0 to > 200% depending on the category. Goods need to be classified in a certain category and the tariff rate of that category will be applied to calculate the import duty. In addition VAT needs to be filed at the Customs office for the import of goods and at the Revenue Department for the import of services via PP 36. Under the BIS 19 regulation it is possible to claim the import duty back if and when the goods are re-exported. 43 Titre de la présentation

44 6. ACCOUNTING REQUIREMENTS Introduction The company needs to account for all their transactions in Thai Baht. Yearly the company should prepare financial statements under Thai Financial Reporting Standards (for Non Public Accountable Entities). The Thai qualified accountant who is responsible for the book keeping will need to sign off on the financial statements. Additionally the Financial statements need to be audited by a Thai CPA. Financial statement will need to be audited within 4 months after financial yearend and filed at the Ministry of Commerce within 1 month after approval date. The final Corporate Income Tax return will need to be filed within 5 months after the financial year-end. 44 Titre de la présentation

45 6. ACCOUNTING REQUIREMENTS The CIT is calculated on income on an accrual basis, while the VAT is calculated on a tax invoice basis. VAT will need to be filed on a monthly basis. Withholding tax will need to be filed on a monthly basis. Supporting documentation will need to be kept for at least 5 years. 45 Titre de la présentation

46 7. COMPANY SECRETARIAL REQUIREMENTS Introduction A company should have a Annual General Shareholders meeting every year. o Location or country is not specified. o Shareholders need to be noticed minimum 7 days in advanced. o The invitation will need to be published in a local Thai news paper 7 days in advance and sent to each shareholder by mail with the acknowledged receipt. Special General Shareholders meeting o Shareholders will need to be notified 14 days in advance. o The invitation will need to be published in a local Thai newspaper 14 days in advance. Financial statements filing o At the Ministry of Commerce o Audited within 4 months after the end of the financial year, and filed with the Ministry of Commerce 1 month after approval date. o Including updated shareholders list 46 Titre de la présentation

47 8. BANKING AND FINANCE Introduction Payment systems and options o Majority of the payments are done via cheques o Personal internet banking is available o Company internet banking is limited available o Companies are normally not provided with an ATM card Access to capital o Banks are very conservative o Borrowing only against collateral and (personal) guarantee o None or limited reliance on financial statements or business plan o Assumption of flight risk for foreigners by banks o In general SME s will have difficulties to get a local loan or overdraft o Leasing of assets is a good alternative 47 Titre de la présentation

48 8. BANKING AND FINANCE Exchange Control Regulations Foreign Currency (FC) accounts: o FC Accounts, without future obligations are allowed to a maximum of US$ 500,000. o FC Account with future obligations are allowed to a maximum of US$ 1 million for individual and US$ 100 million for legal entity. Obligation will need to be cleared within 12 months. Trade and services: o Outward remittances of amounts properly due to non-residents are permitted for items of a non-capital nature such as service fees, interest, dividends, profits, or royalties provided that supporting documents are submitted to an authorised bank. o Traveling expenses or educational expenses of residents are also freely permitted upon submission of supporting documents. 48 Titre de la présentation

49 8. BANKING AND FINANCE Capital Transfer Direct investments and lending abroad. o A Thai Company is allowed to invest in its subsidiary abroad of which it owns at least 10% of the shares for the amount necessary. o A Thai Company is allowed to lend to non-related foreign companies up to US$ 50 million per year. o A Thai natural person is allowed to invest in an overseas business entity whose shares are held by that person by not less than 10% in an amount not exceeding USD 100 million per year. Portfolio investment abroad o Individual up to US$ 1 million per year. Other o Support overseas family US$ 1 million per year. o Donation to charity US$ 1 million per year. o Purchase of immovable assets US$ 10 million per year. 49 Titre de la présentation

50 9. HUMAN RESOURCES Introduction Selecting Thai candidates can be done by website / newspaper and preferable by reference. Recommended to prepare employment contract: o Matters to consider Legal framework for dismissal Voluntary health insurance Provident fund Assure that you have a photo copy of the Thai ID card on file. Social Security and Withholding tax (payroll taxes) Upon termination of employment contract by the employer, severance payment will need to be paid. The amount depends on the years of service and the daily/monthly salary. Maximum payment is 10 months salary when a person is 10 years or more in service. 50 Titre de la présentation

51 10. WORKING PERMITS AND VISAS Introduction A foreigner working in Thailand needs a working permit. If the company has a BOI promotion, a number of working permits and positions might have been included in the application. Others will need to apply for a working permit and visa. Requirements for working permit in a Thai Company Limited. o THB 2 million paid-up capital per working permit o 4 Thai staff per foreigner o If the foreigner is married to a Thai national only THB 1 million paid up capital and 4 Thai staff is required. o Minimum salary of THB 50,000.- per month for a Western European national Application for Working Permit and for Visa are separate application which are running in parallel. 51 Titre de la présentation

