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Phuket, also known as the Pearl of the Andaman Sea, is a popular tourist destination in Thailand. It is not only known for its pristine beaches and crystal-clear waters, but it is also a hub for businesses. As such, businesses that operate in Phuket are subject to certain tax obligations.
All businesses that operate in Phuket are required to register with the Phuket Provincial Revenue Office within 60 days of establishment. This registration is necessary for tax purposes, and failure to do so can result in fines and penalties.
Businesses in Phuket are subject to a number of taxes, including corporate income tax, value-added tax (VAT), and specific business tax (SBT). Corporate income tax is levied on the net profits of a company at a rate of 20%, while VAT is imposed on the sale of goods and services at a rate of 7%. SBT, on the other hand, is levied on certain businesses such as hotels, restaurants, and entertainment venues at a rate of between 3% and 5% depending on the type of business.
In addition to these taxes, businesses in Phuket may also be subject to property taxes, which are levied on land, buildings, and other real estate assets. Property tax rates vary depending on the location and type of property.
It is important for businesses operating in Phuket to maintain proper accounting records and comply with all tax obligations. Failure to do so can result in fines, penalties, and even criminal charges.
If you are a business owner in Phuket and require assistance with tax compliance, Yehro Phuket can help connect you with local service providers who specialize in accounting and tax services. Contact us today to learn more about how we can assist you with your business needs in Phuket.
