BDO TAXFOCUS TAX GUIDE FOR DOING BUSINESS IN THAILAND DECEMBER 2012
|
|
- Blaze Camron Sims
- 7 years ago
- Views:
Transcription
1 DECEMBER 2012 BDO TAXFOCUS TAX GUIDE FOR DOING BUSINESS IN THAILAND CONTACT Andrew Jackomos, Senior Partner, Tax & Legal Services in Bangkok on com or Paul Ashburn, Senior Partner, Tax & Legal Services in Bangkok on or Detailed Tax Analysis The main body of tax law in Thailand is the Revenue Code. Taxes under the Revenue Code are primarily collected under a self assessment system of taxation, whereby taxpayers take responsibility for correctly filing their tax returns and paying taxes. The Revenue Department administers the Revenue Code and enforces compliance with the law through regular tax audits. Taxpayers can ask the Revenue Department for a ruling to clarify the Department s viewpoint in advance of a tax audit. The Revenue Department has invested heavily in IT and now provides a number of e-services through its website, including e-tax filings. IT systems have played a critical part in the Revenue Department s ability to improve its collection of tax revenues over the past few years.
2 2 BDO TAXFOCUS Corporate Income Tax (CIT) Companies or juristic partnerships established under Thai law are subject to CIT on their worldwide income whilst those established under a foreign law carrying on business in Thailand are subject to CIT only on the net profits arising from their business activities in Thailand. The term company or juristic partnership is defined to include entities such as limited partnerships, registered partnerships as well as unincorporated joint ventures. forward tax losses and deduct them as expenses for up to five years after the end of the tax holiday. Transfer Pricing The Revenue Department has the power to deem a taxpayer to have received market value consideration for the sale of goods, provision of services, or the lending of money, where it finds that the actual consideration received was less than market value without justifiable grounds. The department also has the power to deny a deduction for any expenditure that is not exclusively expended for the business or for the purpose of acquiring profits. Transfer pricing guidelines have been introduced for determining the market price of cross-border and domestic transactions between related parties. The guideline s definition of market price is consistent with the arm s length principle used in the OECD s transfer pricing guidelines. In addition, the instruction sets out a list of documents that officers may request from taxpayers when conducting a transfer pricing audit. There is an increasing focus on transfer pricing issues when reviewing the tax affairs of companies. Net profit for tax purposes is calculated by taking into account all revenue arising from or in consequence of the business carried on in a tax year, and deducting therefrom all allowable expenses. Revenue and expenses are computed on an accruals basis. Dividends received by Thai companies, either from another Thai company or from a foreign company, may qualify for exemption from CIT under certain conditions. In general, expenses incurred for the purpose of acquiring profits or for conducting business in Thailand are deductible within the tax year in which they are incurred. Accordingly, usual business expenses, qualifying bad debts and depreciation are deductible. A number of incentives are contained in the tax law that allow for accelerated depreciation and capital write offs in respect of certain types of assets. If an asset is acquired during a tax year, the depreciation allowance must be prorated. Tax losses may be carried forward for a maximum of five years and set off against net profits of any nature. Companies promoted by the BOI that receive exemption can carry Filing of Returns and Payment of Tax A company may choose any 12-month period as its accounting period. Subsequent changes in accounting period must be approved by the Director-General of Revenue. An annual corporate income tax return accompanied by audited accounts must be filed within 150 days of the end of the accounting year. A mid-year tax return must also be filed and tax paid on half of either the actual or estimated profit for the year, depending on the business of the taxpayer. The tax paid on the mid-year return, as well as domestic withholding tax deducted from income during the year, is allowed as a tax credit against the tax payable on the annual tax return. Thai companies are also entitled to claim a foreign tax credit for tax paid in a foreign country on income which is subject to CIT. The foreign tax credit cannot exceed the amount of CIT payable on the income. Taxes due should accompany the submission of the return. A refund of tax overpaid may be requested within 3 years and a request will generally be subject to tax audit before the refund is made.
