Thai Unit of Toyota Motor Corporation ordered to Pay Extra Taxes
Nikkei Asia reported that:
Thailand Supreme Court on Thursday upheld a lower court ruling that the local unit of Toyota Motor Corp. owed the government 10 billion baht ($272.11 million) in extra taxes for importing components not subject to a reduced tariff.
Nikki Asia reported that “Toyota’s Thailand unit in a written statement said it was paying the lower tax rate for imported...
Sanction Tracker – Russia
As part of our compliance and international trade practice, we strongly encourage all of our clients and other interested parties to take appropriate measures to determine if they are directly or indirectly doing business with any party subject to the sanctions that have been imposed against Russia. You can view Correctiv’s sanction tracker here.
We do not maintain this check list. It is...
New Service Added: Work Permits and Visas
Through new additions, Analytics will now offer work permit and visa services to existing clients and parties that retain the firm for corporate formation work. Because the fees for these services will be heavily discounted (e.g., fees for work permits could be as low as several hundred dollars), these services will only be provided to parties that already engage or will engage the firm for...
Thailand Falls Another Three Places on Transparency International’s Corruption Index
Thailand ranked 104th among 180 countries surveyed, down from 101st a year earlier, with an overall score of 36 out of 100. The higher the ranking the greater the perception of corruption, and the lower the score, the higher the perception of corruption. Although there have been minor changes, Thailand’s ratings on Transparency International’s Corruptions Perceptions Index...
Conducting Corruption Compliance Interviews Abroad – Thailand
Foreign Corrupt Practices Act (“FCPA”) investigations typically involve third parties or subsidiaries located outside the US since most FCPA violations arise out of the activities of foreign third parties or foreign subsidiaries. But most guides on how to conduct FCPA investigations and interviews seem to ignore this rather obvious fact. It has not however escaped the attention of the U.S....
Things You Never Want to Hear from Your Lawyer in Thailand
Compliance with the U.S. Foreign Corrupt Practices Act is challenging in some jurisdictions, and there are some things you never want to hear from your lawyer, particularly in high-risk jurisdictions such as Thailand. Here are a few “innocent” statements that have been “repeated” as purported anecdotes, followed by comments on why these statements are dangerous indicia of corruption.
“We...
More FCPA Enforcement Activity Predicted under Biden Presidency
Although the Department of Justice (DOJ) under Trump imposed record penalties under the U.S. Foreign Corrupt Practices Act (FCPA”) from 2017 through 2020, it also initiated fewer and fewer new FCPA investigations during that period. Indeed, White House Economic Advisor Larry Kudlow reportedly said in January 2020 that the administration was “looking at” making changes to the law because...
Compliance in the Time of Covid
Covid-19 has created a perfect storm for regulatory lapses and failures: an unprecedented combination of business and regulatory disruption in a condensed time of period. Compliance requirements and safeguards are ignored, and compliance investigations hindered, delayed, or canceled. But do not expect the Department of Justice or the Securities and the Exchange Commission(“SEC”) to relax...