Sriwilai Accounting & Tax Solutions
Value Added Tax
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Sriwilai Accounting - Value Added Tax (VAT)
In Thailand, Value Added Tax (VAT) is a consumption tax levied on goods and services that are consumed within the country. Currently, the VAT rate stands at 7%, which applies to the value added during each stage of production and distribution. This tax is a vital source of income for the Thai government and plays a key role in the country’s overall tax framework.
VAT Refunds
Foreign businesses operating in Thailand that are not registered for VAT may still be eligible for VAT refunds. To claim this refund, these businesses must submit an application to the Revenue Department, along with the required documents like invoices and receipts. Given the complexity of the application process, it is essential to have professionals manage the procedure to ensure proper compliance and avoid any potential penalties or fines.
VAT Return Filing
After registering for VAT, businesses are required to file VAT returns either quarterly or monthly, depending on their turnover. These returns must be submitted within the first 15 days of the month following the relevant tax period. The VAT return should include all VAT charged and received, along with any input tax credits the business is eligible to claim. Failure to file on time or comply with regulations may result in penalties.
Input Tax Credit
📊 VAT Filing Requirements:
Once your business is registered for VAT, you’re required to file VAT returns either quarterly or monthly, based on your annual turnover:
Monthly Filing: For businesses with a turnover exceeding THB 1.8 million per month.
Quarterly Filing: For businesses with lower turnover, as per specific criteria.
⏱️ Filing Deadline:
VAT returns must be submitted within the first 15 days of the month following the tax period.
Payments for any VAT due must also be made within this timeframe.