3 BDO TAXFOCUS 3 Branches of foreign incorporated companies are subject to the same filing requirements as Thai incorporated companies. The Revenue Department has the power to issue a summons to conduct a tax audit within two years from the date the return is filed. The two year prescription period can be extended to five years where there is documentary evidence or reason to suspect the taxpayer had an intention to evade tax. If tax deficiencies are found, the Revenue Department can assess additional taxes provided the assessment is made within 10 years of the date the tax was required to be paid. international transportation are subject to 3% tax on gross receipts. A foreign company doing business in Thailand is also subject to 10% tax on the disposal of profits abroad. This tax may be exempted under an applicable double tax agreement, such as the one made with Hong Kong. Petroleum income tax rather than CIT is levied on the net profits and the disposal of profits out of Thailand of businesses engaged in petroleum exploration and production. Corporate Tax Rates Thailand s headline corporate tax rate has been reduced from 30% to 23% for the 2012 year and will then be reduced further to 20%. The reduced rates have been introduced initially for three consecutive accounting periods as follows: Accounting Period First accounting period commencing on or after 1 January 2012 The next two accounting periods commencing on or after 1 January 2013 Tax Rate 23% 20% For small and medium enterprises (SMEs), the first Baht 150,000 of net profit of an SME will be exempt from income tax and the next Baht 850,000 subject to only 15% tax. The new tax rate of 23% will apply to profits exceeding Baht 1 million for the accounting period commencing on or after 1 January The tax rate will then be reduced to 20% for accounting periods commencing on or after 1 January To be eligible for the SME rates, the following conditions must be met: 1. The company s paid-up share capital must not exceed Baht 5 million on the last day of its accounting period; and 2. The income derived from the sale of goods or provision of services during the accounting period must not exceed Baht 30 million. A tax rate of 10% applies to qualifying net profits derived by Regional Operating Headquarters (ROH) and companies approved by the Ministry of Energy to conduct oil trading activities. Foreign companies engaged in the business of Personal Income Tax The tax year for individuals is the calendar year. Tax residents are subject to tax on assessable income from sources in Thailand, as well as on assessable income derived from foreign sources if remitted into Thailand in the same year. A person who resides in Thailand for one or more periods totalling 180 days in a tax year is deemed to be a tax resident for that year. Non-residents are subject to tax only on income earned from sources in Thailand regardless of whether paid in Thailand or abroad. Expatriate employees working outside Thailand for a ROH in Thailand may be able to claim exemption from Thai personal income tax. Standard deductions will apply for some classes of income, whereas for others the actual expenses incurred in connection with the derivation of the income may be deductible for tax purposes. In addition to the itemized or standard expense deductions, individuals are also entitled to deduct a number of allowances. For employment income, a deduction of 40% of an individual s gross income, up to a maximum of Baht 60,000, may be claimed as an expense. Personal income tax for both resident and non-resident tax individuals will be calculated on net income after deduction of expenses and allowances. Net Profit (Baht) Marginal Tax Rate 1 150,000 Exempt 150, ,000 10% 500,001 1,000,000 20% 1,000,001 4,000,000 30% 4,000,001 above 37%
4 4 BDO TAXFOCUS Dividends are subject to 10% final WHT but exemptions apply in some cases e.g. dividends paid out of profits subject to tax holidays. An exemption or reduction of the WHT may be obtained under an applicable double tax agreement. Service fees are usually exempted and the rate on interest is generally reduced to 10% if paid to a financial institution. Value Added Tax (VAT) Filing of Returns and Payment of Tax Personal income tax returns must be filed on or before March 31 in respect of the preceding calendar year. Any outstanding tax must also be paid on or before this date. Employment income and certain other categories of income are subject to withholding tax. The taxpayer can claim a credit for the tax withheld in their personal tax return. Mid-year returns must be filed for certain types of income, such as rents and income from liberal professions and businesses. Under certain conditions, assessable income may be excluded from the personal tax return including certain types of interest that has been subject to 15% withholding tax; gains from the sale of immovable property acquired by way of bequest or as a gift, which would have been subject to a withholding tax at the time of transfer; and dividends or mutual fund distributions subject to 10% withholding tax. Withholding tax (WHT) Thailand has a comprehensive withholding tax system that applies to both domestic and international payments. Withholding tax applies to many domestic payments that are not for the sale of goods e.g. service fees, royalties, commissions, transport fees, interest, dividends, rents and the sale of immovable property. Rates generally range from 1% to 5%. The WHT must be deducted at the time of payment and a certificate issued by the payer as evidence of the tax deducted. The WHT deducted can be used by the income recipient as a tax credit in their income tax return. Certain payments made to foreign companies not carrying on business in Thailand, including interest, capital gains, rents, royalties and service fees are subject to 15% final WHT. Most persons that sell goods or provide commercial or professional services in Thailand will have to register with the Revenue Department to pay VAT. Suppliers with a sales turnover not exceeding Baht 1,800,000 per annum are exempt. Foreign businesses may also be exempt from VAT registration if they only carry on business in Thailand temporarily. The law provides that certain sales, services and imports are exempt from VAT, such as the sale or import of unprocessed agricultural products, books, transport services and rental of real estate. A trader engaged in exempt transactions need not collect VAT, but at the same time cannot claim a refund of VAT paid to suppliers but can get a CIT deduction for this amount. Taxable supplies attract VAT at either the standard rate of 7% or 0%. Imports are subject to 7% VAT which will be collected at the time of import by the Customs Department at the time of entry. Zero rated transactions include exported goods, services performed in Thailand and used entirely in a foreign country and services of international transportation by air and sea. A supplier may obtain an input credit for VAT incurred on purchases in respect of zero rated transactions. Paying VAT Registrants shall add VAT to the price of their goods and services and collect the VAT from their customers or clients. A VAT registrant must prepare and issue a tax invoice in the prescribed format for every sale or service provided that is subject to VAT. Businesses with a large number of VAT transactions shall have the right to issue an abbreviated tax invoice instead. VAT registrants that wish to claim a credit for the VAT on their purchases must receive a full tax invoice to support their claim.
