The difference between output VAT and input VAT
Posted: Sun Dec 22, 2024 9:47 am
In your case, as you are self-employed, you will have to retain a small amount on each invoice you issue and also file your income tax return to adjust the amounts.
What is VAT?
As for VAT, you already know that it is a direct tax that taxes consumption and is added to the price of each item or service sold.
As a self-employed thailand business email list person, this tax will affect you in two different ways: you will pay VAT on the goods or services you acquire to carry out your activity and you will also add it to the goods or services you sell to your clients.
At the end of each quarter, you must pay the Tax Agency the VAT you have charged your clients and, in exchange, you can recover the VAT you have paid when purchasing goods or services to carry out your activity.
This is known as input VAT and output VAT , did you know?
The VAT charged is the amount you charge for services provided or products sold to your clients, whether they are companies or end consumers.
That is, it is the percentage of VAT that is added to the taxable base of an invoice when you issue it .
This amount, once collected, does not belong to you. You act as an intermediary and must return it to the Treasury in the quarterly VAT declaration.
What is VAT?
As for VAT, you already know that it is a direct tax that taxes consumption and is added to the price of each item or service sold.
As a self-employed thailand business email list person, this tax will affect you in two different ways: you will pay VAT on the goods or services you acquire to carry out your activity and you will also add it to the goods or services you sell to your clients.
At the end of each quarter, you must pay the Tax Agency the VAT you have charged your clients and, in exchange, you can recover the VAT you have paid when purchasing goods or services to carry out your activity.
This is known as input VAT and output VAT , did you know?
The VAT charged is the amount you charge for services provided or products sold to your clients, whether they are companies or end consumers.
That is, it is the percentage of VAT that is added to the taxable base of an invoice when you issue it .
This amount, once collected, does not belong to you. You act as an intermediary and must return it to the Treasury in the quarterly VAT declaration.