If you’ve been searching out for solutions on Thailand VAT and social fund filing, you’ve landed on the right webpage! At BLS, our team of finance and accounting experts helps with an accurate and timely filing of various Thai taxes, out of which, VAT and social fund are a few. So, how do you file VAT and social fund in Thailand? Here’s the answer!
Value Added Tax Filing – VAT Filing
At the outset, let us glance through the concept of VAT. VAT is a general consumption tax, imposed on the value added to a particular product during each stage of its manufacturing process. This tax must be paid to the Area Revenue Branch Office, and VAT returns must be filed within 15 days of the next month. The value added tax return rate is 7% and 0%.
Social Fund Filing
Social fund filing could be described as the submission of a social contribution from the employer, as well as the employee’s salary. The existing social fund filing rate in Thailand is 10%, half of which is borne by the employer, and the remaining half, by the employees. It is necessary to remit social fund filing within 15 days of the next month.
Both of the above are necessary compliances. Failing to file any of these would attract penalties, and summons from the concerned authorities. BLS, however, doesn’t let you down! Our experts at BLS, help you with fast VAT as well as social fund filing and also ensure that you stay compliant in regard to the tax payments at all times. For additional insights on VAT and social fund filing, get in touch with BLS today.