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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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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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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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How to invoice as a VAT registrant in Thailand?

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

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PP36 form – VAT on ‘imported’ services

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

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Depreciation rates in Thailand

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

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