GLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX

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1 GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX

2 b Thailand: Country VAT/GST Essentials

3 Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2 What is the standard rate of VAT? 2 Are there any reduced rates, zero rates, or exemptions? 2 Registration 3 Who is required to register for Thai VAT? 3 Are there penalties for not registering or late registration? 3 Are there any simplifications that could avoid the need for an overseas company to register for VAT? 3 VAT Grouping 3 Is VAT grouping possible? 3 Can an overseas company be included in a VAT group? 3 Returns 3 How frequently are VAT returns submitted? 3 Are there any other returns that need to be submitted? 3 VAT Recovery 3 Can I recover VAT if I am not registered? 3 Does your country apply reciprocity rules for reclaims submitted by non-established businesses? 3 Are there any items that you cannot recover VAT on? 3 Invoices 4 What do I have to show on a tax invoice? 4 Can I issue invoices electronically? 4 Is it possible to operate self-billing? 4 Transfers of Business 4 Is there a relief from VAT for the sale of a business as a going concern? 4 Options to Tax 5 Are there any options to tax transactions? 5 Head Office and Branch Transactions 5 How are transactions between head office and branch treated? 5 Bad Debt 5 Am I able to claim relief for bad debts? 5 Anti-Avoidance 5 Is there a general anti-avoidance provision under VAT law? 5 Penalty Regime 5 What is the penalty and interest regime like? 5 International Supplies of Goods and Services 4 How are exports of goods and services treated? 4 How are goods dealt with on importation? 4 How are services which are brought in from abroad treated for VAT purposes? 4 What kind of written evidence is required for the supply of goods to abroad? 4 How is VAT on purchase of goods from abroad paid and recovered? 4 All information reflected in this document was obtained/summarized from KPMG in Thailand as of October 2011.

4 2 Thailand: Country VAT/GST Essentials Scope and Rates What supplies are liable to VAT? Supplies of goods and services are generally taxable. Taxable goods include all types of property, tangible or intangible, whether they the goods are available for sale, for one s own use, or for any other purposes. The VAT legislation also includes articles imported into Thailand. Taxable services refer to any activities conducted for the benefit of a person or an entity, which are not the supply of goods. A service is deemed to be provided in Thailand if the service is performed in Thailand regardless of where it is utilized or if it is performed elsewhere and utilized in Thailand. What is the standard rate of VAT? The standard VAT rate is a flat rate of 7 percent. VAT is levied by the seller on the buyer. The 7 percent VAT rate on gross receipts is effective until 30 September 2012 but could increase to the normal rate of 10 percent thereafter. Are there any reduced rates, zero rates, or exemptions? The distinction between zero-rated and exempted goods or services is that the suppliers of zero-rated goods and services charge VAT at the rate of 0 percent, or in effect no VAT at all, on their output,and these suppliers are able to claim all input taxes that are paid which are related to the supply. Suppliers of exempt goods and services are not charged VAT on their output, and they cannot claim any input taxes that they have already paid. VAT Exemptions Businesses exempt from VAT include: small entrepreneurs whose annual turnover is less than 1.8 million baht sales and imports of unprocessed agricultural products and related goods such as fertilizers, animal feeds, pesticides, etc. sales and imports of newspapers, magazines, and textbooks certain basic services such as: transportation (domestic and international transportation by way of land) healthcare services provided by government and private hospitals as well as clinics educational services provided by government and private schools and other recognized educational institutions. goods exempted from import duties under the Industrial Estate law imported into an Export Processing Zones (EPZs) and under Chapter 4 of the Customs Tariff Act. Businesses subject to 0 percent VAT include: export of goods services rendered in Thailand and utilized outside Thailand in accordance with rules, procedures and conditions prescribed by the Director-General aircraft or sea-vessels engaging in international transportation supply of goods and services to government agencies or state-owned enterprises under foreign-aid programs supply of goods and services to the United Nations and its agencies as well as embassies, consulate-general and consulates supply of goods and services between bonded warehouses or between enterprises located in EPZs.

