Thailand

Social security contributions

All employees are required to contribute to a social security fund an amount equal to 5% of their salary, up to a maximum contribution of THB 750 per month.

Employers and the government are also required to contribute an equal amount.

Contributions have been reduced from 5% to 1% for both employer and employee, effective from 1 May to 31 July 2022, with the maximum levy per employee reduced to THB 150 per month.

Consumption taxes

Value-added tax (VAT)

The current rate of VAT is 7%.

See the Other taxes section in the Corporate tax summary for information on VAT returns and payments.

Net wealth/worth taxes

There are no net wealth/worth taxes in Thailand.

Inheritance tax

A legacy received by an individual or a corporate entity, regardless of nationality, from a testator who has died is exempt from PIT under the Revenue Code but is subject to inheritance tax. Heirs are subject to the inheritance tax only on the value of a legacy that exceeds THB 100 million obtained from each testator together either once or on several occasions.

The inheritance tax rate is 10%, except in the case of heirs who are ascendants or descendants of the testator, where the rate is 5%. Legacies received by the spouse of a testator are exempt from the tax.

Property subject to the inheritance tax comprises immovable property, securities according to the law, bank deposit accounts or other money of a similar nature that the testators have the right to call back or claim from financial institutions or persons who hold such money, registered vehicles, and financial assets to be prescribed in royal decrees.