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Corporate Tax in Thailand

Corporate Tax in Thailand

In Thailand, all companies, as well as other types of legal organizations, registered according to the local legislation, or which carry their activities here, have to pay the corporate income tax. A law firm in Thailand can advise you on the corporate tax in this country.

The corporate tax in Thailand is charged on all income of companies registered according to the legislation in the country. Foreign companies which are registered in a foreign country and have activities in Thailand are taxed on their net profits which result from their operations in Thailand.

Further information on corporate tax in Thailand

The corporate income tax rate in Thailand is set at 20% from the net profits of the company – for accounting periods from 2015.

The corporate incometax rate in Thailand represents a taxation collected from legal organizations. Its value is based on the net income the businesses gain when they effectuate their activities, usually during an entire business year. Revenues collected from the corporate tax in Thailand are an essential source of income for the local government. 

According to the Thai Revenue Department the Thai and foreign businesses which have activities in the country have to file their tax returns in maximum 150 days from the closing date of their accounting stages. A Thailand lawyer can provide legal guidance on this issue. The tax payment has to be deferred to along with the tax returns. Any legal entity which acquires funds that represent profits from outside of Thailand is also requested to pay taxation on the sum in maximum seven days from the date of the sum disposal. 

Special taxes for certain sectors or industries in Thailand

In Thailand, companies which operate in certain sectors and industries are taxed differently. These special corporate taxes in Thailand apply to:

•    Oil and gas exploration or exploitation companies: 50% petroleum income tax on profits gained from the sale of petroleum;
•   SME companies (companies with maximum THB 5 million – USD 144,719 – of paid up capital and income from sales or services of maximum THB 30 million – USD 868,181): progressive corporate income tax rate ranging from 0% to 20%;
•    Foreign juristic companies with activities in international transport: 3% tax on the gross income prior to deducting expenses;
•    Banking businesses are commonly taxed with a Specific Business Tax of 3.3% instead of the VAT.

Our law firm in Thailand can provide clients with specialized advice on the corporation tax and on other types of taxes imposed by this country. If you need guidance on this matter, please do not hesitate to get in touch with us.