The purchase of condominium units from a developer with subsequent guaranteed rental income is a very common practice, especially in Phuket. Many property owners hand their units over to management companies and regularly receive income either as a fixed guaranteed amount or as a percentage of rental revenue generated by the management company. This raises …
Everyone living in Thailand or planning a long-term stay eventually faces the issue of insurance. At a minimum, this includes health and accident insurance, since medical treatment in Thailand is quite expensive, and a hospital visit without insurance can result in a significant bill. However, many people forget that it is important to insure not …
On April 17, two Labour Department regulations were published in the Government Gazette regarding measures to support employees in connection with force majeure and the economic crisis. Force majeure Special wage compensation measures apply to employees who: If all conditions are met, the employee is entitled to compensation equal to 62% of their daily wage, …
Force Majeure: Social Security Fund Compensation Read More »
The current global situation has the greatest impact on employer–employee relations. Employers are asking whether they should continue paying salaries when there is no work, or whether they should lay off staff. Employees, on the other hand, are asking what will happen if they are dismissed or sent home on unpaid leave without the ability …
Due to the spread of coronavirus, many companies in Thailand have entered a financial crisis, especially those providing tourism services or otherwise related to the tourism sector. In February–March, the government approved tax relief measures to support companies, primarily small and medium-sized enterprises (SMEs), aimed at reducing costs. Key tax relief measures: Reduction of withholding …
Many companies are closing their offices and allowing employees to work remotely from home online. But what should those do whose work has essentially disappeared due to the outbreak? What should business owners do with employees for whom there is no work? On Friday, the Social Security Fund approved the compensation amount for employees registered …
What are force majeure circumstances? Can coronavirus be considered force majeure? How is force majeure applied in contractual relations? Circumstances related to the coronavirus have affected many parties. Restrictions on cross-border movement, quarantine measures, and factory shutdowns all impact the performance of contractual obligations, both internationally and domestically. Laws and contracts typically provide liability for …
A pledge is commonly used as security for the performance of monetary obligations under a contract. Thai law provides a limited list of types of pledges and alternative mechanisms to protect the rights of a creditor. The main ones are as follows: 1. Pledge without transfer of possession A pledge agreement grants the pledgee the …
Pledge and Other Ways to Protect Your Rights Under a Contract Read More »
In December 2019, the Ministry of Interior announced changes to the implementation timeline of the Land and Building Tax Act. Government agencies did not have sufficient time to prepare for the enforcement of the law and the collection of the new tax. Tax payments will begin in August 2020. By the end of March 2020, …
Updated Information on the Land and Building Tax Read More »
Many thanks for organizing and filming to the team of Tom Yam Property Co., Ltd. We are pleased with the acquaintance and cooperation.
