Thai Tax Law Expertise
Taxes in Thailand
Our staff at B-accounting includes fully qualified CPA Thai accountants that possess the expertise, experience and enthusiasm to help you through the complexities of Thailand’s rules and regulations, covering Corporate income Tax, Personal Income Tax, Withholding Taxes and Value Added Tax (VAT)LEARN MORE
Corporate income Tax
Once a year when your accounts are audited, filing your Corporate Income Tax to the Revenue Department is an obligation. This tax depends on the net profit you have made during the previous fiscal year. A certain number of rules have to be respected when deducting expenses to lower Corporate Income Tax liability.
Personal Income Tax
As anywhere else, paying taxes on your revenues is an obligation in Thailand. Here, employers have an obligation to deduct this tax at source when paying taxable salaries, based on an estimate of the annual taxes divided by 12 months. Last but not least, annual filing is mandatory every year.
This tax, very uncommon in the west, applies when paying a service provider. For example, when paying a telephone bill, the company is required to deduct 3% from the amount excluding VAT and a withholding tax certificate must be issued to the service provider to justify this deduction to the Revenue Department
Value Added Tax
This tax applies to companies with a turnover over 1.8 million Baht per year. It also directly applies when an immigration visa is issued to foreign workers in Thailand. A certain number of particulars must be known and understood to avoid avoidable losses. Failing to declare your VAT may result in high penalties.