Taxes in Thailand

[Former Member]

Hi all

My client is in to drilling business and sll our sales materials are services.The sales order will be in USD.Now in Thailand we have a requirement like this.There will be output tax VAT @ 7 %.Now the base price will be paid by the customer in USD but the VAT amount is paid in Thai Baht.The 7% is calculated while converting the base price in to equivalant THB and the exchnge rate is sthe rate given by central bank of thailand the day before we issue the invoice.

On the invoice the curriencies should be like the base price shown in USD.The VAT shown in THB.Both remitted by check to two different banks.

And the postings should be Credit revenue in USD and Debit AP/VAT account in THB.

Has some one worked on taxes in thailand if so please share your comments.

Please provide ur valuable inputs

Regards

Shilpa

[Former Member]

Hi,

As per my knowledge, we can create a sale document with single currency only.

In that case, its better to create the order in Thai currency.

When you send the order confirmation (or) invoice to the customer, in the output ( Invoice form / Order Acknowledgement Form),

convert that Thai Currency to USD for basic price and tax will be in Thai currency only.

So my vision is to make only at the output of the layout sets, but in the system, Thai currency document is created.

Regards,

Sai

[Former Member]

Hi all

Any inputs ? Please advice if i am not clear with my question .