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
