Thai online vendors required to file taxes from 2024 as new directive kicks in
Online vendors are required to file taxes for the year 2024, with the Revenue Department mandating online platforms to disclose income data. This directive, effective from January 1 applies to all businesses, including e-Commerce, food and product delivery services like Shopee, Lazada, Grab, and TikTok.
These platforms, registered in Thailand and having an annual income exceeding 1 billion baht, are obligated to maintain special accounts. These accounts should display the income data of the online vendors selling goods or services on these platforms and must be submitted to the Revenue Department within 150 days from the end of the accounting period.
Online vendors wondering about the tax obligations for online businesses, the necessary documents for filing taxes, and the process of filing taxes can find comprehensive information here. It’s important to note that online sales are subject to income tax and the calculation is divided between personal income tax and corporate income tax, depending on the nature of the business. In cases where the annual sales exceed 1,800,000 baht, the business must register for a Value Added Tax (VAT) within 30 days.
Online vendors whose income exceeds 60,000 baht are required to file taxes twice a year. The first filing, for personal income tax semi-annually (Form P.N.D.94), is between July 1 and September 30 of the same year.
The second filing, for annual personal income tax (Form P.N.D.90), is between January 1 and March 31 of the following year. In case the annual sales exceed 1,800,000 baht, VAT registration should be completed within 30 days from the day the income exceeds 1,800,000 baht.
Online vendors need to prepare certain documents to file taxes. For individual vendors, Form P.N.D.94 / Form P.N.D.90, income proof documents, and tax deduction documents are required. For legal entities, Form P.N.D.51 / Form P.N.D.50, income proof documents, and financial statements are necessary.
In preparation for tax filing, online vendors should keep a record of sales transactions and maintain income and expense accounts. They should also keep all related documents as evidence, stay updated with tax news, and file taxes either by visiting the Revenue Department or through online channels, reported KhaoSod.