5 BDO TAXFOCUS 5 Each month the VAT liability is calculated by taking the difference between the VAT on sales and the VAT on purchases that are allowed as a credit under the law. In the case where a credit balance arises, the taxpayer may carry forward the VAT credit to the next month or request a refund from the Revenue Department, which will most likely result in an audit. A person that pays for services from a foreign supplier to use in Thailand shall be liable to remit the VAT on the services to the Revenue Department. Specific Business Tax (SBT) Businesses that are not subject to VAT may be subject to SBT instead. SBT is levied on the gross receipts of the business. A 10% municipal tax is imposed on top of the SBT. A number of exemptions are provide under the law. The rates for businesses subject to SBT include: Banking and similar businesses: 3.0% or 0.1% Finance, securities and credit foncier: 3.0% or 0.1% Life insurance: 2.5% Pawnbroking business: 2.5% Sale of immovable property: 3.0% Factoring: 3.0% Securities repurchase agreements:3.0% SBT is payable to the Revenue Department on a monthly basis. SBT on the sale of immovable property e.g. land, condominium units or buildings, will be paid to the land department when the sale is registered. Customs Duty Customs duty is imposed on certain imports and exports. Export duties are generally imposed on only two groups of commodities, comprising rawhide and wood. Import duties are imposed on a specific, an ad valorem, or compound basis. The compound basis is a combination of the specific and ad valorem basis (whichever is higher). The duty rates generally range between 5% and 20% and may be reduced or eliminated under Thailand s free trade agreements, such as those with Australia, China, India, New Zealand and the member countries of ASEAN. Generally, the import value for the calculation of import duty is based on cost, insurance and freight and free on board for exports. The Customs valuation is made under the general agreement on trade and tariff, which primarily uses the transaction value on prices actually paid or payable. Excise Tax Excise tax is imposed at ad valorem or specific rates on certain commodities and services, including liquor, tobacco, motor vehicles and certain kinds of electrical appliances. The tax liability arises on locally manufactured goods when the products are shipped from the factory or on importation. In addition to excise duty, interior tax at the rate of 10% may be imposed. Stamp Duty Stamp duty is imposed under the Revenue Code on certain documents including real estate leases, share transfers, loan agreements and hire of work contracts. The rate of stamp duty applicable depends on the type of document. In general rates are between 0.05% and 1.0% although for certain instruments the stamp duty is capped e.g. for loan agreements stamp duty is capped at Baht 10,000. Flat rate duties range from Baht 1 to Baht 200 per instrument. A number of exemptions from stamp duty are provided under the law. Documents subject to stamp duty which have not been stamped cannot be used as evidence in a civil case.
