Thailand

BANGKOK, 7 May 2026 – Kudun and Partners (KAP) has significantly strengthened its domestic and regional capabilities with the integration of Manunya & Associates Limited, led by Manunya Thitinuntawan, bringing over 10 years of the firm’s established practice together with her 25 years of professional experience, and onboarding of Krissen Pillay as Counsel in the firm’s International Practice, focusing on both our international practice and our new Vietnam practice. These strategic expansion reflect the firm’s continued investment in top-tier talent and its ambition to support clients on increasingly sophisticated domestic and cross-border mandates across Southeast Asia. Manunya & Associates Limited is a well-established corporate and capital markets practice with over a decade of experience advising listed companies, financial institutions, and major corporates on IPOs, public offerings, mergers and acquisitions, and complex regulatory matters under the SEC and Stock Exchange of Thailand regimes. Manunya Thitinuntawan, a highly regarded corporate and capital markets lawyer with over 25 years of experience, joins KAP following a distinguished career at Allen & Overy (Thailand) and as founder of Manunya & Associates Limited. Her practice spans complex M&A and equity capital markets transactions, including IPOs and regulatory matters on the Stock Exchange of Thailand, as well as cross-border and multi-jurisdictional deals. Her experience includes advising on high-profile transactions such as the IPOs of Com7 Public Company Limited and PRTR Group Public Company Limited, and advising Bangkok Dusit Medical Services Public Company Limited on its merger involving Samitivej Hospital. Her arrival, together with her team, significantly enhances KAP’s ability to deliver partner-led, responsive advice on sophisticated transactions in an increasingly competitive market. Commenting on her appointment, Manunya said: “I am pleased to join KAP, a leading firm in the capital markets sector. I look forward to working with the team to support clients with practical, commercially driven advice in an increasingly dynamic legal landscape.” Kudun Sukhumananda, Managing Partner, commented: “We are very thrilled to welcome Manunya and her team to KAP. This is a strategically important addition that reinforces our position at the forefront of the Thai legal market. Her depth of experience in capital markets and M&A aligns closely with our focus on delivering best-in-class advice on the most sophisticated mandates.” In parallel, the firm has expanded its regional offering with the appointment of Krissen Pillay as Counsel, who will join forces alongside with Troy Schooneman to strengthen KAP’s International Practice, and will lead KAP’s Vietnam-focused practice within its International team as Head of Vietnam practice. Krissen Pillay has joined Kudun and Partners as Counsel in the firm’s International Practice, where he will lead the firm’s Vietnam-focused offering, with a particular focus on Thai and broader Southeast Asian companies investing in Vietnam. He has over 13 years of experience across South Africa, Vietnam, and Thailand, specialising in M&A, corporate, and banking and finance. Krissen joins from YKVN LLC, where he served as Counsel in Ho Chi Minh City for 6 years, gaining an uniquely intensive experience in both international practice and Vietnam market norm. Prior to YKVN, he worked with Bowmans in Johannesburg and Werksmans in Cape Town. Krissen brings significant on-the-ground experience in Vietnam, having advised on a wide range of inbound and outbound investments, as well as complex regulatory and transactional matters in one of Southeast Asia’s most active investment destinations. He has particular depth in financial services, logistics, healthcare, and real estate transactions, and is experienced in both inbound investment and the structuring of complex multi-jurisdictional deals in the market. “Krissen’s addition enhances our ability to support clients navigating increasingly sophisticated cross-border investments into and out of Southeast Asia,” said Troy Schooneman, Partner and Head of International Practice. “We are seeing strong growth in Thai companies investing in Vietnam, and Krissen’s deep experience in that market makes him a valuable addition to our team as we continue to support clients expanding regionally.” Kudun Sukhumananda, Founding Partner, added: “Vietnam is one of the most active deal markets in Southeast Asia right now, and Krissen’s appointment positions us to serve clients pursuing opportunities there with genuine on-the-ground capability. As we continue to strengthen both our International Practice and our Vietnam-focused offering, Krissen’s addition allows us to address multiple strategic priorities through a single, well-aligned move. His ability to bridge legal and regulatory systems across multiple jurisdictions reflects exactly the kind of practical, commercially focused advisory we are building at Kudun and Partners.” With these appointments, KAP now comprises 12 partners—eight corporate and four dispute resolution partners—and over 70 fee earners, further reinforcing its position as a leading full-service firm in Thailand with growing regional reach. About