52 10. WORKING PERMITS AND VISAS Types of Visas A foreign citizen who wants to enter Thailand needs a visa. Types of visa: o Transit Visa o Tourist Visa o Non-Immigrant Visa o Diplomatic Visa o Official Visa o Courtesy Visa 52 Titre de la présentation

53 10. WORKING PERMITS AND VISAS Non-Immigrant Visa Different categories: o Category F: to perform official duties o Category B: to conduct business / to work o Category IM: to invest with the concurrence of the Thai Government o Category IB: to invest or perform other activities relating to investment o Category ED: to study, attending conference of training or to study as a foreign Buddhist Monk o Category M: to work as film producer, journalist or reporter o Category R: to perform missionary work or other religious activities o Category RS: to conduct scientific research or training o Category EX: to undertake skilled work as an expert or specialist o Category O: Other Note: Categories are simplified for presentation purposes 53 Titre de la présentation

54 10. WORKING PERMITS AND VISAS Category B: To Conduct Business / To Work For the purpose of conducting business or to work in Thailand Some specifics: o Single and Multiple entry o Initial stay not exceeding 90 days o Possibility to get a year visa extension with notification duty every 90 days o Extensive paperwork including: Invitation letter from a company stating the objective of visit to Thailand. Letter of invitation from companies qualified to employ foreigners. Corporate documents including:» List of shareholders.» Business registration and business license.» Company profile.» List of foreign workers and their salaries.» Balance sheet and statement of income tax and business tax.» Alien income tax return.» VAT registration.» Etc. (Departmental regulation change from time to time). 54 Titre de la présentation

55 10. WORKING PERMITS AND VISAS Category B: To Conduct Business / To Work Some specifics: o Minimum earning of THB 50,000.- per month for European nationals o Possibility to apply for a working permit Consular officers reserve the right to request additional documents as deemed necessary 55 Titre de la présentation

56 DOING BUSINESS IN THAILAND Key Points to Takeaway Seek professional advice and support, especially on complex and serious matters Discuss with other business owners, business communities, friends, families, etc. Double-check what is done in practice against what is required under the laws Assess your risks from all angles: business and personal Great opportunities still remain! 56 Titre de la présentation

57 04 OUR PEOPLE 57

58 MR. ROB HURENKAMP, MANAGING PARTNER Rob Hurenkamp RA, is the Managing Partner of Mazars in Thailand and is based in Bangkok. He joined Mazars in He received a post graduate degree in auditing from the Vrije Universiteit van Amsterdam and is a member of the Dutch Institute of Certified Public Auditor. He is responsible for the full operations of Mazars in Thailand and is specifically involved in audits of Multi National Corporations and cross border audits. As a member of Mazars' Asia & Pacific Transaction Support Team he is responsible for Due Diligence Reviews and other special assignments including Business Compliance and Fraud engagements. He started his career at a Big 4 audit firm in The Netherlands and was seconded to their member firm in Thailand. Before entering joining Mazars he was CFO Asia & Pacific for dester/duni, which included the responsibility for the Shared Service Center in Asia & Pacific. He is Director on the Board of the Netherlands Thai Chamber of Commerce and the European Asian Business Centre. 58

59 MR. ADRIAN TAN, BUSINESS ADVISORY DIRECTOR Adrian has more than 13 years of experience in Public Accounting firms spanning Thailand, United Kingdom and Australia for both private and public listed companies. He has extensive audit and assurance experience across a range of industries including public companies, multinational corporations, not for-profit organisations, governmental agencies and the private sector. Prior to joining Mazars Thailand, Adrian was a Director of Audit &Assurance at BDO Thailand including the role of Risk Management. Previously, Adrian worked for 4 years with Australian National Audit Office on the governmental audits and also worked for 5 years with BDO in the London audit practice. He has extensive experience with International Financial Reporting Standards (IFRS) and was involved with numerous conversion projects in Australia and United Kingdom. In addition, he has experience in performing internal audits, forensic investigations, due diligence reviews and business advisory. He is a qualified Certified Practicing Accountant (CPA), Australia. 59

60 DISCLAIMER This publication should not be regarded as offering a complete explanation of the matters that are contained within this publication. This publication has been distributed on the express terms and understanding that the Mazars and the author are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. Mazars and the author expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. 60

61 Mazars is present in 5 continents. CONTACT Mazars Thailand 12 th Floor, Empire Tower 195 South Sathorn Road Bangkok Tel. +66 (0) Fax +66 (0)