5 Thailand: Country VAT/GST Essentials 3 Registration Who is required to register for Thai VAT? Any person or entity that regularly supplies goods or provides services in Thailand and has an annual turnover exceeding 1.8 million baht is subject to VAT in Thailand. Any person or entity who is liable to VAT in Thailand must register to be a VAT registered person or entity. before the operation of business within 30 days after its income reaches 1.8 million baht. Are there penalties for not registering or late registration? Any business person liable to register for VAT carrying on business without VAT registration or late registration shall be sentenced for not more than 1 month in jail or fined not more that THB5,000 Baht or both. Are there any simplifications that could avoid the need for an overseas company to register for VAT? No. Certain activities are exempted from VAT. Those activities include: small entrepreneurs whose annual turnover is less than 1.8 million baht business persons residing abroad and entering Thailand to carry on business of sales of goods or provision of service on a temporary basis business persons who sell products or services which are exempted from VAT according to the law other business person as prescribed by the Director-General if there is a reasonable cause. VAT Grouping Is VAT grouping possible? No. Can an overseas company be included in a VAT group? Not applicable. Returns How frequently are VAT returns submitted? Monthly. All registered VAT operators are required to account for VAT return forms on a monthly basis. Any VAT due is liable to be paid on or before the 15th day of the following month. Are there any other returns that need to be submitted? Registrants are also required to file VAT returns for self-assessed VAT within 30 days from the date the tax liability arises. VAT Recovery Can I recover VAT if I am not registered? No, except for tourists who are entitled to claim the VAT incurred on certain goods purchased in Thailand and taken out of Thailand under the tourist refund scheme. Does your country apply reciprocity rules for reclaims submitted by non-established businesses? Not applicable. Are there any items that you cannot recover VAT on? VAT on entertainment expenses; VAT on purchase, hire-purchase, and leasing of less than 10-seat passenger car; VAT on building construction expenses in certain cases where the building is sold or leased.

6 4 Thailand: Country VAT/GST Essentials International Supplies of Goods and Services How are exports of goods and services treated? VAT is zero rated for export of goods and service from Thailand. How are goods dealt with on importation? VAT is chargeable at the standard rate of 7 percent on the importation of goods (to the extent they are taxable goods or services) into Thailand regardless of whether the importer is a taxable or non-taxable person. The import VAT is collected by Customs from the importer of record (that is, the person taking up the import permit) at the point of importation. Import VAT is not payable under certain circumstances (e.g., import into a Free Trade Zone or goods and goods that are temporarily imported into a bonded warehouse). How are services which are brought in from abroad treated for VAT purposes? These services are generally taxable and liability attaches to the payer for the service (i.e. reverse charge applies). What kind of written evidence is required for the supply of goods abroad? The written evidence includes: export entry invoice foreign Transaction Form, for any export transaction which the value is higher than THB500,000 export license, if any. Invoices What do I have to show on a tax invoice? Tax invoices must include: name, address, tax payer identification number name, address of purchaser serial number of invoice name, type, quantity and value of goods, services VAT computed and shown separately date of issue. Can I issue invoices electronically? Yes. Is it possible to operate self-billing? No. Transfers of Business Is there a relief from VAT for the sale of a business as a going concern? Yes. If the sale of a business is treated as an Entire Business Transfer (EBT) in accordance with the conditions and requirements prescribed by the Revenue Department, the transaction is not subject to VAT because it is not considered as a taxable sale of goods. How is VAT on purchase of goods from abroad paid and recovered? The VAT on importation of goods is assessed by the Customs Department and paid to the Customs Department with customs duties (if applicable). VAT paid on the importation is treated as input VAT and is recoverable as a VAT credit on the monthly VAT return.

7 Thailand: Country VAT/GST Essentials 5 Options to Tax Are there any options to tax transactions? Not applicable. Head Office and Branch Transactions How are transactions between head office and branch treated? Transactions between a head office and its branch(es) are not subject to VAT as they are regarded as one entity. Bad Debt Am I able to claim relief for bad debts? In the case where a VAT registrant sells goods or provides services and already includes output tax into value added tax calculation in order to pay value added tax, if later on, there arises bad debts from sales of goods or provisions of services and the writing off of bad debts are in accordance with the amount, rule, conditions prescribed by the Director- General, the VAT registrant can deduct output tax calculated from bad debts from his output tax in the tax month in which the writing off of bad debts occurs. Anti-Avoidance Is there a general anti-avoidance provision under VAT law? Thailand does not have general anti-avoidance provisions. However, the Revenue Department has powers to conduct investigations into any company or individual s business affairs to determine whether tax returns disclose correct and complete information. Penalty Regime What is the penalty and interest regime like? The Revenue Code and Director-General announcements set out a penalty regime that is largely based on a person s intent in relation to non-compliance. Fines range from THB2,000 to THB200,000 and are generally assessed in addition to surcharges of 1.5 percent of the underpayment of tax. Imprisonment can be imposed on individuals for certain violations.

8 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG International Cooperative ( KPMG International ), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. Designed by Evalueserve. Publication name: Thailand Country VAT/GST Essentials Publication number: Publication date: January 2012

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