Thailand

Overview

Last reviewed - 06 July 2021

Thailand, 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. However, since 2019, the economy has declined due to weaker demand for exports reflecting the impact of US-China trade tensions, slowing public investments and a drought, impacting agricultural production. The growth rate for 2019 was 2.4%, down from 4.21% in 2018. In 2020, the Thai economy declined by 6.1% due largely to the impact of the Covid-19 pandemic both locally and globally. While increases were seen in the manufacturing, construction, agriculture and financial sectors, severe decreases were encountered in the accommodation, transport, wholesale and retail sectors. For 2021, the current expectation is an increase of 1.5-2.5% based on a significant recovery in the global economy, government expenditure, improvements in domestic demand and the low growth base in 2020. 

PwC has had a presence in Thailand for 62 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
Headline CIT rate (%)

20

Corporate income tax (CIT) due dates
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
Headline PIT rate (%)

35

Personal income tax (PIT) due dates
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
Standard VAT rate (%)

7

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: 10 / 1 / 3;

Non-resident: 10 / 15 / 15

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Headline individual capital gains tax rate (%)

Capital gains are subject to the normal PIT rate.

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Headline inheritance tax rate (%)

10

Headline gift tax rate (%)

5

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.