6 6 BDO TAXFOCUS ABOUT US BDO Advisory Limited, a limited liability company incorporated in Thailand, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. Export Incentives Industrial operators in export processing zones under the Industrial Estate Authority of Thailand are granted numerous tax incentives and privileges including exemptions from VAT and import duty. Under a bonded warehouse scheme, the imported goods stored in a bonded warehouse for the purpose of re-export shall be exempted from payment of import/ export taxes and duties, regardless of being exported in the same nature as imported or in the nature of having been produced, mixed or assembled as other goods. A bonded warehouse can be established with Thai Customs approval. Various types of bonded warehouse can be established under the Customs Act. Other Taxes Fees are imposed under the Land Code for the registration of certain rights and acts. The transfer of land, buildings or condominium units are subject to a 2% fee based on the official appraised value of the property set by the government. These prices are currently reviewed every four years. The registration of real estate leases longer than three years are subject to a 1% fee. BDO Advisory Limited is promoted by the Thailand Board of Investment to provide advice and assistance on tax and legal matters and has been designated as the exclusive accountancy partner of Oxford Business Group (OBG) to provide specialist analysis for The Report: Thailand This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Advisory Limited to discuss these matters in the context of your particular circumstances. BDO Advisory Limited, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. House and Land Tax is collected on the annual rental value of commercial buildings at the rate of 12.5%. If land is not subject to this tax, it may be subject to local development tax instead. Reforms have been proposed to replace these taxes with a single new property tax. All right reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of the copyright holder and the publisher, application for which shall be made to the publisher BDO Advisory Limited. Printed in Thailand. BDO ADVISORY LIMITED 28th Floor, CTI Tower 191/16 New Ratchadapisek Road, Klongtoey, Bangkok Thailand Tel: Fax:
Thailand Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: November 2013
Thailand Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2013 Contents 1 Corporate Income Tax 1 2 International Treaties for the Avoidance of Double Taxation
More informationA SUMMARY OF THAILAND S TAX LAWS 1
A SUMMARY OF THAILAND S TAX LAWS 1 Prepared by: Ms. Sriwan Puapondh Mr. Kobkit Thienpreecha Mr. Dussadee Rattanopas Tilleke & Gibbins International Ltd. Bangkok, Thailand February 2006 INTRODUCTION In
More informationGLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?
More informationCountry Tax Guide. www.bakertillyinternational.com
www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which
More informationCountry Tax Guide. www.bakertillyinternational.com
Country Tax Guide www.bakertillyinternational.com Baker Tilly Russia www.bakertilly.ru Eduard Kutcherov T: +7 (495) 783 88 00 kutcherov@bakertilly.ru Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertilly.ru
More informationTURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.
TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited
More informationMEXICO TAXATION GUIDE
THE FLORES LAW FIRM Attorney and Counselor at Law 9901 IH-10 West, Suite 800 San Antonio, TX 78230 TEL. (210) 340-3800 FAX (210) 340-5200 MEXICO TAXATION GUIDE I. RECOGNIZED MEXICAN BUSINESS ENTITIES A.
More informationTAX CARD 2015 GREECE. Table of Contents
GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3
More informationQ & A Regional Operating Headquarter
1 Q & A Regional Operating Headquarter What is ROH? Regional Operating Headquarters or ROH is a juristic company incorporated in Thailand providing managerial, administrative and technical services as
More informationCONSTRUCTION PROJECT RISK MANAGEMENT 2014
CONSTRUCTION PROJECT RISK MANAGEMENT 2014 Managing Tax Risk in Construction Projects Ruji Aphiworakitphan BDO Advisory Limited Tax & Legal Services 14 November 2014 Presentation Outline Tax considerations:
More informationSingapore SMEs. Introduction to Korean taxation. July 2013
Singapore SMEs Introduction to Korean taxation July 2013 Topics to cover Korean tax system Overview Corporate Income Tax (CIT) Individual Income Tax (IIT) Value Added Tax (VAT) Customs Duty (CD) Entity
More information6. Taxation. 6.1 General
of being deemed as conducting business in Thailand, with a resulting tax burden. However, where the Thai agent does not act solely for the overseas company, but acts as a general agent for various companies,
More informationMacau SAR Tax Profile
Macau SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect
More informationFOREWORD. Namibia. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationIndividual income tax
International Tax Puerto Rico Tax Alert 12 June 2015 Tax reform enacted Contacts Francisco A. Castillo fcastillo@deloitte.com Ricardo Villate rvillate@deloitte.com Michelle Corretjer mcorretjer@deloitte.com
