Withholding Tax...please Explain

[domus]

"withholding tax has still not been lifted - reports are that it will be lifted soon. I suggest that when it is lifted we will be into the 50's very quickly".

can anyone explain what 'withholdong tax is?

rgds

[Maestro]

Withholding tax is a tax withheld at the source when income is paid to you. For example, when the bank credits your account with interest, it withholds income tax. When your employer pays you your salary, he withholds income tax. Later, when you make your tax declaration and the amount of tax due on your income is calculated, you have to pay only the difference between the tax due and the tax previously withheld.

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Maestro

[dinom]

Withholding tax is a tax withheld at the source when income is paid to you. For example, when the bank credits your account with interest, it withholds income tax. When your employer pays you your salary, he withholds income tax. Later, when you make your tax declaration and the amount of tax due on your income is calculated, you have to pay only the difference between the tax due and the tax previously withheld.

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Maestro

For the first time and after working for a new company here, I had to sign a withholding tax form. The personal income tax form (91) I need to do in a couple of weeks, correct? Why I never saw this withholding tax form in 6 years with another company? Any idea, is it good or bad news?

[mortenaa]

In Thailand, whenever a service is provided, the company should withhold 3% tax. You need to give the service provider a withholding tax certificate. And the tax should be payed by the service receiver to the Revenue Department. This is all very bureaucratic and time consuming. I dont understand why they can't just raise the VAT.

More info: http://www.thaiaccounting.com/taxation/withholding.htm

[dinom]

In Thailand, whenever a service is provided, the company should withhold 3% tax. You need to give the service provider a withholding tax certificate. And the tax should be payed by the service receiver to the Revenue Department. This is all very bureaucratic and time consuming. I dont understand why they can't just raise the VAT.

More info: http://www.thaiaccounting.com/taxation/withholding.htm

Thanks that already makes some sense to me and comes at the right time!!

[Sophon]

"withholding tax has still not been lifted - reports are that it will be lifted soon. I suggest that when it is lifted we will be into the 50's very quickly".

can anyone explain what 'withholdong tax is?

rgds

It sounds more to me like this quote has to do with the 30% withholding tax on incoming transfers (which has now been lifted). The tax on services would have no effect on the GBP/THB currency exchange rate which I believe the latter part of the quote is about.

I could be wrong, of course.

Sophon