Payment Terms Legislation In Thailand

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Thailand

Please scroll down for a summary of payment terms in Thailand and the various industries across which payment term legislation appears.

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Industries Laws Codes Notes Interest Rate
Government
Comm_terms_law
Construction
Manufacturing
Retail_agriculture
Services

Laws

TCC guidelines under Trade Competition Act s.57 (effective 16 Dec 2021): large purchasers must pay SME sellers within 30 days for agricultural and primary processed agricultural products. Fine up to 10% of annual turnover for violations.

Comm_terms_law Retail_agriculture
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TCC guidelines under Trade Competition Act s.57 (effective 16 Dec 2021): large purchasers must pay SME sellers within 45 days for trade, manufacturing, and service transactions. Fine up to 10% of annual turnover for violations.

Comm_terms_law Manufacturing Services
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Interest Rate

Late payment interest is 5% p.a. on unpaid principal (CCC s.224: s.7 base rate of 3% + 2% penalty, as amended 2021). The 3% base rate is reviewable every 3 years by Royal Decree.

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