-
Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
-
Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
-
Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
-
Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
-
Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
-
Africa
24 member firms supporting your business.
-
Americas
31 member firms, covering 44 markets and over 20,000 people.
-
Asia-Pacific
19 member firms with nearly 25,000 people to support you.
-
Europe
53 member firms supporting your business.
-
Middle East
8 member firms supporting your business.
-
Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
-
Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
-
Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
-
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
-
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
-
IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
-
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
-
Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
-
Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
-
Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
-
Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
-
Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
-
IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
-
growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
-
International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
-
IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
-
Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
-
Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
-
Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
-
Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
-
Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
-
Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
-
Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
-
Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
-
Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
-
Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
-
Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
-
TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
-
Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
-
TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
-
Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
-
Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
-
International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
-
Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
-
COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
-
Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
-
Mid-market sees business optimism reach record high
Grant Thornton's latest International Business Report (IBR) sees optimism among mid-market business leaders reach a record high with 74% optimistic about the outlook for their economy over the next 12 months.
-
Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
-
Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
-
Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
-
Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
-
Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
-
Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
-
People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
-
Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
-
Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
-
COP28
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
-
Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
-
Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
-
International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
-
Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
-
Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
-
The key to international business: Investing in people
How can recruitment and retention help grow international business?
-
Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
-
IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
-
Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
-
Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
-
IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
-
IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
-
IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
-
IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
-
IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
-
Pillar 2
Key updates and support for the global implementation of Pillar 2.
-
Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
-
International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
-
Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Indirect tax snapshot
Please click on each section to expand further:
Value Added Tax (VAT) is the principal indirect tax in Thailand. It is a broad-based indirect tax on consumption. The liability for VAT lies with the vendor or the service provider for each stage of production and distribution in Thailand.
Nonetheless, the actual incidence of the tax is normally borne by the ultimate consumer. The transactions subject to VAT include sale of goods, provision of services and imports.
VAT returns are filed and VAT is paid on a monthly basis with the filing of a VAT return (Form PP-30). The VAT amount is generally calculated by the business on the basis of the selling price or charges at that particular stage. The monthly VAT liability is then computed by taking the difference between output VAT accrued on its sales for the month and any input VAT credits accrued on its purchases, including credits for prior months.
Where the input tax exceeds the output tax either a request for refund can be made or the excess input tax can be carried forward into the future without limit.
The tax base of VAT for general goods and services is the total value received from the supply of goods or services.
In addition, tax base also includes any Excise Tax that has been collected in connection with such supply (e.g. sale of motor vehicles). The tax base is exclusive of any discounts or allowances, but only if the discounts or allowances are clearly shown in the tax invoice.
There are two rates of VAT that are applied to goods and services in Thailand:
- the general rate (currently 7%)
- zero rated (0%).
Furthermore, some goods and services are exempt from VAT. In such case the VAT registrant may not claim any input tax credit such that VAT paid is a 'real cost'.
In addition, VAT is also paid at the time of import of goods into Thailand, with the input tax credit realized by the 'importer' of record.
All VAT registrants are required to post their VAT Certificate at their place of business.
Any person or entity that regularly supplies goods and provides services in Thailand which are not exempt from VAT is required to register as a VAT participant if its annual revenue exceeds Baht 1.8 million. A person or entity can still register for VAT even where its annual revenue is lower.
Furthermore, an importer is also subject to VAT in Thailand no matter whether it is a registered person or not. VAT will be collected by the customs department once goods are imported to Thailand.
In addition, an agent who sells goods or renders services on behalf of a trader not resident in Thailand is responsible for payment of VAT. For other non-resident traders, persons
responsible for the operation of the business in Thailand on the trader’s behalf, have a joint liability with the traders for the VAT. Otherwise, the resident buyer of the goods and services from the non-resident trader is required to pay the VAT (self-assessed or inverse VAT).
In the case where a VAT registrant wishes to open an additional place of business, it must notify the revenue department office not less than 15 days prior to the date of opening the additional place of business in order to obtain the VAT certificate for such place of business.
No. A foreign business that is not established in Thailand and has no a permanent establishment or an agent in Thailand is not subject to VAT in Thailand. The foreign business, hence, is not required to register as a taxpayer in Thailand. However, if the foreign business carries on its business through a permanent establishment such as an agent, a subsidiary and a branch in Thailand, the VAT registration requirements shall be applied.
