VAT, Tax Identification and Corporate Bank Preparation

Legal Basis

The Revenue Code determines VAT duties by activity and turnover. A VAT-taxable business exceeding annual turnover of THB 1.8 million must review registration within 30 days of exceeding the threshold. Exempt activities and voluntary registration require separate assessment. Section 77/1 alone is not the registration-duty rule. Verify existing tax identification with the Revenue Department rather than assuming every new company needs a separate number. Banks apply their own identity, authority and beneficial-ownership checks.

Who Needs This

New companies assessing VAT before issuing tax invoices

Required Documents

• Corporate certificate and existing identification numbers
• Actual activities and turnover evidence
• Premises rights, map and photographs required by the Revenue office
• Authorised signers and beneficial owners for bank review
• Procedure-specific application and authority documents

Common Pitfalls

• Applying turnover thresholds without checking exemptions
• Assuming identical director-attendance and power-of-attorney policies across banks
• Confusing e-Filing with e-Tax Invoice
• Promising exporters a fixed monthly VAT refund percentage

Preparation situations (not client histories)

• New companies assessing VAT before issuing tax invoices
• Online sellers monitoring threshold exposure
• Exporters preparing input-tax and export evidence

FAQ

Does every activity over the threshold require VAT registration?

Check whether the activity is taxable or exempt first. Turnover alone is insufficient.

Are returns needed when there are no sales?

Registered persons retain monthly return duties under applicable law. Check current forms and deadlines with the Revenue Department.

Which bank guarantees account approval?

None is promised. Check the selected bank’s policies, documents and authorised-signatory requirements.

Must every company use e-Tax Invoice?

Do not apply one turnover rule universally. Online tax returns and electronic tax invoices are separate systems with applicable requirements.

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