One of the largest countries in ASEAN, Thailand emerging economy and is considered a newly industrialised country only second to Indonesia in terms of the size of its economy. Best known as a manufacturing hub for vehicles, heavy on export, it’s tourism industry is also world renowned which attracts not only toursists from the region but all around the world. It’s uniqe culture, and traditions is definitely one of its strongest assets.
There are several types of businesses in Thailand.
For more info visit :http://www.dbd.go.th
There are several types of employment that is recognized :
*Under Thai Law, foreigners are prohibited in engaging in manual work.
Ranges from 300 Thai bhat per day and up, depending on the cost of living in various provinces
Note that wages below SGD 2,000 hours of work & overtime are regulated under the Singapore Employment Act. For employees earning above SGD 2,000/month, the above conditions of the Employment Act do no apply and it is free to be determined by agreement between the employee and the employer.
The minimum number of annual leaves for employees in Thailand is 6 days.
Collection of contributions paid by employers, employees, and the government for use in providing protection and welfare in respect of non-work related injury or sickness or invalidity or death, or maternity or child allowance or old-age, or unemployment to employees who are insured persons. The consolidated rates of contributions from 3 parties are not to exceed the following limits: 4.5% of wage for injury, sickness, invalidity, death, and maternity benefits; 9% of wage for child welfare and old-age benefits; 15% of wage for unemployment benefits.
This Act requires employers to pay annual contributions at the rates of 0.2-1% of wage depending on risk levels of any given business. This contribution is to be used for paying workmen’s compensation in respect of work-related injury, or sickness, or loss of organs, or invalidity, or death, or lost to employees who are insured persons.
For more info visit :http://www.mol.go.th/
The Revenue Department is the main agency that enforces taxation for the government.
A Thai company generally pays tax at 20% (until 2015) of net profit.
A foreign company carrying on business in Thailand, whether it has a branch, an office, an employee or an agent in Thailand shall pay 30% tax (reduced to 20% until 2015) only on profit deriving from business in Thailand. However, international transportation company shall pay tax at the rate of 3% on gross receipts.
VAT is an indirect tax imposed on the value added of each stage of production and distribution. Any person or entity who regularly supplies goods or provides services in Thailand and has an annual turnover exceeding 1.8 million baht is subject to VAT in Thailand.
For more info visit :http://www.rd.go.rh