Day: January 21, 2022

Q : Is the value-added tax (“VAT”) registrant entitled to use the remaining VAT credit for the VAT payment in the month that is not the following month? If not, what liability will a VAT registrant receive? A : The VAT registrant is not entitled to use the carried forward remaining tax credit to pay VAT in any other tax month other than the following tax month. If the VAT registrant wrongly utilizes the remaining tax credit to pay VAT in the month that is not the following month, insufficient tax payment in such tax month can result. Consequently, the VAT registrant shall be liable for the remaining amount of tax payable together with a surcharge of 1.5 percent of the payable tax per month or fraction thereof, excluding fine, in accordance with Sections 84 and 89/1 of the Thai […]