Manunya & Associates Limited Manunya & Associates Limited is a well-established corporate and capital markets practice with over a decade of experience advising listed companies, financial institutions, and major corporates on some of Thailand’s most significant transactions. The firm has built a strong reputation for delivering commercially focused advice on IPOs, public offerings, mergers and acquisitions, and complex regulatory matters under the SEC and Stock Exchange of Thailand regimes. The firm is led by its founder, Manunya Thitinuntawan, who brings over 25 years of experience in corporate and capital markets. She began her legal career at Allen & Overy (Thailand) Co., Ltd., where she practiced from 1999 to 2014, before establishing Manunya & Associates Limited in 2015. Her experience spans a broad range of high-profile capital markets and M&A transactions, and she has worked closely with leading international law firms on cross-border and offshore matters, delivering practical and commercially driven legal solutions. Under her leadership, the firm and its team have advised on a wide range of significant transactions across multiple sectors, supporting both listed and private companies on strategic growth, investments, and corporate structuring. The integration of Manunya & Associates Limited into Kudun and Partners significantly enhances the firm’s capital markets platform and strengthens its ability to support clients on sophisticated domestic and cross-border mandates. About Krissen Pillay Krissen brings deep on-the-ground experience in Vietnam, where he has advised corporates, financial institutions, and private equity sponsors on some of the market’s most significant transactions. His work spans strategic acquisitions and disposals, control and minority investments, joint ventures, corporate restructurings, and financing transactions across a range of high-growth and developing markets in Southeast Asia and Africa. He is particularly experienced in structuring and executing multi-jurisdictional transactions in Vietnam and other emerging markets, delivering commercially practical solutions across diverse legal and regulatory frameworks, often within tight timelines. Krissen’s sector experience includes financial services, logistics, healthcare, and real estate, where he has supported clients on high-value and strategically significant investments. He is an Attorney of the High Court of South Africa and holds an LL.B. from the University of Cape Town (Dean’s Merit List). About Kudun and Partners Founded in 2015, Kudun and Partners is an award-winning full-service law firm headquartered in Bangkok, Thailand. Led by some of Southeast Asia’s most accomplished lawyers, the firm advises domestic and international clients across a broad range of practice areas including corporate and M&A, capital markets, dispute resolution, projects and energy, foreign direct investment, restructuring and insolvency, and tax. The firm’s International Practice advises on cross-border transactions throughout Southeast Asia, with dedicated focus on inbound and outbound investment involving Thailand, Vietnam, and the wider region. Kudun and Partners has been recognised as Thailand Law Firm of the Year by The Legal 500 Southeast Asia Awards (2020/21 and 2023) and is the exclusive representative of Thailand in the World Services Group, one of the world’s most prominent networks of independent law firms. For media inquiries, please contact: Business Development and Marketing Team [email protected]

Importing goods into a domestic market may become more complex where such goods incorporate intellectual property rights owned by entities located outside the territory. In such cases, importers are generally required to make two types of payments: the purchase price and royalties payable to the intellectual property owner. Royalties are generally defined as payment made in consideration for the right to use intellectual property, including copyrights, patents, trademarks, trade secrets, or other similar rights. The key question, therefore, is whether such royalties should be included in the customs value of the imported goods. From a customs perspective, these payments may affect the customs value, which serves as the basis for calculating import duties. However, certain conditions must be considered in determining whether royalties form part of customs value. Under the General Agreement on Tariffs and Trade 1964 (“GATT”), royalties may be included in the customs value of imported goods only where such payments are made by the purchaser and are a condition of the sale of imported goods. As Thailand is a GATT signatory, this principle is adopted in Thailand’s Ministerial Regulation No. 132 (1996), which provides that royalties should be included in the customs value where: The royalties are paid by the purchaser and relate to the imported goods; The payment of royalties is a condition of the sale of the imported goods; and The royalties are based on factual information and can be calculated on value basis.   As the classification of payments as royalties may affect the customs value declared to the customs authorities, importers are encouraged to seek for professional advice to ensure accurate customs valuation.