More informationMonaco Corporate Taxation
Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the
More informationTAXATION INTRODUCTION
TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,
More informationGENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE
GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE General information on the tax system of Ukraine For the purposes of further discussion we feel it appropriate to provide first brief overview of the tax system
More informationSlovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk
Chapter Avbreht, Zajc & Partners Ltd. Ursula Smuk 1 General: Treaties 1.1 How many income tax treaties are currently in force in? 44 income tax treaties are currently in force in. 1.2 Do they generally
More informationCambodia Tax Profile. kpmg.com.kh
Cambodia Tax Profile kpmg.com.kh Content 1 2 Tax Profile Income Tax Treaties for the Avoidance of Double Taxation 6 Indirect Tax (e.g. VAT/GST) 7 8 Personal Taxation Other Taxes 9 11 Free Trade Agreements
More informationPST-5 Issued: June 1984 Revised: August 2015 GENERAL INFORMATION
Information Bulletin PST-5 Issued: June 1984 Revised: August 2015 Was this bulletin useful? THE PROVINCIAL SALES TAX ACT GENERAL INFORMATION Click here to complete our short READER SURVEY This bulletin
More informationFOREWORD. Thailand. Services provided by member firms include:
2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationTax Issues in Employment and Remuneration. BDO Richfield Advisory Ltd Tax & Legal Services
Tax Issues in Employment and Remuneration Andrew Jackomos Senior Partner BDO Richfield Advisory Limited 13 February 2009 Taxes are what we pay for civilised society. Oliver Wendell Holmes, Jr, Compania
More informationFundamentals Level Skills Module, Paper F6 (ZWE)
Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) December 2015 Answers and Marking Scheme Section A 1 D Prescribed rate of interest 1 5% + 5% = 6 5% Relevant loan $6 000 Taxable
More informationThinking Beyond Borders
INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.
More informationUganda Fiscal Guide 2012/13 kpmg.com
Tax Uganda Fiscal Guide 2012/13 kpmg.com Introduction: Uganda Fiscal Guide 2012/13 Income tax Basis of taxation Income tax is levied on both companies and individuals under the Income Tax Act, (Cap 340)
More informationProvinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
More informationINVESTMENT PROPERTY RECORD BOOK FOR LANDLORDS
FOR LANDLORDS 1. INTRODUCTION TABLE OF CONTENTS 2. INFORMATION GUIDE FOR LOG 3. PROPERTY DETAILS AND CONTACTS PROPERTY ADDRESS MANAGING AGENT BODY CORPORATE TENANTS SOLICITOR ACCOUNTANT FINANCIER INSURANCE
More informationFOREWORD. Thailand. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationCorporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation.
13. Taxation The system of taxation described below is derived from the Czech tax legislation and may be modified by a particular Double Taxation Treaty. The current tax system was introduced in January
More informationTAXATION AND FOREIGN EXCHANGE
This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies
More informationIRAS e-tax Guide. Tax Exemption for Foreign-Sourced Income (Second edition)
IRAS e-tax Guide Tax Exemption for Foreign-Sourced Income (Second edition) Published by Inland Revenue Authority of Singapore Published on 31 May 2013 First edition on 6 Sep 2011 Disclaimers IRAS shall
More informationAFGHANISTAN INCOME TAX LAW. An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009
AFGHANISTAN INCOME TAX LAW 2009 An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009. This translation has been prepared by the Afghanistan
More informationTAX CARD 2014 BULGARNIA
BULGARIA TAX CARD TAX CARD 2014 BULGARNIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Residency 1.1.2 Tax Rates 1.1.3 Taxable Income 1.1.4 Exempt Income 1.1.5 Deductible Expenses 1.1.6
More informationCompany Taxation. There is no difference in treatment in determining the profits and income from any source of a company.
Company Taxation There is no difference in treatment in determining the profits and income from any source of a company. 1 Calculation of a tax payable for a company 1. Tax on Income taxable at special
More informationDuty to state. A run-down on taxation rules TAX OVERVIEW
227 Tax National budget stresses compliance, tax base integrity Treasury to increase revenue from natural resources A range of tax credits, deductions and incentives An outline of the rules for corporate
More informationStarting a Business in Israel
Starting a Business in Israel Inspiration Invention Innovation Content: Page 1. Business Entities....... 2 a. Company...... 2 b. Foreign Company (e.g. a branch)...... 2 c. Partnership...... 3 d. Self Employed......
More informationCHAPTER 7 LAND, BUILDINGS AND CONDOMINIUMS
CHAPTER 7 LAND, BUILDINGS AND CONDOMINIUMS In this chapter, the principles of Thai land law are discussed, and the rules regarding foreign ownership of land, buildings and condominiums in Thailand. Land
More informationIncome tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income.
