Online sales tax Online seller, easy to understand, 3 minute
Jan 13, 2024 5:01:15 GMT
Post by sakibkhan18 on Jan 13, 2024 5:01:15 GMT
When a career in selling things online helps generate good income Plus you don't have to quit your regular job. This occupation has therefore become a popular occupation in this era. And when we have our own income An important duty that cannot be forgotten or avoided at all. "Tax payment duty" and this year the Revenue Department has begun to take seriously online merchants who have income but do not file taxes correctly, so! Today, let's understand the issue of taxes and that it is not as scary as you think. If you're interested, choose and read! What kind of taxes must be paid when selling things online? How to calculate tax? How many types of expenses are taken into account for taxes for online stores? Tax deductions and tables How to calculate tax by deducting expenses according to the rate So this year, is there anything that can be used as a tax deduction? Shop well and have a good night 2023 Things you should know about online taxes "e-Payment" Online tax calculator What kind of taxes must be paid when selling things online? How do I pay taxes when selling things online? Let's understand first that selling things online is not open or registered in the form of a company. It will be considered as paying personal income tax, which is classified as income in category 8 or Section 40 (8), which is income from trading. And there are 2 periods during which merchants must submit taxes: File year-end taxes (submit Form P.N.D.90) between 1 Jan. - 31 Mar. of every year. It is a summary of all income that occurred during the past year (e.g. income In 2022, must be submitted by March 2023) Mid-year tax return (submit form P.N.D.94)
between 1 July - 30 September of every year. It is a summary of income that occurred during the first half of the past tax year. Some deductibles will also be deducted in half. For example, personal deductibles will be reduced from 30,000 to 15,000. How to calculate tax? For online stores, there are two main types of taxes: paying personal income tax and paying corporate tax. (This is the case for online stores that are registered as companies) Most of these online stores are not commercially registered. Today, Pimploen would like to talk only about tax calculations for individuals. The formula for calculating personal income tax is (income - expenses - deductions) x tax rate = tax to be paid. The important point is expenses and deductibles . Things to know: In the case where the merchant Online seller with income (I emphasize that income is not profit) exceeding 1.8 million baht per year must be registered for Value Added Tax (VAT) as well, which the law will require merchants. online seller Must register for Value Added Tax (VAT) within 30 days from the date the income exceeds 1.8 million baht , which is currently collected at 7%. Page365 Recommended Make accounting for income from online sales and taxes a step easier to manage by using Page365, able to connect with the Peak Account accounting system, sending sales income information through online bills , and automatically issuing receipts/tax invoices. Accurate and complete according to accounting regulations Ready to file taxes correctly. SIGN UP FOR PAGE365 FOR FREE. How many expenses are taxed for online stores? Expenses will be deducted at a rate of 60% for online stores Executives Person Address that are purchased or sold and not produced by themselves. Deduct actual expenses For shops that produce their own products But in this case, there must be documents that need to be submitted. A lump sum deduction of expenses is taxed at 0.5% if you have income from online sales of more than 1,000,000 baht (one million baht). There is also the matter of deductions and tax rate tables!! Tax deductions are other expense items. that the Revenue Department has announced to be deducted from income So that we can calculate the net income and compare the tax with the tax rate table. that we often hear that Calculate taxes on a stepwise basis, that's it. The formula is (income - expenses - deductions) x tax rate = tax payable. It's called a ladder because when we get net income , we have to compare that net income with the tax rate table to see how much tax we will pay. (Net income is Income after deducting various expenses and deductions)
