How do you calculate VAT? when trading in exports

👉🏻Why do I have to pay tax when selling exports?

Export sales through taxes are subject to VAT, just like domestic sales. In addition, entrepreneurs exporting income exceeding 1.8 million baht per year must file VAT registration with the Revenue Department within 30 days using a 0% rate for VAT calculation under Section 80/1 of the Revenue Code.

👉🏻How to calculate VAT?

It can be seen that the VAT rate is calculated at 0%, which means no tax. but not in all cases In the case that 0% is charged, it is the case that the export business is processed through customs formalities or reports to the authorities. Exports without customs clearance will be charged at a rate of 7%.

👉🏻What do VAT-registered export entrepreneurs have to do?

VAT registered export operators have the same duties as general VAT registered operators. with the following duties:

- Issuing tax invoices Issued at the time of liability (Tax Point). Liability will occur when the export duty is paid. There is a guarantee and have a guarantor

- Make a purchase/sales tax report and report the products according to the law

- Submit a VAT return (Phor.Phor.30) by the 15th of the following month

In case of requesting a tax refund Operators must use additional evidence as follows:

- Invoice is an invoice showing the name of the product, amount, value of the product, etc.

- Packing List is a document made by the exporter to show the packing details, including the weight and quantity of the goods.

- Proof of payment for goods in the invoice, such as evidence of opening L/C (Letter of Credit), etc. In case these evidences cannot be shown, use the export transaction record in the sales tax report, the goods report, the cash receipts account. or sales account instead

- A copy of the cargo declaration in the name of the operator who has passed the customs formalities showing the release of goods.

👉🏻If you don't comply, what are the penalties?

- If you do not make a tax invoice or do it but do not send it to the buyer will be guilty of a fine not exceeding 5000 baht or imprisonment not exceeding 1 month or both and also have to pay a penalty twice the value added tax according to the tax invoice

- Failure to file a tax return will be subject to a fine of not more than 2,000 baht.

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