Vat & Work Permit. Any Connection

[scottie dog]

I have been told that if a company decides/does not have sufficient turnover to justify VAT payments and stops paying VAT that the Work Permit of the Farang MD/Owner is revoked. Is this true? Also what is the current VAT turnover monthly/annual limit

[Sunbelt Asia]

I have been told that if a company decides/does not have sufficient turnover to justify VAT payments and stops paying VAT that the Work Permit of the Farang MD/Owner is revoked. Is this true?

It can happen on the renewal of the work permit. In most cases, this is not a problem.

Also what is the current VAT turnover monthly/annual limit

1.8 million Baht per year.

www.sunbeltasiagroup.com

[scottie dog]

I have been told that if a company decides/does not have sufficient turnover to justify VAT payments and stops paying VAT that the Work Permit of the Farang MD/Owner is revoked. Is this true?

It can happen on the renewal of the work permit. In most cases, this is not a problem.

Also what is the current VAT turnover monthly/annual limit

1.8 million Baht per year.

www.sunbeltasiagroup.com

Thank you SUNBELT, yet another prompt reply. One more question, apart from just not paying VAT how is one supposed to get out of the VAT system legally

[Sunbelt Asia]

Thank you SUNBELT, yet another prompt reply. One more question, apart from just not paying VAT how is one supposed to get out of the VAT system legally

You cannot deregister by just filing a form.

If the company does not file for six months or files a return of zero, in the 5th month they will get a letter asking for explanation of why. If the MD don't show up, the company will get deregistered for Vat.

www.sunbeltasiagroup.com

[scottie dog]

Thank you SUNBELT, yet another prompt reply. One more question, apart from just not paying VAT how is one supposed to get out of the VAT system legally

You cannot deregister by just filing a form.

If the company does not file for six months or files a return of zero, in the 5th month they will get a letter asking for explanation of why. If the MD don't show up, the company will get deregistered for Vat.

www.sunbeltasiagroup.com

Thank you yet again

[Cyberstar]

If the company does not file for six months or files a return of zero, in the 5th month they will get a letter asking for explanation of why. If the MD don't show up, the company will get deregistered for Vat.

Won't the company be in for a penalty, if not filing? My company became Vat registered late in March, but didn't commense business until mid April and didn't file PP30 for March filled out with zeroes in due time. Was fined 500 Baht.

[Sunbelt Asia]

If the company does not file for six months or files a return of zero, in the 5th month they will get a letter asking for explanation of why. If the MD don't show up, the company will get deregistered for Vat.

Won't the company be in for a penalty, if not filing? My company became Vat registered late in March, but didn't commense business until mid April and didn't file PP30 for March filled out with zeroes in due time. Was fined 500 Baht.

500 Baht fine will in fact take place per month, IF the company was to start filing VAT again at a later date, at the same address. If a company simply stops filing, no invoice for a fine will be sent.

What some businessmen do is relocate the office if they have not been filing for several years and file for Vat at the new location. Once again no fine is levied as it’s a new Vat application at a new address.

The best way is to file for 6 months at zero rate and be deregistered. This way if the company decides to re enter the VAT system at the same location several years later, no fine would be accessed.

www.sunbeltasiagroup.com