accountants and business advisers
Thailand e-Tax Invoicing Systems for SME Businesses
PKF Worldwide Tax Update Q3 2017
PKF Thailand Transfer Pricing Guide 2017/18
04 Oct 2017
The government has confirmed that Thailand’s tax rate will hold steady at 7% from 1st October 2017 until end of September 2018. VAT was introduced in Thailand on 1st January 1992 and replaced the Business and Municipal Tax (BMT) system which had been in place for the previous 20 years. In fact it was implemented at 10% at that time but reduced instantly by the government and every government since. However there has been intense speculation that the government will not maintain the rate at 7% after next year and instead let it move to 9%. With 1% added to this for municipal tax (the 7% rate is in fact 6.3% plus 0.7% municipal tax), the rate this time next year may well move to 10%.
At present in neighbouring countries the standard VAT rate in Singapore is 7%, in Malaysia 6%, in Philippines 12% (but 18% for “amusment tax” which may not be very amusing when you pay it), in Indonesia 10% and Vietnam 10%.
For more information on how our services can help your business get in touch.