Worldwide personal tax guide 2013 2014 China Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible State Administration of Taxation
More informationTAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK
TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad
More informationThe Expatriate Financial Guide to
The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council
More informationTax Newsletter, Issue no.2/2015
Tax Newsletter, Issue no.2/2015 Tax incentives for setting up international headquarters (IHQ) and international trading centres (ITC) in Thailand In this issue: 1. Tax incentives for setting up international
More informationSetting up your Business in SINGAPORE Issues to consider
SINGAPORE is commerce, industry, heritage, culture and entertainment all rolled into a little island of slightly over 700 square kilometres with a population of 5.4 million. Here at the crossroads of Asia,
More informationVAT guide should I register for VAT?
VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses
More informationFundamentals Level Skills Module, Paper F6 (ZWE)
Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) 1 Mark and Ellen Mari December 01 Answers and Marking Scheme (a) (i) Consultancy services income: The income from consultancy
More informationTAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed
TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added
More informationLaos Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015
Laos Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect
More informationFISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA
FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA Author: Dragomir & Asociatii Law Office Law Firm: Dragomir & Asociatii Law Office Published on: August 2011 Updated on: August 2011 1. Premises In
More informationSri Lanka Tax Profile
Sri Lanka Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2014 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationReal Estate Going Global Hong Kong
www.pwc.com/goingglobal Real Estate Going Global Hong Kong Tax and legal aspects of real estate investments around the globe 2013 Real Estate Going Global Hong Kong 1 Contents Contents Contents... 2 Real
More informationCambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: August 2013
Cambodia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: August 2013 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3
More informationGerman Tax Facts. The Expatriate Financial Guide to Germany
The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls
More informationYour guide to taxation in India
Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial
More informationTax Consequences for Canadians Doing Business in the U.S.
April 2012 CONTENTS U.S. basis of taxation The benefits of the Canada-U.S. tax treaty U.S. filing requirements U.S. taxpayer identification U.S. withholding Tax U.S. state taxation Other considerations
More informationIndividual income tax in China
Individual income tax in China Individual income tax ( IIT ) is a complicated tax framework and many expatriates are confused about how to determine their tax liability in China. It is strongly recommended
More informationValue-Added Tax (VAT)
June 2015 MY SMALL BUSINESS Value-Added Tax (VAT) What you need to know www.sars.gov.za 0800 00 7277 Value-Added Tax Value-Added Tax (VAT) is an indirect tax based on consumption of goods and services
More informationGLOBAL INDIRECT TAX. South Korea. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX South Korea Country VAT/GST Essentials kpmg.com TAX b South Korea: Country VAT/GST Essentials South Korea: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable
More information14. Corporate Tax and Depreciation
14. Corporate Tax and Depreciation Corporate income tax is levied on income from the worldwide operations of Czech tax residents and on Czech-source income of Czech tax non-residents. Czech tax residents
More informationFact Sheet No.14 Corporate Tax and Depreciation
14. Corporate Tax and Depreciation Corporate income tax is levied on income from the worldwide operations of Czech tax residents and on Czech-source income of Czech tax non-residents. Czech tax residents
More informationSpanish Tax Facts. The Expatriate Financial Guide to Spain
The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.
More informationA pocket guide to Singapore tax 2014 If it counts, it s covered
A pocket guide to Singapore tax 2014 If it counts, it s covered Corporate taxation Corporate income tax ( CIT ) rate Standard rate is 17%. Tax exemption/rebates Singapore also offers a range of tax exemption
More informationTax Planning. Chaisit Trachoetham ด ลพาห ป ท 47 เล ม 2 พฤษภาคม - ส งหาคม 2543 ; หน า 83-90
Tax Planning Chaisit Trachoetham ด ลพาห ป ท 47 เล ม 2 พฤษภาคม - ส งหาคม 2543 ; หน า 83-90 Tax is one kind of cost in doing business. Every Trader must concentrate on taxes; otherwise he or she may be bankrupt.