Furthermore, any person or entity who is liable to register VAT in Thailand must submit a registration form to the local Revenue Department Office either before the operation of business or within 30 days after the business’s income reaches the threshold.
Yes. Thailand has imposed tax legislative relating to non-residents performing electronic services to customers in Thailand. Under the e-services tax regime, a non-resident service provider who provides services electronically to non-VAT registered customers (i.e., individual persons) in Thailand is required to register and pay VAT where the service provider’s income derived from such services in Thailand exceeds 1.8 million Baht per annum.
VAT charged under the e-services tax regime is imposed at a flat rate of 7 percent of the service income.
If a non-established business wishes still to register for VAT at its option, it must appoint a VAT agent to act on its behalf in the filing of monthly VAT returns. In such case the non-established business will then be able to offset any input VAT incurred for local purchases of goods and services against any output VAT collected on the sale of goods to Thai customers.
The VAT return together with payments must be submitted on a monthly basis to the Thai Revenue Department within 15 days from the end of the month in which the VAT liability arises. A return must be filed regardless of whether there are any VAT transactions or not.
In case of self-assessed VAT, the VAT return together with payments must be submitted to the Thai revenue department at a local office within seven days from the end of the month in which the VAT liability arises.
For electronic filing of VAT returns a further eight days is allowed for the filing of the return and payment.
If a taxpayer has several places of business, separate returns must be filed at each local revenue department office unless the taxpayer has applied to the revenue department for authority to file a return and pay tax at a single local office.
If a VAT return or the corresponding payment is submitted late a penalty and a surcharge will be imposed. If the taxpayer fails to file a tax return or a tax remittance return within the time limit, the penalty shall be twice the amount of tax payable or due in the tax month.
If the taxpayer files a tax return or a tax remittance return incorrectly or it contains errors affecting the amount of output tax, input tax or tax payable, the penalty shall be equal to the amount of the deficient output tax, the excess input tax or the tax additionally payable.
However, if the tax payer amends the VAT return voluntarily, the taxpayer must pay penalty based on the number of days from the end of the time limit for paying VAT. The penalty rate can be as high as 20% of tax payable if the payment is made after 60 days from the end of the time limit for paying VAT.
In addition, a surcharge will be imposed when the taxpayer fails to pay or remit tax in full within the time limit. The surcharge is equal to 1.5% per month or fraction thereof of the amount of tax payable exclusive of penalties.
There is no another declaration required in Thailand.
Various penalties can be imposed where the taxpayer does not comply with the VAT rules. These include penalties for the failure to prepare and deliver a tax invoice to a purchaser; issuing a tax invoice, a debit note or a credit note without a lawful right to do so; using of a false tax invoice; failure to keep the copy of a tax invoice evidencing both input and output taxes; failure to prepare other records as required by law. The penalties can be imposed on both the taxpayer and its directors.
No. The VAT incurred by overseas cannot be claimed if the business is not a VAT-registered taxpayer in Thailand.
A VAT invoice shall contain at least the following particulars:
- the word, 'Tax invoice', in a conspicuous spot
- name, address and tax-payer identification number of the registrant issuing the vat invoice, and place of business as it appears in the VAT certification (head office or branch no. 0000X)
- name, address and tax-payer identification number of the purchaser of goods or the recipient of services and place of business as it appears in the VAT certification (head office, or branch no. 0000X)
- serial number of the vat invoice, and of the pad (if any)
- name, type, category, quantity, and value of goods and services
- amount of value added tax computed on the value of goods and services, which shall be clearly separated from such a value
- date of issuance of the vat invoice
- any other information specified by the Director-General (ie many documents issued in the same set is required to contain the passage 'Document issued as a set').
The above particulars in the VAT invoice shall be in Thai language with Thai currency unit, and using Thai or Arabic numerals. However, it is possible to issue the VAT invoice in English or other languages under the notification of the Director-General of Revenue on VAT (No.92).
In addition, a registrant carrying on business of selling goods or providing services by retail to a large number of customers shall have the right to issue a summary tax invoice. However, a registrant carrying on a retail business who wishes to use a cash registering machine for issuing a summary tax invoice shall file an application to Revenue Department for the use of such a machine.
Contact us
For further information on indirect tax in Thailand please contact:
Sanporn Sanpatchaya
T +66 (2) 205-8142
E sanporn.sanpatchaya@th.gt.com