For many foreigners doing business in Thailand, the concept of withholding tax may seem odd. In some cases, especially for foreign-bound payments, withholding tax can go from being an oddity to becoming a problem.
A Value Added Tax (VAT) has been applied in Thailand since 1992 and is an indirect tax imposed on the value added at each stage of production and distribution. Any person or entity that regularly supplies goods or provides services in Thailand and has an annual turnover exceeding 1.8M THB is subject...
Below is a list of all necessary forms and documents related to tax – from withholding tax through personal income tax to corporate income and specific business tax. The overview is also available for download in documents & downloads.
Business operating in Thailand and exceeding 1.8M THB in turnover are subject to paying VAT (value added tax), or in other words, an indirect tax imposed on the value added at each stage of production and distribution.
In effort to increase domestic spending during the festival of Thai New Year – Songkran, the Thai government rolled out an incentive program allowing individual persons to deduct certain expenses from their total taxable income for the year of 2016.
Tax is the price we pay for living in modern society – government collects money from taxpayers and uses it for financing the state and overall welfare. The tax is collected from income, at almost every step of production and distribution (VAT) and even from the sale.
Personal income tax is a legal obligation of all persons (non-juristic bodies) in Thailand. It is a tax levied on the portion of their income and is generally quite straightforward if the earnings are sourced in the country. It may, however, become less so if the income comes from foreign sources...
One of the tasks that everyone needs to tackle soon after arriving in the Kingdom is to set up a bank account. For many people it can be quite challenging, but with a little background knowledge and planning, it should be a simple and straightforward process.
In August 2015, the Thai authorities announced the introduction of the Inheritance Tax Act. This tax levied on heirs will come into effect on February 2, 2016 and comprises the following specifications.