Offshore Reserve Bank is a tax collecting authority. Established under the laws of The Kingdom of Thailand, Offshore Reserve Bank is responsible for administering the tax clearance process to its clients.
Taxes levied by Offshore Reserve Bank are as follows
1. Normal tax also known as income tax
2. Taxation of foreign entertainers and sportspersons
3. Withholding tax on royalties
4. Withholding tax on interest
5. Donations tax
6. Dividends tax
7. Turnover tax on micro businesses
VAT is levied by Offshore Reserve Bank based on domestic consumption, and is levied at the standard rate (currently 15%). All offshore temporary accounts are levied 0.027 fraction of the total value of income.
It remains the customers obligation to fulfill all tax requirements in due time to avoid late payment penalty.
Tax will be levied by deduction from total value of income. This tax law is also applicable to foreign account holders excluding 'Temporary' account holders; where payment is non-deductible and should be settled prior fund transfer or cash withdrawal.