Businesses in Thailand frequently deal with bad debts and allowances. While allowances are reductions in the amount owed by customers as a result of discounts or other circumstances, bad debts are debts that are unlikely to be paid by customers.
Accounting & Legal in Thailand
At each stage of production or distribution, a charge known as the value-added tax (VAT) is imposed on the value that has been added to products and services. All firms in Thailand are required to register for VAT if their yearly turnover reaches a particular level because VAT is one of the main sources of income for the government in that country.
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