Posts Tagged personal income tax
Taxation In Thailand
Tax Thailand System
The taxation system raises the revenue from the following taxes:
Corporate income tax;Personal income tax;Withholding tax;Value added tax;Specific business tax;Customs duties; andOther taxes (including excise tax, stamp duty and petroleum income tax).The Ministry of Finance administers the tax collections through three central Government Departments of Revenue; Customs; and Excise. Local Governments levy tax on land (local development tax) and on land with buildings (house and land tax).
Tax RegistrationsEvery individual and corporate entity must register for a Taxpayers Identification Card and in the case of a corporate entity the registration must be within 60 days from the date of received income.
All enterprises having income subject to either VAT or Specific Business Tax are also required to register for such tax at least 15 days prior to the commencement of business.
Corporate Income TaxCorporate entities which are registered under the Thai law, or which are registered under a foreign law and carrying on business in Thailand, are subject to corporate income tax.
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Small Business Taxes — How to Avoid the Dreaded Double Taxation of Business Profit
The advantages are incorporating your small business are many.
For starters, you’ll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as “Asset Protection” — you are moving from the world of unlimited liability to the world of limited liability.
From a tax standpoint, there are both advantages and disadvantages to incorporating. Yes, forming a corporation can either reduce your taxes or increase your taxes, depending on what type of corporation you create.
Tags: c corporations, double taxation, forming a corporation, income tax return, personal income tax, s corporations, small business taxes, sole proprietorship, tax trap, types of corporationsRelated posts