What is VAT called in Thailand?

The standard rate of VAT is 10%, but the rate is currently reduced to 7% until 30 September 2021 (unless further extended by the government). VAT is levied on the sale of goods and the provision of services.

Does Thailand use VAT?

Thai VAT rates

The standard VAT rate in Thailand is 7%.

What are the 3 types of VAT?

VAT: The difference between standard-rated, zero-rated and exempt supplies. There are three categories of supplies that can be made by a VAT vendor: standard-rated, zero-rated and exempt supplies.

Who pays VAT in Thailand?

Any person or entity who regularly supplies goods or provides services in Thailand and has an annual turnover exceeding 1.8 million baht is subject to VAT in Thailand.

What is 7% VAT Thailand?

Value added tax (‘VAT’) is a tax on the sale of goods or the provision of services. The current rates are 7% and 0% with some exemptions from VAT. VAT paid (‘input VAT’) is offset against the VAT charged on sales (‘output VAT’).

How custom duty is calculated?

Basic Customs Duty (BCD): This is the tax that is calculated on the Assessment Value of the goods that have landed at the customs border of India. It can vary between 0% to 100%. BCD depends upon the HSN code of the product and the Country of Import.

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Can I claim back customs VAT?

You can reclaim the VAT incurred on the imported goods you own as input tax subject to the normal rules. … To claim input tax you will need the import VAT statement as evidence. A shipping or forwarding agent cannot usually reclaim this input tax because the goods were not imported to be used in part of their business.

Is VAT a customs tax?

VAT is payable on goods at the rate that would apply if they were bought in Ireland. The value of the goods for calculating the VAT is the customs value (described above) plus: any duty or other tax (excluding VAT) payable.

How is VAT calculated?

Take the gross amount of any sum (items you sell or buy) – that is, the total including any VAT – and divide it by 117.5, if the VAT rate is 17.5 per cent. (If the rate is different, add 100 to the VAT percentage rate and divide by that number.)

Who pays VAT buyer or seller?

You must account for VAT on the full value of what you sell, even if you: receive goods or services instead of money (for example if you take something in part-exchange) haven’t charged any VAT to the customer – whatever price you charge is treated as including VAT.

What are the disadvantages of VAT?

Disadvantages of VAT

  • As the VAT is based on full billing system, VAT implementation is expensive.
  • It is not a simple task to calculate value added in every stage is not an easy task. …
  • VAT is regressive in nature. …
  • All purchase and sales records should be maintained which will cause increased in compliance cost.
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