On January 1, 2025, Thailand’s Revenue Department began enforcing the Emergency Decree on Top-up Tax B.E. 2567 (2024), marking a significant step for Thailand toward implementing the OECD’s Global Anti-Base Erosion Model Rules under Pillar Two. This issuance aims to reduce tax competitions among countries by ensuring that in-scope multinational enterprise (MNE) groups are subject to an effective tax rate (ETR) of at least 15%. Under this Emergency Decree, Thailand’s Revenue Department is authorized to collect Top-up Tax from MNEs operating in Thailand where the applicable ETR falls below the minimum threshold. This introduction may inevitably raise concerns among MNEs that have benefited under Thailand’s Board of Investment (BOI) as the BOI-granted tax incentives may trigger additional Top-up Tax liabilities. In response, on November 12, 2025, the BOI, in collaboration with the Ministry of Finance, announced that it is in the process of revising the National Competitiveness Enhancement for Targeted Industries Act B.E. 2560 (2017) by introducing a Qualified Refundable Tax Credit (QRTC), which is a mechanism recognized by the OECD. This new form of incentive reflects a policy response aimed at aligning Thailand’s investment promotion regime with the OECD’s global minimum tax framework. However, this incentive is intended to be offered as an alternative measure for MNEs affected by the Emergency Decree, not to replace the offering of incentives. This means that investors who are not subject to the Emergency Decree can continuously benefit from the BOI-granted incentives as in the past. Furthermore, on December 30, 2025, Thailand’s Cabinet approved four draft secondary legislations issued in pursuance to the Emergency Decree, which were developed in accordance with the OECD’s GloBE Model Rules and Commentaries, with the objectives of ensuring consistency with the international practices. The approved drafts address the detailed rules, including but not limited to the determination of in-scope MNEs and the approach for calculating Top-up Tax liabilities that such taxpayers are subject to under the Emergency Decree. The four draft laws are as follows: Royal Decree prescribing the criteria for determining whether multinational enterprise groups that have undergone organizational restructuring are subject to the Top-up Tax; Ministerial Regulation prescribing the criteria concerning entities that are not constituent entities; Ministerial Regulation prescribing the criteria for allocating Top-up Tax to Thailand under the Undertaxed Payments Rule (UTPR) mechanism in cases where no constituent enterprise group located in Thailand has GloBE income; and Ministerial Regulation prescribing the criteria for adjusting income, expenses, and covered taxes for the calculation of the Top-up Tax, including the criteria for calculating the Domestic Top-up Tax in Thailand. Overall, these developments signal Thailand’s progress toward implementing the global minimum tax framework. However, further updates on their key aspects will be provided once the detailed rules become available. Article by Senior Partner Sumet Mingmongkolmitr

The Department of Intellectual Property (DIP) of Thailand has announced the reclassification of certain goods under the 13th Edition of the Nice Classification, (NCL 13), which will take effect in 2026. This update aligns Thailand’s trademark classification system with the latest international standards and may affect both pending and future trademark applications.   Key changes include the transfer of several product groups to new classes, including: Eyewear and lenses: Eyeglasses, sunglasses, contact lenses, frames, and related accessories will be reclassified from Class 9 to Class 10. Safety and rescue equipment: Fire engines, fire boats, lifeboats, life rafts, and evacuation chairs will be reclassified from Class 9 to Class 12. Electrically heated clothing and accessories: Heated garments, heated socks, and electrically heated footmuffs will be reclassified from Class 11 to Class 25.   The DIP also announced reclassification for several individual goods, including: terpenes, which will move from Class 3 to Class 1; tongue scrapers, from Class 10 to Class 21; watering hose nozzles, from Class 21 to Class 17; surf skis, from Class 28 to Class 12; and buttercream (icing), from Class 29 to Class 30.   According to the DIP’s announcement, applicants who file the trademark application before 31 January 2026 may continue using the existing classification. However, once the marks are registered, the new class positions under NCL 13 will apply upon renewal. Trademark owners are therefore advised to review their current trademark portfolios and upcoming filings to ensure that goods are correctly classified under the revised system, so as to avoid procedural issues and ensure continuous protection.   For more information or inquiries regarding trademarks or intellectual property in Thailand, please contact our IP professionals at [email protected].   Reference: The reclassification of certain goods under the 13th Edition of the Nice Classification (NCL 13) can be retrieved at this link.   Author:   Dr. Pollawat Suppattarasaet, IP Partner; and Thamolwan Insawang, Associate.   They can be reach at [email protected]