More informationNews Flash. September, 2015. Tax guide for property investment in Hungary
News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation
More informationDOING BUSINESS IN AUSTRALIA
DOING BUSINESS IN AUSTRALIA DEMOGRAPHICS The population of Australia is approximately 22 million. There are six states and two territories. The capital city is Canberra which is located in the Australian
More informationCross Border Tax Issues
Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information
More informationReal Estate Going Global Singapore
www.pwc.com/goingglobal Real Estate Going Global Singapore Tax and legal aspects of real estate investments around the globe 2012 Real Estate Going Global Singapore 1 Contents Contents Contents... 2 Real
More informationAscertainment of Taxable Income. Statutory allowance and qualifying payments. Statutory allowance
Ascertainment of Taxable Income Statutory allowance and qualifying payments Statutory allowance The statutory allowance for any individual would be Rs. 500,000. This is a tax free allowance given to all
More informationST. CHRISTOPHER AND NEVIS VALUE ADDED TAX REGISTRATION GUIDE
ST. CHRISTOPHER AND NEVIS VALUE ADDED TAX REGISTRATION GUIDE Contents PURPOSE... 3 St. Kitts and Nevis Value Added Tax (VAT)... 3 Who is required to register?... 4 Who is a taxable person?... 5 What is
More informationDue date is the 10th of every month following the month of deduction therefore May 15 days, June 20 days = 35 days late.
Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) June 2015 Answers and Marking Scheme Section A 1 B 50% x (5 000 2 000) = 1 500 Tutorial note: Medical expenses credit on other
More informationIncome in the Netherlands is categorised into boxes. The above table relates to Box 1 income.
Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl
More informationUnited States Corporate Income Tax Summary
United States Corporate Income Tax Summary SECTION 1: AT A GLANCE CliftonLarsonAllen LLP 222 Main Street, PO Box 1347 Racine, WI 53401 262-637-9351 fax 262-637-0734 www.cliftonlarsonallen.com Corporate
More informationTAX ADMINISTRATION LAWS AMENDMENT ACT
REPUBLIC OF SOUTH AFRICA TAX ADMINISTRATION LAWS AMENDMENT ACT REPUBLIEK VAN SUID-AFRIKA WYSIGINGSWET OP BELASTING- ADMINISTRASIEWETTE No 21, 12 GENERAL EXPLANATORY NOTE: [ ] Words in bold type in square
More informationCHINA TAX, ACCOUNTING, AND AUDIT IN 2014-2015. IV. Accounting, Audit and Tax Compliance V. International Taxation
TAX, ACCOUNTING, AND AUDIT IN CHINA 2014-2015 I. China s Tax System II. China s Business Taxes III. Individual Income Tax IV. Accounting, Audit and Tax Compliance V. International Taxation Produced in
More informationGuide to Japanese Taxes
Guide to Japanese Taxes CONTENTS 1. Introduction --------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment
More informationTAXATION IN SLOVENIA 2011
TAXATION IN SLOVENIA 2011 MINISTRY OF FINANCE SLOVENIA September 2011 CONTENTS INTRODUCTION I. SUMMARY II. THE TAX SYSTEM DIRECT TAXES ON INCOME Corporate Income Tax Dividends Interest and Royalties Tonnage
More informationFundamentals Level Skills Module, Paper F6 (SGP)
Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) Slimming Industries Pte Ltd (SIPL) June 20 Answers and Marking Scheme (a) Lorry acquired on hire purchase The instalments payable
More informationA BUSINESS GUIDE TO THAILAND
A BUSINESS GUIDE TO THAILAND 2014 2 A BUSINESS GUIDE TO THAILAND 2014 with compliments Office of the Board of Investment Ministry of Industry (Unofficial translation: For legal purposes, please refer to
More informationCYPRUS TAX CONSIDERATIONS
TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions
More informationDOING BUSINESS IN GERMANY Overview on Taxation
DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular
More informationCambodia. Pocket Tax Book 2010. pwc
Cambodia Pocket Tax Book 2010 pwc Cambodia Pocket Tax Book 2010 A SUMMARY OF CAMBODIAN TAXATION The information in this booklet is based on current taxation rules and practices including certain legislative
More informationPapua New Guinea Tax Profile
Papua New Guinea Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationCOUNTRY PROFILE HONG KONG
COUNTRY PROFILE HONG KONG 1. Economy and foreign investments 2. Tax Rates 3. Tax Treaties 4. Tax Credits 5. Property Tax 6. Excise Tax 7. Stamp Duty 8. Capital Duty 9. Estate Duty 10. Other duties, fees
More informationChapter 2 Company Taxation Regimes in the Asia-Pacific Region, India, and Russia
Chapter 2 Company Taxation Regimes in the Asia-Pacific Region, India, and Russia 2.1 Overview Generally, as regards the fiscal year 2009, the tax systems in the Asia-Pacific region, India, and Russia follow
More informationVAT Guidance Accounting for VAT Version 4: November 1, 2015
VAT Guidance Accounting for VAT Version 4: November 1, 2015 PAGE 1 Introduction This guide is intended to provide VAT Registrants with information on how they should account for Value Added Tax ( VAT ).
More informationTAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS
TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS LAWS AND DECREES The Income Tax (Amendment) Law of 2005 The Special Contribution for Defence (Amendment) Law of 2004 The Assessment and Collection
More informationExpanding into Brazil
Expanding into Brazil Support for your Business kpmg.ie Expanding into Brazil 1 Are you looking to expand your business into Brazil? Dynamic Irish businesses are looking to new markets to expand and grow.
More informationTHE CPA LICENSURE EXAMINATION SYLLABUS TAXATION
(632) 407-5937/(632) 415-0873 e-mail: support@reviewer-online.com website: www.reviewer-online.com THE CPA LICENSURE EXAMINATION SYLLABUS TAXATION (50% of Business Law and Taxation) (Effective October
More informationBudget 2014 26 February 2014
1 Budget 2014 Budget 2014 26 February 2014 The Minister of Finance, Mr Pravin Gordhan, today announced a revised consolidated net tax revenue estimate for 2014/2015 of R997,7 billion and a slightly reduced
More informationATO Imposes Changes to Deemed Dividend Rules for Trust Distributions TAXPAYER ALERT
As the end of financial year quickly draws to a close, we have had one of our senior accountants, Tim Hase, put together a newsletter with the various tax planning tools available for businesses, self-employed
More informationInvesting in Northern Ireland
Investing in Northern Ireland Key Tax Issues August 2012 kpmg.ie 1 1 Contents 1 Introduction 3 2 Corporation tax 4 3 Individual taxation 10 4 Other taxes 12 Appendix 1 - UK Tax Residence 13 2 1. Introduction
More informationCOMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS
COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS PRESENTED BY OLUFUNKE SODIPO TAX MANAGER: PEAK PROFESSIONAL SERVICES IN HOUSE SEMINAR SERIES NO 4 PEAK PROFESSIONAL SERVICES (CHARTERED
More informationLEGAL AND TAX SERVICES B A N G K O K, T H A I L A N D
Attorneys at Law LEGAL AND TAX SERVICES B A N G K O K, T H A I L A N D No. 26 Edition January 2009 INSIDE THIS EDITION 1. The Cabinet Approves the Tax Stimulus Package.. 1 2. Interesting Revenue Ruling
More informationCorporation tax ( 329,080 x 26%) 85,561
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2012 Answers 1 Flame plc group (a) Report to the Group Finance Director of Flame plc (i) Flame plc sale
More informationCompany Income Tax and Other Taxes
Company Income Tax and Other Taxes Company Taxation Arrangements The company tax rate (also known as the corporate) is 30%. The treatment of business expenditure for the mining and petroleum industries
More informationPaper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module
Fundamentals Level Skills Module Taxation (Zimbabwe) Specimen questions for June 2015 Time allowed This Reading is and not planning: a full specimen 15 minutes paper, it is a selection of specimen Writing:
More informationIntergest Thailand - Newsletter
Intergest Thailand - Newsletter June 2013 Corporate Structures in Thailand Limited Company Branch Office Representative Office Regional Office Regional Trade & Investment Support Office Sole Proprietorships
More informationINDIRECT TAXES. Some of the indirect taxes are:
INDIRECT TAXES Indirect Taxes are the charges levied by the State on consumption, expenditure, privilege, or right but not on income or property. Customs duties levied on imports, excise duties on production,
More informationEXPLANATORY NOTES ON THE CRITICAL TAX ISSUES FOR THE OPERATION OF BANK HOLDING COMPANY STRUCTURE IN NIGERIA
NIGERIA INFORMATION CIRCULAR Published: April, 2012 Subject: EXPLANATORY NOTES ON THE CRITICAL TAX ISSUES FOR THE OPERATION OF BANK HOLDING COMPANY STRUCTURE IN NIGERIA This circular is made to address
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST AND VALUERS, APPRAISERS AND ESTATE
More informationFiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX
Fiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX 1 CONTENTS 1.0 INTRODUCTION & BACKGROUND TO VALUE ADDED TAX (VAT) 1.1 WHAT IS VAT? 1.2 WHY WAS VAT INTRODUCED? 1.3 EFFECTS
More information