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Types of corporate taxes in Thailand

Businesses operating in Thailand must file annual tax returns to determine whether they must pay taxes or are entitled to a refund. The central taxes in Thailand are corporate income tax, value-added tax (VAT), and withholding tax (WHT).

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Corporate Income Tax

Corporate income tax (corporate income tax) is a tax levied by the state on legal entities such as joint stock companies, limited liability companies, limited partnerships, etc. The tax base is calculated based on net taxable income.

There are two types of corporate income tax returns:
  • PND 50 is the tax form to file income tax at the end of the year, and
  • PND 51 is the tax form to file income tax mid-year.
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Value Added Tax (VAT or VAT)

Value Added Tax is always around. All prices of goods or services for which we pay include this tax.

In business terms, it is a tax levied on the value added to the cost of goods or services by persons subject to VAT.

This includes any entrepreneur (importers, manufacturers, service providers, etc.) with an annual income of 1.8 million baht or more.

Regardless of whether the business is an individual or legal entity.

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holding tax (WHT)

The essence of holding tax can be complicated to understand. However, to simplify, it is an 'advance' tax. That is, we can get a refund on this type of tax.
Tax law requires our partners who buy from us to withhold tax when they pay, depending on the type of income and at a fixed tax rate.
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Special business tax

This tax would be levied on specific businesses by type of activity.
These could be commercial banks, pawnshops, real estate businesses, etc.
Example:
  • Banking;
  • Financial companies related to credit and securities;
  • Life insurance;
  • Lombards;
  • Payment systems.

It may be skipped by those not engaged in a business subject to this type of tax.

Stamp duty is a small fee, which is also classified under the Tax Code of Thailand.

There are 28 different stamp duties for a variety of documents.

Examples are purchasing property in installments, hiring to make things, borrowing money, etc.

Stamp duty is a tax levied on an Act. 'Act' in this context means a signature under the provisions of the Civil and Commercial Code.

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Updated: 18-02-2023
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