A: Personal income tax is imposed at a progressive rate ranging from 5 percent to 37 percent. Corporate income tax is imposed at a rate of 30 percent of net profits.
A: An individual must file annual income tax returns not later than the end of March of the following year. Half-year income tax returns are required for individuals who earn certain types of income such as rent, professional fees, income from construction, income from sales of goods, etc. The half-year income tax returns must be filed not later than the end of September of the respective tax year.
A: A juristic person must file half-year tax returns not later than 2 months after the first 6 months of an accounting period and annual tax returns not later than 150 days after the end of the accounting period.
A: There is no consolidation treatment under Thai tax laws. Each corporation is taxed as a separate legal entity.
A: Yes. Payments of certain types of income, usually in the form of service fees, royalties, interest, dividends, rent or professional fees from or in Thailand to a foreign juristic person not carrying on business in Thailand are subject to income tax in the form of a withholding tax at a rate of 15 percent, except for dividends, for which the rate applied is 10 percent.
A: For a foreign juristic person carrying on business in Thailand, the income tax imposed is 30 percent corporate income tax on net profits and 10 percent profit remittance tax on profits remitted or deemed remitted abroad.
A: There is no specific capital gains tax in Thailand. Capital gains are subject to tax in the same manner as any other forms of income.
A: There is a value added tax ("VAT") instead of a sales tax. The VAT is imposed on sales of goods, provision of services and import of goods into Thailand.
A: The VAT is currently imposed at a rate of 7 percent, which has been reduced from the normal rate of 10 percent on April 1, 1999. From April 1, 2001 onward, the VAT rate will be raised back to 10 percent. For exports of goods, the VAT rate applied is 0 percent.
A: The VAT registrant must file VAT returns and pay tax (if any) to the local district office monthly, within 15 days from the end of the month which the VAT is to be accounted for.
A: An employee who received stock options is subject to individual income tax at the time they are exercised. The taxable income derived from receiving stock options is based on the difference between the exercise price and the market price of the shares on the date of receiving ownership in such shares.
A. Yes. However a foreigner must obtain a work permit prior to commencing work in Thailand, unless exempted.
A. Yes. A work permit is required regardless of where the salary is paid.
A. No, only when the work permit has been granted.
A. Usually 2 – 3 weeks.
A. A Non-Immigrant "B" (Business) Visa.
A. A foreigner can live and work continuously as long as applicable permits are renewed.
A. There shall be a minimum of 4 local (Thai) employees per 1 foreigner.
A. In case of necessary and urgent work to be carried out over a period of not more than 15 days, a work permit is not required. However, a notification needs to be filed with the respective authorities.
A. It cannot be done. Only a legal entity registered in Thailand is eligible to apply for work permits.