Thailand
Overview
Last reviewed - 17 January 2021Thailand, a country located in Southeast Asia, is bordered by Myanmar to the north and northwest, Lao PDR and Cambodia to the east, Malaysia and the Gulf of Thailand to the south, and the Andaman Sea to the southwest. A unified Thai kingdom was established in the mid-14th century. Known originally as Siam, the country was renamed Thailand (Land of the Free) in 1939. Thailand's capital city is Bangkok, its currency is the baht (THB), and the official language is Thai.
Thailand is Southeast Asia’s second largest economy after Indonesia. With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand historically has had a strong economy. After a period of slow growth from 2013 to 2015, the improvement that started in 2016 continued to 2018 due largely to the growth in the agriculture, export, tourism and key production sectors such as manufacturing and construction. However, the GDP growth for 2019 was 2.4%, down from 4.21% in 2018 due to weaker demand for exports reflecting the impact of US-China trade tensions, slowing public investments driven by a delay in the passage of the FY 2020 budget, and a drought, impacting agricultural production. In 2020, the Thai economy is projected to decline by 6.0%, an upward revision from the range of -7.8 to -7.3% in the previous projection due to the recovery in private consumption being faster than anticipated, public investment having notably accelerated more than expected and a significant recovery in manufacturing and agricultural production.
PwC has had a presence in Thailand for 61 years. Our client base includes some of the largest Thai and multinational companies as well as government institutions. Our close interaction with both economic and state bodies allows us to keep up with the fast-changing business environment. We have over 2,000 people working in our Bangkok-based office.
Quick rates and dates
Corporate income tax (CIT) rates | |
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Headline CIT rate (%) |
20 |
Corporate income tax (CIT) due dates | |
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CIT return due date |
Within 150 days from the closing date of the accounting period. |
CIT final payment due date |
Within 150 days from the closing date of the accounting period. |
CIT estimated payment due dates |
Within two months after the end of the first six months of the accounting period. |
Personal income tax (PIT) rates | |
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Headline PIT rate (%) |
35 |
Personal income tax (PIT) due dates | |
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PIT return due date |
31 March |
PIT final payment due date |
31 March |
PIT estimated payment due dates |
NA (except for certain business income, when tax on the income for the first half-year must be paid by 30 September each year) |
Value-added tax (VAT) rates | |
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Standard VAT rate (%) |
7 |
Withholding tax (WHT) rates | |
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WHT rates (%) (Div/Int/Roy) |
Resident: 10 / 1 / 3; Non-resident: 10 / 15 / 15 |
Capital gains tax (CGT) rates | |
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Corporate capital gains tax rate (%) |
Capital gains are subject to the normal CIT rate. |
Individual capital gains tax rate (%) |
Capital gains are subject to the normal PIT rate. |
Net wealth/worth tax rates | |
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Headline net wealth/worth tax rate (%) |
NA |
Inheritance and gift tax rates | |
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Inheritance tax rate (%) |
10 |
Gift tax rate (%) |
5 |