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.
At Siam Legal we provide you with Tax advice and solutions for any Corporate or Personal income tax problems. With the largest Legal Network in Thailand, we find you the best and most economical solutions by Tax lawyers. With a compliment of more than 45 legal staff, Thai Lawyers and foreign lawyers, you can rest assured that you are in good hands. |
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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
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- 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
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| Overview of Tax in Thailand: |
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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: |
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- Corporate Income Tax
- Value
Added Taxes (or Specific Business Taxes)
- Stamp duty
- Personal Income Tax
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Apart from this the
basic tax collecting authorities in Thailand are: |
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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. |
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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 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 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.
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