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 done during past fiscal year. A certain number of rules have to be respected to deduct all your expenses and therefore lower your Corporate Income Tax liability.
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This tax, very uncommon for Europeans or westerns applies when paying your service provider. For instance, when paying you telephone bill, your company is required to deduct 3% from the amount excluding VAT. To justify this deduction to the Revenue Department of Thailand, a withholding tax certificate must be sent to the service provider.
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Personal Income Tax
As anywhere else, paying taxes on your revenues is an obligation in Thailand. In this country, employers have the obligation to deduct this tax at source when paying taxable salaries. These deductions are based on an estimate of the annual taxes that we divide by 12 months. Last but not least, an annual filing is mandatory every year.
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Value Added Tax (VAT)
This tax applies to companies having a turnover more than 1.8 million baht per year. It however directly applies when an immigration visa is delivered to foreign workers in Thailand. A certain number of particularities must be known and well understood to avoid avoidable losses. Failing to declare your VAT may induce high penalties. Make sure it’s done on time!
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