In operating a business, many people would be primarily concerned with their income from goods and services, where to sell, how much to sell, to whom, when subtracting the capital and operating costs, and how profitable they will be.
But one thing all entrepreneurs need to know But many people overlook that ‘tax’ for start-ups is chaotic and heartbreaking. Let’s see what entrepreneurs have to pay taxes.
Tax that all entrepreneurs have to pay
Corporate income tax
Tax that every entrepreneur who has income from doing business must file tax in the name ‘Revenue Code’ which has a maximum tax rate of 20%, the corporate income tax has 2 types as follows
1.P.N.D.50 form for tax for accounting period that must be filed within 150 days after the account closing date.
2.P.N.D.51 Form to be submitted within 2 months after the half year accounting period
Withholding income tax
What it means is ‘pre-deductible tax’, with the law requiring people who pay the tax to deduct when they are paid. This is based on the type of income and the applicable tax rate, such as 1% for transportation, 2% for advertising, 3% for service.
The person with tax deduction must be submitted as Por Ngor Dor 3 in case of deducting natural persons and Phor Ngor Dor 53 in the case of corporate deduction within the 7th day of the following month.
VAT
Tax on the value of sales of goods and services Currently, the rate is fixed at 7%, the operator is responsible for collecting VAT from buyers of goods or services and issuing tax invoices as evidence for collecting VAT. In which Phor Phor 30 form must be filed with monthly VAT payment every month
Stamp
Stamp duty is a method of collecting taxes. It can be used in conjunction with various rights documents such as an employment contract, loan guarantee, land lease, joint investment contract. Since an oral contract is not written or is subject to stamp duty, it is legally invalid. Cannot testify in civil cases
Additional tax
Specific business tax
Tax collected from specific business operations This applies only to certain businesses, such as banks, life insurance, pawnbrokers, businesses must submit a business tax registration application within 30 days from the inception of the business.
And must file a tax return and pay tax by using Phor Thor 40 form monthly tax Within 15 Of the following month, whether there is income in that month or not
local maintenance tax
Tax collected from all types of landowners Whether it is empty land or has a building, the owner of the land is required to pay taxes. Submit a tax return tax return, Ph.D. 5 at the municipal treasury division benefits every 4 years or within 30 days in case of acquiring new ownership. Or change the land use
Label Tax
Tax collected from displaying all kinds of signs Whether it is a store sign, billboard, publicity board Which must submit an assessment for the billboard tax no later than March 31 of that year And will charge the tax rate according to the size of the sign If not informing or showing evidence of tax payment, the sign may be fined from 5,000 – 50,000 baht.