Personal income tax rates 2022, applied for filing in 2023. Interesting tax vocabulary Net income means income after deducting expenses and various deductions. Deduction refers to expenses that the Revenue Department announces to be deducted from income. Tax rate means the tax rate announced by the government. Let's try calculating taxes using the method that most shops use, which is deducting expenses according to the rate... Formula for calculating personal income tax Net income per year Tax rate 0 - 150,000 *Exempt from tax* 150,001 - 300,000 5% 300,001 - 500,000 10% 500,001 - 750,000 15% 750,001 - 1,000,000 20% 1,000,001 - 2,000,000 25% 2,000,001 - 5,000,000 30% 5,000,001 baht or more 35% Try entering numbers to see, for example. Mr. A has income from online sales of 1,000,000 baht. Calculate taxes by deducting expenses at a rate of 60%, equal to expenses of 600,000 baht. There is only a personal deductible of 60,000 baht. Formula for calculating personal income tax (Income - Expenses - Deductions) x Tax rate = Taxes to be paid Then compare the net income with the tax rate table. (1,000,000 - 600,000 -60,000) = Net income 340,000 baht Net income per year Tax rate Compare rates Tax that must be paid 0 - 150,000 *Exempt from tax* Baht 0 - 150,000 = exempt from taxes exempt 150,001 - 300,000 5% Baht 150,001 - 300,000 = 5% tax 7,500 baht 300,001 - 500,000 10% Baht 300,001 - 340,000 = 10% tax 4,000 baht 500,001 - 750,000 15% 750,001 - 1,000,000 20% 1,000,001 - 2,000,000 25% 2,000,001 - 5,000,000 30% 5,000,001 baht or more 35% The tax that Mr. A must pay is equal to 7,500 + 4,000 = 11,500 baht. However, whether the tax will be paid more or less depends on expenses and deductions. Check the news carefully. Because each year the Revenue Department announces a different amount of deductions. It may cause us to plan incorrectly. So this year, what can be tax deductible? As I said, each year the Revenue Department announces a different amount of deductions for the year 2022 in order to submit taxes in 2023. What expenses can be deducted from taxes? Let's see. Net income per year Tax rate Personal and family allowance group Personal allowance 60,000 baht Spouse allowance 60,000 baht Child allowance 30,000 baht per person Father's and mother's allowance 30,000 baht per person Disabled or disabled allowance 60,000 baht per person Pregnancy and delivery costs Pay according to actual amount and not more than 60,000 baht per stomach. Insurance, savings and investment groups social security 6,300 baht General life insurance premiums/life insurance deposits as actually paid but in total must not exceed 100,000 baht self health insurance premiums Pay the actual amount but not more than 25,000 baht and when combined with general insurance premiums, it must not exceed 100,000 baht. Insurance premium for father and mother Pay actual amount but not more than 15,000 baht. Pension life insurance premiums 15% of income but not more than 200,000 baht Provident Fund / GPF / Teacher Aid 15% of income but not more than 500,000 baht Savings Mutual Fund (SSF) 30% of income but not more than 200,000 baht Retirement Mutual Fund (RMF) 30% of income but not more than 500,000 baht National Savings Fund (National Savings Fund) 13,200 baht Investment in social enterprise business (social enterprise) Pay actual amount but not more than 100,000 baht. Real estate discount group Home interest Pay actual amount but not more than 100,000 baht. Donation group Political party donations Pay actual amount but not more than 10,000 baht. Donations for education/sports/social development and government hospitals 2 times the donation as actually paid but not more than 10% of the income after deducting deductions. General donations As actually paid but not more than 10% of income after deductions Group of discounts according to the government's economic stimulus measures Shop well and have a night (1 Jan. - 15 Feb. 2022) Pay actual amount but not more than 30,000 baht. Things you should know!! : For insurance group deductibles, savings, contributions to life insurance, pensions, provident funds, RMF funds, SSF funds, Government Pension Fund (GPF), Teachers' Welfare Fund, National Savings Fund. All of this together must not exceed 500,000 baht. Shop well and have a return in 2023. Is there any? When can you use the discount? Of course, there is the "Shop Dee Mee Back 2023" project that will be used for tax deduction in 2024. Rights will be available from 1 January - 15 February 2023, a total of 46 days, with the maximum tax deduction possible. 