A short Guide to Taxation in Thailand

12/03/2023 Webmaster 0 Comments

If the land or building is left empty or unused for a period of more than three consecutive years, it will be subject to an additional rate of 0.3% every three years, but the amount will not exceed 3%.

Taxes in Thailand are governed by the Revenue Code, which follows the concept of a self-assessment system. The Revenue Department of the Ministry of Finance is responsible for administering taxes, which are imposed on regional and national levels.

Direct taxes
Corporate income tax

A company incorporated under Thai laws will be considered as a resident company and be subject to the 20 percent corporate income tax (CIT) rate.

For businesses that are classified as small or medium-sized (SMEs), the CIT rates can be seen in the following table.

SMEs can get a reduced tax rate if they meet the following criteria:

  • Income from the sales of goods and services not exceeding 30 million baht (US$909,844) in any accounting period; and
  • Having a paid-up share capital of not more than 5 million baht (US$151,600).

Personal income tax

To be considered a resident taxpayer, the individual must reside in Thailand for 180 days or more in any tax year.

Read the original article here at Thailand Business News