- VAT is generally calculated based on the actual selling price of goods, even if sold below market value, provided there are reasonable commercial grounds and proper documentation.
- If the Revenue Department determines the sale price is unreasonably low without justification, it may reassess VAT based on the market value.
- No prior approval from the Revenue Department is required to sell obsolete or discounted goods below market price, but supporting documentation is essential to justify the lower price for VAT purposes.
- Proper records (e.g., evidence of obsolescence, internal approvals, promotional materials) help minimize the risk of VAT reassessment.
Source: pkfthailand.asia
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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