Documentation and Compliance

It is best to keep as many records as possible. It is very important to keep a record of every transaction that is sent across and where the funds are from initially. (what is the source of the funds) It is advisable to set up accounts for different types of assets, as it will be easier for you to keep track and file properly once remitted into Thailand if non-taxable and taxable assets are kept separately.

Read our article on the best practices for keeping tax records for more information.

It is the responsibility of the individual tax payer to prove that their assets are not taxable.

In Thailand, intentionally avoiding tax payments or falsely claiming refunds is considered a significant violation. Those found guilty of tax evasion can face criminal penalties, including a jail term of three months to seven years and fines from 2,000 to 200,000 Baht. Financial penalties can be 200% of the tax evaded and interest of 1.5% a month. Our advice is to stay fully compliant and within the rules.

If you don’t pay taxes owed in Thailand, you may face serious consequences, including fines, penalties, and interest on unpaid taxes. The Thai Revenue Department has the authority to conduct audits and investigations into tax evasion. Failure to comply with tax obligations can lead to legal action, including criminal charges, which might result in imprisonment. Additionally, non-payment can damage your credit rating and hinder your ability to conduct business in Thailand, as it reflects negatively on your financial responsibility and legal compliance.

The department accepts documents in Thai or English. Certification depends on the nature of the claim, but clear records, including bank statements, are essential for audits (up to five years).

You must keep records for up to five years. Ensure all documentation is in Thai or English for compliance purposes.