Tax is a fact of business life, whether your venture is a One Million or a One Billion Baht concern. Our expertise and experience will help you maintain efficient fiscal relations with the relevant authorities. The multi – disciplinary team at TRi Law Consultants offers expert advice on all aspects of taxation.
Our auditors and senior accountants analyze our clients’ financial information and propose the most advantageous tax plan, whether its regarding a business is in its planning stages or already in operation or personal tax.
Some of the more important aspects of the Thai tax structure to consider are:
Corporate tax rates are 15-25-30%, depending on the stated capitalization of your business and the amount of profit generated in the course of the fiscal year. Most small companies, with capitalization of under five million Baht, qualify for either of the two lower rates;
Personal income taxes are in the range of 5-37%, with the highest rate applying to those earning over three hundred thousand Baht per month, after exemptions and deductions. Thai employees earning less than fifteen thousand Baht are generally exempt from paying any personal income taxes;
Social security taxes: The first fifteen thousand Baht of all employee salaries are subject to a 5% withholding tax, matched by an additional 5% contribution by the employer;
Value-added tax (VAT) is currently at the level of 7% and is assessed on most products and services purchased by both individuals and companies;
There are withholding taxes also applicable on all payments (above five hundred Baht) made to companies and private individuals, generally at the rate of 3%; a 5% rate exists for rental payments that exceed five thousand Baht per month;
Certain businesses are subject to documentary and stamp, taxes; as well as customs and excise duties on various products. Most rates vary from 2% up to 35%, with higher rates applying for certain products.
With the advent of World Trade Organization rules and a number of bilateral Free Trade Area (FTA) agreements, customs and other duties are being systematically reduced in many categories for products and services.
TRi Law Consultants, with its qualified and experienced team of accountants and tax lawyers, provides tax planning assistance, tax preparation and accounting services to both individuals and companies. We also arrange annual independent audits for our clients, which are required of all companies by Thai law. When our clients’ strategic plans suggest the need for an offshore facility with its related tax advantages, TRi Law Consultants establishes the off-shore company that meets the clients’ particular needs.
For more information, please kindly contact us.