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Thailand

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About

Thailand

Capital
Official languages
Population 
Currency

ISO 4217

Bangkok

Thai

69,625,582

Baht

THB

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Economy

Thailand's economy has been growing steadily over the past few years. According to the World Bank, the country's GDP grew by 4.1% in 2019, and is projected to grow by 2.5% in 2020. The country's exports have also been increasing, with exports reaching a record high of $269.3 billion in 2019. The country's unemployment rate has also been decreasing, with the rate dropping from 1.2% in 2018 to 0.9% in 2019. Additionally, the country's inflation rate has remained relatively low, with the rate standing at 0.7% in 2019. Overall, Thailand's economy has been performing well, and is expected to continue to grow in the coming years.

Taxation

Corporate Taxation in Thailand:

- Corporate tax rate is 20%

- Capital gains are taxed as ordinary income

- There are specific tax incentives and exemptions for certain types of investment, such as promoted industries and regional development


Personal Taxation in Thailand:

- Personal income tax rates range from 0% to 35%, depending on income level

- Capital gains are taxed as ordinary income


Tax Payment and Calendar:

- The tax year in Thailand runs from January 1 to December 31.

- The deadline for submitting tax returns and paying taxes is March 31 of the following year for individuals and May 31 of the following year for companies.

- Corporate income tax payments are made in two installments throughout the year, with the first installment due six months after the end of the accounting period and the second installment due two months after the end of the tax year.

- Individuals are required to make monthly tax payments on their income, with the final payment due at the end of the tax year.


It is worth noting that there are various tax incentives and exemptions available to businesses operating in Thailand, such as the Board of Investment (BOI) promotion scheme, which offers tax holidays and reduced tax rates for eligible businesses. The tax system in Thailand is complex, and it is recommended to consult with a tax professional familiar with the specific circumstances in Thailand for personalized advice on tax matters.

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