40,000 baht which will be divided into 2 parts as follows. Purchase of goods or services in the amount of 30,000 baht with evidence of a paper or electronic tax invoice, e-Tax Invoice & e-Receipt. The purchase of goods or services in the amount of 10,000 baht must be evidenced by an electronic tax invoice, e-Tax Invoice & e-Receipt only. Page365 Shop well and get back 2023 Picture from: Ministry of Finance website Page365 Recommended For requesting e-Tax Invoice & e-Receipt if purchasing large items such as computers, electronic equipment. Pimploen recommends that you request an e-Tax Invoice immediately because it can be reduced by 40,000 baht. But if it is a paper version, it can be reduced by only 30,000 baht. Thank you for information from: Ministry of Finance and itax.in.th Things you should know about online taxes "e-Payment" Online sellers are wondering, right? “And how will the Revenue Department know that online sales are taking place?” Now there is a law that supports financial institutions having to submit electronic transaction information. Also known as "e-Payment" which has actually come into effect since 1 January 2020 for the Revenue Department to investigate. There will be conditions that may be subject to inspection by the Revenue Department as follows: When depositing or receiving money transfers in every account 3,000 times per year or more No matter how many baht the total amount is Deposit or receive money transfers from all accounts together 400 times or more and have a total amount of more than 2 million baht. The conditions mentioned here If the bank finds that an account falls under any of the above, it has the right to be examined and the information will be sent to the Revenue Department. But if you are a merchant Online merchants who are curious about e-Payment taxes can warp to What kind of account information will the bank send to the Revenue Department? (Updated edition for 2022) You can get it. Online tax calculator For anyone who has read a lot and is still confused. Don't be afraid. Now technology can help us. Stop worrying and look for help in calculating taxes here. Just enter the numbers and the tax amount will be calculated for us. 1. RD Smart Tax It's a mobile app available for both iOS and Android. You can download it and use it to calculate. 3.jpg 2. Bank website If you are concerned about the security of using a program or mobile app? The bank's website is also there to support and help. Online merchants In calculating taxes as well. Kasikorn Bank tax calculation program Plan your money with Bank of Ayudhya 3. iTAX Pro Page365 Online sales tax iTAX Pro The final program for helping with tax calculations is iTAX Pro. This program is available for use on both computers and mobile phones. The app has a beautiful appearance and is easy to use. Fill in the numbers in clear steps. Definitely not as confused as when we fill in the form on the revenue website. Try downloading it and using it to calculate taxes. It's available for both iOS and Android as well. Page365 Recommended Easily plan your online store's taxes by exporting online bills and tax invoices to help summarize monthly sales in one click. Don't forget to request a tax invoice for every purchase you make in the online store, such as Facebook advertising costs, shipping costs, etc., to be used to calculate the store's expenses as well. SIGN UP FOR FREE Paying taxes is the duty of those who earn income. We, the owners of online stores, are also considered income earners. Because if we don't file taxes We will be charged back taxes. Plus you have to pay a fine as well. The best way is to make it legal first. I'm much more comfortable. If you're interested in using Page365, you can sign up for free. Or read more at Getting Started with Page365 or Why are we free?
between 1 July - 30 September of every year. It is a summary of income that occurred during the first half of the past tax year. Some deductibles will also be deducted in half. For example, personal deductibles will be reduced from 30,000 to 15,000. How to calculate tax? For online stores, there are two main types of taxes: paying personal income tax and paying corporate tax. (This is the case for online stores that are registered as companies) Most of these online stores are not commercially registered. Today, Pimploen would like to talk only about tax calculations for individuals. The formula for calculating personal income tax is (income - expenses - deductions) x tax rate = tax to be paid. The important point is expenses and deductibles . Things to know: In the case where the merchant Online seller with income (I emphasize that income is not profit) exceeding 1.8 million baht per year must be registered for Value Added Tax (VAT) as well, which the law will require merchants. online seller Must register for Value Added Tax (VAT) within 30 days from the date the income exceeds 1.8 million baht , which is currently collected at 7%. Page365 Recommended Make accounting for income from online sales and taxes a step easier to manage by using Page365, able to connect with the Peak Account accounting system, sending sales income information through online bills , and automatically issuing receipts/tax invoices. Accurate and complete according to accounting regulations