February 1 2010
Categories: Thailand Taxes
The VAT system was introduced in Thailand in 1992 that is to say at the same time than the Special Business Tax (SBT). In a nutshell most transactions (exchange of goods or services) that are occurring in Thailand are either subjected to VAT or to the SBT.The principle of VAT is simple, any business which having a turnover of more than 1,800,000 THB per annum, and that is not subject to the Special Business Tax, must register for VAT within 30 days of the date they reach 1,800,000 THB in sales.
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Originally posted 2009-11-15 05:12:28.
February 1 2010
Categories: Thailand Taxes
What is personal income tax?
Personal income tax is the tax that is levied on the income of any person that is not subjected to corporate income tax such as:
- Individual, ordinary partnership, a body of person which is not a juristic person, a deceased person and an undivided estate.
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Originally posted 2009-08-01 08:07:03.
February 1 2010
Categories: Thailand Taxes
Why Focus on this Subject?
Yes I know this matter is boring and you may wonder why to include it in this blog. When arriving in Thailand you will meet other foreigners who will tell you how easy it is to do business in Thailand. They will tell you that
“you don’t need to paid up the capital of your company” or
“you don’t need to keep accounting records” or
“you don’t need to pay taxes” or
“you can keep double accounting” and so on.
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Originally posted 2009-07-25 07:39:25.
February 1 2010
Categories: Thailand Taxes
This post is the continuation of yesterday post (Managing Tax Audits Part 1). But for the first visit, when tax officials will audit a company they will generally request it to send the documents at their office. Depending of the team auditing your company you will either be requested to send the documents first or to come for an interview first and then later to send the documents. Do not attend the interview yourself but send the accountant who is handling your company account or a tax lawyer if the issues are complexe. But the accountant should be your first choice.
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Originally posted 2009-10-09 04:41:43.
February 1 2010
Categories: Thailand Taxes
The Revenue Department is the largest source of income for the Thai Government representing up to 80% of its revenues. Now as a result of the 2008 crisis the Revenue Department underperformed in 2009 (180 Billion Baht below target) while on the other hand the Government committed huge amounts of funds to support the economy increasing the public debt.
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Originally posted 2009-12-21 04:53:57.
February 1 2010
Categories: Thailand Taxes
What is the Withholding Tax?
Withholding Tax is a tax collected by a deduction made on a payment when said payment is made. The payer who will remit it to the Revenue Department on behalf of the payee collects the tax. The tax the payer collect and remit to the Revenue Department on behalf of the payee will become a credit that will apply against the income tax (personal or corporate) due by the payee.
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Originally posted 2009-07-25 15:44:49.
February 1 2010
Categories: Thailand Taxes
I told my business owners clients that this year would be a bad one for all of us not only because we have to survive amid the context of the global economic downturn and the political crisis but also because economical crisis’s do not only affect companies they also affect the Thai Revenue Department and this year was a bad one for the Revenue Department with collections that will fall short of the target by Bt170 billion (first estimation was a shortfall of 300 billions) THB.
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Originally posted 2009-09-24 05:17:58.
February 1 2010
Categories: Thailand Taxes
Price Waterhouse recently published its 2010 “Paying Taxes 2010 the Global Picture” which consist of a comparative survey of how easy/difficult is it for an average company to pay tax in 183 countries. So how did Thailand do in this comparative survey?
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Originally posted 2009-12-14 07:15:20.
February 1 2010
Categories: Thailand Taxes
I recently read an article in the Bangkok Post were a Revenue Department Official was quoted discussing the matter of a possible corporate income taxes reduction. This official was saying that while corporate income tax may be higher than in other countries Thailand was however one of the country in the world where the VAT rate was the lowest. This gave me the idea to compare the ranking of Thailand in relation to personal income tax, corporate income tax and VAT.
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Originally posted 2009-10-11 06:54:42.
February 1 2010
Categories: Thailand Taxes
In this post I will try to give readers a few tips on how to manage Tax Audits. I guess that readers would prefer tips on “how to avoid a tax audit”. Unfortunately, in Thailand, you cannot avoid tax audit. To the contrary, you may expect regular mandatory visits from the Tax Administration.
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Originally posted 2009-10-08 05:12:15.
January 30 2010
Categories: Thailand Taxes
What should you know about Thai Corporate Income Tax?
Taxes are not really my favorite cup of tea and I guess most of you think the same; the problem is that you cannot invest successfully in Thailand without having a minimum understanding of those issues. Of course there is more to taxation that I will explain herein, those are only the basics
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Originally posted 2009-07-25 11:44:07.
January 27 2010
Categories: Thailand Taxes
So, how much personal income tax will you pay this year? To help you to determine your tax liability for the year 2009 we have prepared a simulation table and pre-calculated the amount of tax due for the year 2009.
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Originally posted 2009-12-18 05:07:27.
