Taxes

How to pay tax

If you’re earning any sort of income, you have to pay tax. Make sure you're paying the right amount so you do not end up with a large bill.

If You Are a Business Owner

Most businesses must file and pay federal taxes on any income earned or received during the year. Partnerships, however, file an annual information return but don't pay income taxes. Instead, each partner reports their share of the partnership's profits or loss on their individual tax return.

If You Are an Employee

If you’re earning wages, you’ll need an IRD number from Inland Revenue (IR) so your employer can deduct the right amount of tax.

Tax will be deducted from your wages. You need to make sure you’re using the correct tax code. This means tax will be deducted at the correct rate.

If You Are a Self Employed Contractor

Usually if you’re a self-employed or independent contractor you’re responsible for your own tax as you will not have it deducted from fees you charge. You may have to pay provisional tax.

Excise Tax

The federal government taxes businesses that manufacture or sell certain products. If your business uses various types of equipment, facilities, or other products, you may need to pay an excise tax.

Property Tax

Whether just for purely investment purposes or immigrating to Siam States, one should pay attention to the property taxes that apply for both locals and foreigners as it could have both short and long term financial impacts on your portfolio.

The property tax is calculated based on the Annual Property Tax which is determined by multiplying the annual value with the property tax rate.

Energy Tax Incentives

Energy-related tax incentives can make home and business energy improvements more affordable. There are credits for buying energy efficient appliances and for making energy-saving improvements.

The tax incentive is also aimed at reducing companies’ carbon footprint and assisting in reducing the demand for Siam States’s scarce energy resources.