Tax in Thailand be it Corporate Tax (Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership which is established under Thai or foreign law and carries on business in Thailand) or Personal Income Tax (Personal Income Tax (PIT) is a direct tax levied on income of a person. A person refers to an individual, an ordinary partnership, a non-juristic body of person, a deceased person and an undivided estate) needs to be done yearly.
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- Monthly reports (Balance Sheet, P&L)
- Withholding Tax (PND 3, 53)
- Value Added Tax (PP 30)
- Withholding Tax Return (PND 54)
- Mid-Year Tax Return (PND 51)
- Annual Tax Return (PND 50)
- Annual Financial Statement submission to Thai government
- Check preparation
- Record accounting transactions
- Supporting schedules for financial statements
- Payment transfers
- Bank accounting set up
- Payroll calculations
- Report distribution
- Pay-slip creation
- Banking of employee net salary
- Withholding tax (PND 1)
- Social Security (SPS 1-10)
- Withholding Tax Certificate (BIS 50)
- Provident Fund
- Workman's Compensation
- Payments to government agencies
- Electronic reporting
Overview of Tax in Thailand:
The Thai Revenue Code. Being the central government as the main taxing authority taxes are imposed both at national and local levels in Thailand. The majority of tax collections are administered by the Ministry of Finance. The Revenue Department under the following categories collects the income tax:
- Corporate Income Tax
- Value Added Taxes (or Specific Business Taxes)
- Stamp duty
- Personal Income Tax
Apart from this the basic tax collecting authorities in Thailand are:
The Customs Department, responsible for collection of import and export duties and The Excise Department, which collects excise tax. Property tax and municipal tax are collected by local authorities.
Personal Income Tax:
Personal Income Tax (PIT) is a direct tax levied on income of a person. A person refers to an individual, an ordinary partnership, a non-juristic body of person, a deceased person and an undivided estate. In general, a person liable for Personal Income Tax has to compute his tax liability, file a tax return and pay tax, if any, accordingly on a calendar year basis.
Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership which is established under Thai or foreign law and carries on business in Thailand or derive certain types of income from Thailand.
The term "juristic company or partnership" (hereinafter called "company") means a limited company, a limited partnership or a registered ordinary partnership incorporated under Thai or foreign law as well as an association and a foundation engaged in business producing revenue. The term also includes any joint venture and any trading or profit-seeking activity carried on by a foreign government or its agency or by any other juristic body incorporated under a foreign law.
Tax Filing and Payments:
Any Thai or foreign company carrying on business in Thailand must submit their tax returns and payments twice a year.