Ready to file taxes correctly. SIGN UP FOR PAGE365 FOR FREE. How many expenses are taxed for online stores? Expenses will be deducted at a rate of 60% for online stores Executives Person Address that are purchased or sold and not produced by themselves. Deduct actual expenses For shops that produce their own products But in this case, there must be documents that need to be submitted. A lump sum deduction of expenses is taxed at 0.5% if you have income from online sales of more than 1,000,000 baht (one million baht). There is also the matter of deductions and tax rate tables!! Tax deductions are other expense items. that the Revenue Department has announced to be deducted from income So that we can calculate the net income and compare the tax with the tax rate table. that we often hear that Calculate taxes on a stepwise basis, that's it. The formula is (income - expenses - deductions) x tax rate = tax payable. It's called a ladder because when we get net income , we have to compare that net income with the tax rate table to see how much tax we will pay. (Net income is Income after deducting various expenses and deductions)
Personal income tax rates 2022, applied for filing in 2023. Interesting tax vocabulary Net income means income after deducting expenses and various deductions. Deduction refers to expenses that the Revenue Department announces to be deducted from income. Tax rate means the tax rate announced by the government. Let's try calculating taxes using the method that most shops use, which is deducting expenses according to the rate... Formula for calculating personal income tax Net income per year Tax rate 0 - 150,000 *Exempt from tax* 150,001 - 300,000 5% 300,001 - 500,000 10% 500,001 - 750,000 15% 750,001 - 1,000,000 20% 1,000,001 - 2,000,000 25% 2,000,001 - 5,000,000 30% 5,000,001 baht or more 35% Try entering numbers to see, for example. Mr. A has income from online sales of 1,000,000 baht. Calculate taxes by deducting expenses at a rate of 60%, equal to expenses of 600,000 baht. There is only a personal deductible of 60,000 baht. Formula for calculating personal income tax (Income - Expenses - Deductions) x Tax rate = Taxes to be paid Then compare the net income with the tax rate table. (1,000,000 - 600,000 -60,000) = Net income 340,000 baht Net income per year Tax rate Compare rates Tax that must be paid 0 - 150,000 *Exempt from tax* Baht 0 - 150,000 = exempt from taxes exempt 150,001 - 300,000 5% Baht 150,001 - 300,000 = 5% tax 7,500 baht 300,001 - 500,000 10% Baht 300,001 - 340,000 = 10% tax 4,000 baht 500,001 - 750,000 15% 750,001 - 1,000,000 20% 1,000,001 - 2,000,000 25% 2,000,001 - 5,000,000 30% 5,000,001 baht or more 35% The tax that Mr. A must pay is equal to 7,500 + 4,000 = 11,500 baht. However, whether the tax will be paid more or less depends on expenses and deductions. Check the news carefully. Because each year the Revenue Department announces a different amount of deductions. It may cause us to plan incorrectly. So this year, what can be tax deductible? As I said, each year the Revenue Department announces a different amount of deductions for the year 2022 in order to submit taxes in 2023. What expenses can be deducted from taxes? Let's see. Net income per year Tax rate Personal and family allowance group Personal allowance 60,000 baht Spouse allowance 60,000 baht Child allowance 30,000 baht per person Father's and mother's allowance 30,000 baht per person Disabled or disabled allowance 60,000 baht per person Pregnancy and delivery costs Pay according to actual amount and not more than 60,000 baht per stomach. Insurance, savings and investment groups social security 6,300 baht General life insurance premiums/life insurance deposits as actually paid but in total must not exceed 100,000 baht self health insurance premiums Pay the actual amount but not more than 25,000 baht and when combined with general insurance premiums, it must not exceed 100,000 baht. Insurance premium for father and mother Pay actual amount but not more than 15,000 baht. Pension life insurance premiums 15% of income but not more than 200,000 baht Provident Fund / GPF / Teacher Aid 15% of income but not more than 500,000 baht Savings Mutual Fund (SSF) 30% of income but not more than 200,000 baht Retirement Mutual Fund (RMF) 30% of income but not more than 500,000 baht National Savings Fund (National Savings Fund) 13,200 baht Investment in social enterprise business (social enterprise) Pay actual amount but not more than 100,000 baht. Real estate discount group Home interest Pay actual amount but not more than 100,000 baht. Donation group Political party donations Pay actual amount but not more than 10,000 baht. Donations for education/sports/social development and government hospitals 2 