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Thai - Taxation on Equities Investment

Taxes:Stamp Tax,Value-added Tax,DTA Agreements

Date of Promulgation:

Date of Implementatio:2014-07-14


Thai taxes applicable to investors in listed companies are as outlined below:


1. Taxation of Thai or foreign investors doing business in Thailand

Types of Income (From direct investment in SET/TFEX)

Tax Rate

Capital Gains 

 Individual Investor

 Juristic Investor

 Tax exempt

 Pay corporate income tax but no withholding tax


Individual Investor

 Pay 10% withholding tax on dividends from listed or limited companies.

 Pay 10% withholding tax on dividends from a mutual fund if the taxpayer decides not to include the dividends with other income at year-end.

 Dividends from any Board of Investment-supported company are tax-exempt.


Juristic Investor


 Pay 10% withholding tax if the taxpayer is not a listed company.

 Tax-exempt if the taxpayer is a listed company and holds the related shares or investment units for three or more months before and after the date of dividend payment.

 Tax-exempt if (a) the taxpayer is a juristic entity holding 25% or more of the votable shares of the firm issuing dividends and (b) the issuing company does not hold any shares issued by the taxpayer. However, the taxpayer must hold the related shares or investment units for three or more months before and after the date of dividend payment

 Tax-exempt if the dividends in question are from any company promoted by the Board of Investment.

Interest Income:

Individual Investor


15% withholding tax.


Juristic Investor


 1% withholding tax.

 No withholding tax on interest from a commercial bank paid to a financial, securities or credit foncier business.



2. Taxation of Foreign Investors.

Types of Income (From direct investment in SET/TFEX)

Tax Rate

Capital Gains 

 Individual Investor

 Juristic Investor

 Tax exempt

 15% withholding tax.


 Individual Investor

 Juristic Investor

 10% withholding tax.

 10% withholding tax.

Interest Income:

 Individual Investor

 Juristic Investor

 15% withholding tax.

 15% withholding tax.


Note* : The capital gains tax resulting from trading on the Thai Futures Exchange Pcl. is the same as that from trading on The Stock Exchange of Thailand.


3 . Tax Treaties

To encourage foreign investment, Thailand has double taxation agreements with 57 countries including those shown below. Institutional investors from 30 countries* are exempted from capital gains taxes as shown in the table below.


*Last update : September, 2014

30 countries are exempted from capital gains taxes

without condition

with conditions apply

1) Denmark

1) Netherlands

2) Germany

2) United Kingdom & North Ireland

3) France

3) Canada

4) Singapore

4) Switzerland

5) Italy

5) Israel

6) Belgium

6) Spain

7) Pakistan

7) Uzbekistan

8) India

8) Cyprus

9) Laos

9) Norway

10) Mauritius

10) Slovenia

11) Bangladesh

11) Turkey

12) The United Arab Emirates

12) Hong Kong

13) Oman

13) Myanmar

14) Taiwan

14) South Korea

15) Kuwait


16) Republic of Estonia



27 countries are not exempted from capital gains taxes

1) Malaysia 

15) Romania 

2) Philippines

16) The United States of America  

3) Republic of Poland

17) Grand Duchy of Luxembourg

4) Republic of Finland

18) The Federal Democratic Republic of Nepal

5) Republic of Austria

19) New Zealand 

6) People's Republic of China  

20) Bulgaria

7) Kingdom of Sweden

21) The Republic of Armenia

8) Hungary 

22) Indonesia

9) Australia

23) Kingdom of Bahrain 

10) Sri Lanka 

24) Ukraine 

11) Japan 

25) Republic of Seychelles

12) Vietnam 

26) The Russian Soviet Federative Socialist 

13) Czech Republic

27) The Republic of Chile 

14) South Africa



(Investors should consider the correctness of the information and conditions of tax exemption under double tax agreement (DTA) from the Revenue Department’s website: www.rd.go.th before using it in decision-making.)


4.Value Added Tax (VAT)

Investor must pay 7% VAT on services rendered to him by securities companies.


5. Stamp Duty

Under Thai Revenue Code, both foreign and domestic transferors of share or debenture certificates must pay for duty stamps, to be affixed to the certificates (if any) according to the value of the book value, or the value of the transferred instruments (whichever is greater).


The stamp duty rate is THB 1 for every THB 1,000 or fraction thereof. However, the following transfers are exempt from stamp duty:

Transfers of registered securities where the TSD is the registrar.

Transfers of government bonds, state enterprise bonds or unit trusts.


Note: Contents of this web site are provided for preliminary information and educational purposes only, and are not to be construed as advice or recommendations. The Stock Exchange of Thailand including the Thailand Futures Exchange Pcl., accept no liability, direct or indirect, for decisions made based on the information contained herein. As laws and regulations may be amended without notice at any time, investors should consider the correctness of the information or seek the advice of professionals before using it in decision-making.



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