Phuket Legal Firm

Specific Business Tax in Thailand

Understanding the laws and regulations surrounding Specific Business Tax (SBT) in Thailand can be a daunting task for businesses operating in the country. SBT is a tax imposed on certain types of business activities, such as the production of goods, provision of services and import/export businesses. The tax rate varies depending on the type of business and the income earned. It is crucial for businesses to have a clear understanding of SBT laws and regulations to ensure compliance and avoid penalties and fines.

With the complexities and ever-changing nature of the tax laws, it can be helpful to seek the assistance of professionals who have a deep understanding of the process and can guide businesses through the compliance requirements. Phuket Legal Firm offers expert advice and services in relation to Specific Business Tax.

1.Taxable Person

Understanding the laws and regulations surrounding Specific Business Tax (SBT) in Thailand can be a daunting task for businesses operating in the country. SBT is a tax imposed on certain types of business activities, such as the production of goods, provision of services and import/export businesses. The tax rate varies depending on the type of business and the income earned. It is crucial for businesses to have a clear understanding of SBT laws and regulations to ensure compliance and avoid penalties and fines.

With the complexities and ever-changing nature of the tax laws, it can be helpful to seek the assistance of professionals who have a deep understanding of the process and can guide businesses through the compliance requirements. Phuket Legal Firm offers expert advice and services in relation to Specific Business Tax.

2.Exemptions

There are certain exemptions available for businesses under the SBT laws in Thailand. Small and medium-sized enterprises with annual revenue of less than THB 30 million may be eligible for an SBT exemption. Additionally, businesses engaged in certain industries, such as agriculture and fisheries, may be eligible for an exemption.

Business	Tax Base	Tax Rate (%)
1. Banking, Finance and similar business	Interest, discounts, service fees, other fees, profits from foreign exchange	3.0
2. Life Insurance	Interest, service fees and other fees	2.5
3. Pawn Brokerage	Interest, fees, remuneration from selling overdue property	2.5
4. Real estate	Gross receipts	3.0
5. Repurchase Agreement	The difference between selling price and repurchasing price	3.0
6. Factoring	Interest, discounts, service fees and other fees	3.0
Remark : Local tax at the rate of 10 % is imposed on top of SBT.

4. Sbt Registration

All businesses that are required to pay SBT are required to register with the Revenue Department. The registration process includes the submission of various documents, such as the business registration certificate and the ID of the business owner. Our team can help with the registration process, including document preparation and submission, as well as providing guidance on the ongoing compliance requirements of SBT.

5. Penalties for Non-Compliance

Businesses that do not file their SBT returns or make payments on time may be subject to penalties, including fines and interest. In addition, failure to comply with SBT regulations can result in the revocation of the business’s operating license.

6. How Phuket Legal Firm Can Help

Filing SBT in Thailand can be a complex and time-consuming process, and it is important to have a professional handle the process to ensure timely compliance and avoid penalties and fines. Phuket Legal Firm offers comprehensive SBT services to our clients in Thailand.

Our team of experienced professionals can assist with the preparation and filing of SBT returns, as well as provide guidance on the exemptions and ongoing compliance requirements of SBT. By using our services, businesses can save time and money by ensuring compliance with the laws and regulations and receiving valuable advice and help throughout the process.