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Former Member
Jun 28, 2009 at 05:50 AM

Taxes in Thailand

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Hi all

My client is in to drilling business and sll our sales materials are services.The sales order will be in USD.Now in Thailand we have a requirement like this.There will be output tax VAT @ 7 %.Now the base price will be paid by the customer in USD but the VAT amount is paid in Thai Baht.The 7% is calculated while converting the base price in to equivalant THB and the exchnge rate is sthe rate given by central bank of thailand the day before we issue the invoice.

On the invoice the curriencies should be like the base price shown in USD.The VAT shown in THB.Both remitted by check to two different banks.

And the postings should be Credit revenue in USD and Debit AP/VAT account in THB.

Has some one worked on taxes in thailand if so please share your comments.

Please provide ur valuable inputs

Regards

Shilpa