times the donation as actually paid but not more than 10% of the income after deducting deductions. General donations As actually paid but not more than 10% of income after deductions Group of discounts according to the government's economic stimulus measures Shop well and have a night (1 Jan. - 15 Feb. 2022) Pay actual amount but not more than 30,000 baht. Things you should know!! : For insurance group deductibles, savings, contributions to life insurance, pensions, provident funds, RMF funds, SSF funds, Government Pension Fund (GPF), Teachers' Welfare Fund, National Savings Fund. All of this together must not exceed 500,000 baht. Shop well and have a return in 2023. Is there any? When can you use the discount? Of course, there is the "Shop Dee Mee Back 2023" project that will be used for tax deduction in 2024. Rights will be available from 1 January - 15 February 2023, a total of 46 days, with the maximum tax deduction possible. 40,000 baht which will be divided into 2 parts as follows. Purchase of goods or services in the amount of 30,000 baht with evidence of a paper or electronic tax invoice, e-Tax Invoice & e-Receipt. The purchase of goods or services in the amount of 10,000 baht must be evidenced by an electronic tax invoice, e-Tax Invoice & e-Receipt only. Page365 Shop well and get back 2023 Picture from: Ministry of Finance website Page365 Recommended For requesting e-Tax Invoice & e-Receipt if purchasing large items such as computers, electronic equipment. Pimploen recommends that you request an e-Tax Invoice immediately because it can be reduced by 40,000 baht. But if it is a paper version, it can be reduced by only 30,000 baht. Thank you for information from: Ministry of Finance and itax.in.th Things you should know about online taxes "e-Payment" Online sellers are wondering, right? “And how will the Revenue Department know that online sales are taking place?” Now there is a law that supports financial institutions having to submit electronic transaction information. Also known as "e-Payment" which has actually come into effect since 1 January 2020 for the Revenue Department to investigate. There will be conditions that may be subject to inspection by the Revenue Department as follows: When depositing or receiving money transfers in every account 3,000 times per year or more No matter how many baht the total amount is Deposit or receive money transfers from all accounts together 400 times or more and have a total amount of more than 2 million baht. The conditions mentioned here If the bank finds that an account falls under any of the above, it has the right to be examined and the information will be sent to the Revenue Department. But if you are a merchant Online merchants who are curious about e-Payment taxes can warp to What kind of account information will the bank send to the Revenue Department? (Updated edition for 2022) You can get it. Online tax calculator For anyone who has read a lot and is still confused. Don't be afraid. Now technology can help us. Stop worrying and look for help in calculating taxes here. Just enter the numbers and the tax amount will be calculated for us. 1. RD Smart Tax It's a mobile app available for both iOS and Android. You can download it and use it to calculate. 3.jpg 2. Bank website If you are concerned about the security of using a program or mobile app? The bank's website is also there to support and help. Online merchants In calculating taxes as well. Kasikorn Bank tax calculation program Plan your money with Bank of Ayudhya 3. iTAX Pro Page365 Online sales tax iTAX Pro The final program for helping with tax calculations is iTAX Pro. This program is available for use on both computers and mobile phones. The app has a beautiful appearance and is easy to use. Fill in the numbers in clear steps. Definitely not as confused as when we fill in the form on the revenue website. Try downloading it and using it to calculate taxes. It's available for both iOS and Android as well. Page365 Recommended Easily plan your online store's taxes by exporting online bills and tax invoices to help summarize monthly sales in one click. Don't forget to request a tax invoice for every purchase you make in the online store, such as Facebook advertising costs, shipping costs, etc., to be used to calculate the store's expenses as well. SIGN UP FOR FREE Paying taxes is the duty of those who earn income. We, the owners of online stores, are also considered income earners. Because if we don't file taxes We will be charged back taxes. Plus you have to pay a fine as well. The best way is to make it legal first. I'm much more comfortable. If you're interested in using Page365, you can sign up for free. Or read more at Getting Started with Page365 or Why are we free?