Edouard James

Foreign e-services businesses to pay 7% VAT in Thailand

Effective September 1, 2021, foreign businesses rendering e-services to users in Thailand who are not VAT registrants (e.g. individuals, Representative/Regional Offices) are required to register to VAT if their turnover in Thailand exceeds THB 1.8 million per fiscal year and such revenue generated from Thailand-based users are subject to 7% VAT. This includes online games,

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Contributions to Social Security Fund cut to 2.5% (extended)

From September to November 2021 included, the monthly contributions to the Social Security Fund (SSF) are reduced to 2.5% (from 5%) of the employees’ base salaries for both employees and employers, capped at THB 375. For instance, with a salary of THB 40,000 / month:Employee’s monthly contribution: THB 375 (from THB 750)Employer’s monthly contribution: THB

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Contributions to Social Security Fund cut to 2.5%

From June to August 2021 included, the monthly contributions to the Social Security Fund (SSF) are reduced to 2.5% (from 5%) of the employees’ base salaries for both employees and employers, capped at THB 375. For instance, with a salary of THB 40,000 / month:Employee’s monthly contribution: THB 375 (from THB 750)Employer’s monthly contribution: THB

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Penalties for late or non-submission of Financial Statements to the Department of Business Development (DBD), Ministry of Commerce

Submission not more than 2 months late:              Type                         Fine (THB)  Company                   Director/Partner/Person in charge     Total Fine (THB) Registered Partnership      1,000                        1,000    2,000 Company Limited      1,000                        1,000    2,000 Representative Office/Regional Office/Branch Office      2,000                        2,000    4,000 Public Company Limited      2,000                        2,000    4,000 Joint Venture

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Contributions to Social Security Fund cut to 2%

From September to November 2020 included, the monthly contributions to the Social Security Fund (SSF) are reduced to 2% (from 5%) of the employees’ base salaries, capped at THB 300, for both employers and employees. For instance, with a salary of THB 30,000 / month:Employee’s monthly contribution: THB 300 (from THB 750)Employer’s monthly contribution: THB

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Super Savings Funds (SSFs), New Tax Allowance

From year 2020 to 2024, Super Savings Fund (SSFs) will replace Long-Term Equity Funds (LTFs) for tax allowance purpose. Investments made each calendar year in SSFs are tax-deductible up to 30% of the taxpayer’s gross assessable annual income but capped at THB 200,000. There is no minimum investment amount and as opposed to LTFs and

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Annual General Meeting & Submission of Financial Statements

A company limited must hold an Annual General Meeting (AGM) to approve the company’s financial statements and other matters within 4 months of its fiscal year end. It must also submit its updated shareholders list and audited Financial Statements to the Department of Business Development (DBD) respectively within 14 days and 1 month of the

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Register your company in Thailand with BizStep

We are proud to announce that we now offer company registration services! Our team may assist you in registering a company limited, Representative Office or Regional Office in Thailand. Check out our ‘Company Registration’ and ‘Company Registration + Accounting & Audit (12 months)’ packages here and feel free to contact us so we can help

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