Things to know about taxes that you need to know before starting a business ✨

Things to know about taxes that you need to know before starting a business ✨

For this article, we would like to present knowledge about the subject of taxes that should be known before starting a business to leave each other. If you're ready, let's go see it.

📍Taxes that you need to know before starting a business

1. Income tax

This is a tax that is collected on people with income by dividing the tax on personal income and corporate income tax. The personal income tax will be collected from the individual. If you are doing business and not registered as a corporate entity, you will have to pay the personal income tax. The person doing business in Laos will have to file the tax twice. Each year is semi-annual tax using income tax 94 and annual income tax using income tax 90, unlike people who are salaried employees who have what's on their payroll, which are fired once as an annual income tax using income tax 91 instead; and For those doing business in corporate form, the tax you will pay is the individual year's income tax. In a year we will have to file two filings: the half-year income tax using income tax 51 and the annual income tax using income tax 50.

2. Withholding income tax

The withholding tax will be paid according to the conditions. The person making the payment must have a certain amount of money deducted in order to remit the tax to the state. The principle of this language is to reduce the tax at the end of the year for the payee as an income earner and to Gradually pay taxes little by little each time the money is received.

The tax rates that must be deducted vary. It depends on who you are going to pay. and pay what The compressed money is replaced with a paper known as a withholding certificate, which can be repaid by the state at the end of the year or used to reduce their tax burden. can

3. VAT

collect the VAT is a tax that is collected in addition to the price of goods or services charged to the customer where the seller will register vat and have a duty to charge vat in addition to the selling price of 7% and called sales tax Those who are in the VAT system must submit the tax to the Revenue Department within the specified time. which shall be calculated from the amount of sales tax and deducted with the amount of input tax

4. Specific business tax

by the specific business tax It will only apply to certain businesses. This is typically a business that involves financial matters, a bank or a pawnshop. By filing this specific business tax, Phor Thor 40 will be used for tax filing and must be filed by the 15th day of the following month.

5. Excise tax

Excise taxes are imposed on the sale of certain goods or services that contribute to the destruction of society, culture, as well as nature and the environment. For example, playing cards, oil, cigarettes, etc., the monthly budget must be reported to the local excise department by the 15th day of the next month.

6. Tax on local maintenance

which is a tax that is levied by the land owner Either a natural person or a juristic person who owns the land without being exempt from tax. For example, a commercial building where taxpayers are required to pay their taxes by April of each year.

7. House and building tax

In this case, the person who has a building or land for rent and must have income from the rental. You will have to pay the property and land tax at the amount of 12.5% per year of the rent for the whole year. The payment can be made at the district office or district office located within the month of February every year.

8. Signage tax

A signboard tax is a tax that is collected from a signboard. which will be charged according to the size of the sign And it will start at 200 baht for non-exempt labels. The signboard tax must be filed at the district office or at the district office located within March of each year.

9. Stamp duty

Stamp duty is a tax that must be paid when conducting certain transactions. by for example Lease contracts that, outsourcing, or borrowing money, etc., are the ones who are obliged to pay taxes. renter or the lender which can be paid in duty or in cash

How are you? Hope this article will be useful for all readers and see you in the next article.

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