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,
Read More...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
Read More...
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
Read More...
Among the series of measures announced by the Government to help companies affected by the economic consequences of the coronavirus, reduced Withholding Tax rates and Social Security contributions were implemented. From April 1, 2020 to September 30, 2020, the Withholding Tax (WHT) rate upon payment for professional services is down to 1.5% from 3%. Note
Read More...
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
Read More...
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
Read More...
Tax point As a VAT-registered entity in Thailand, an important factor to consider when invoicing your customers is the ‘tax point’. The tax point is the date when the VAT is due, and the date differs whether you sell goods or services. For the sale of goods, the VAT is due when the goods are
Read More...
Making a payment to a foreign entity for the provision of services used/consumed in Thailand is considered import of services and the paying company is required to submit VAT 7% to the Revenue Department by filing the PP36 form. Although the supplier’s invoice may not contain VAT, the company registered in Thailand shall submit the
Read More...
Depreciation Rates Type of assets Depreciation rate BuildingsPermanent buildingsTemporary buildings 5% per year100% upfront Depleteable natural resources 5% per year LeaseNo lease agreement or unlimited lease periodLimited lease period 10% per year(100/lease period) % per year Rights in processes, Formulas, Goodwill, Trademarks, Business licenses, Patents, Copyrights & other rightsUnlimited period of rightsLimited period of rights
Read More...
If your company has its fiscal year ending on 31/12, you have to submit your mid-year corporate income tax return (PND51) within the end of August (i.e. within 2 months from the first 6 months of the fiscal year). The mid-year corporate income tax is a prepayment of your annual corporate income tax (PND 50)
Read More...