BOI Status Business carrying out different activities to their filing.

[Apothecary]

Hi,

I have a question if anyone can help…

What are the implications / risks for a company registered as Board of Investment (BoI) status (getting tax benefits and able to employ more foreigners) that is carrying out a different business practice to what has been filled for their BoI status as well as their company registration filing? Could such a company be closed down / face a significant penalty if the BoI / thai tax office / company registration office was to find they were trading differently to what had been filled relating to the nature of business and activities?

As a note, this question does not concern me or the company I work for.

Thanks in advance.

[Sunbelt Asia]

The BOI can revoke the company's privilege either in part or whole. Then the company will be required to pay the full taxes that were previously waived as a BOI company. Finally, additional punishment may be imposed by other government sectors and can include such charges as violation of the Alien Business Act, working outside the permitted scope.etc.

[sunbeltlegal][/sunbeltlegal]