Question 1

What is the corporate income tax rate in Thailand?

Accepted Answer

The standard rate is 20 percent of net profit. Companies qualifying as SMEs under the relevant royal decree, meaning paid-up capital of no more than THB 5 million on the last day of the accounting period and revenue of no more than THB 30 million for that period, use a banded scale: the first THB 300,000 of net profit is exempt, the band above THB 300,000 up to THB 3 million is taxed at 15 percent, and the excess at 20 percent. BOI-promoted activities may be exempt on the terms of the promotion certificate. Ask our Thai accounting team to review your position by phone, LINE or email before you file.

Question 2

When are PND.50 and PND.51 due?

Accepted Answer

PND.50, the annual corporate return, is due within 150 days of the last day of the accounting period under section 68, filed with audited financial statements. PND.51, the half-year return, is due within two months of the end of the first six months under section 67 bis. Internet filing generally carries an extension under the Ministry of Finance notification in force at the time. Ask our Thai accounting team to review your position by phone, LINE or email before you file.

Question 3

What happens if the half-year profit estimate is too low?

Accepted Answer

Section 67 ter imposes a surcharge of 20 percent of the shortfall where the estimated net profit used for PND.51 is understated by more than 25 percent of actual net profit without reasonable cause. Reasonable cause must be evidenced, for example an unforeseeable event in the second half. Reusing last year's figure without reviewing actual first-half results is the usual reason companies fall into this charge. Ask our Thai accounting team to review your position by phone, LINE or email before you file.

Question 4

How long can Thai tax losses be carried forward?

Accepted Answer

Section 65 ter (12) allows net losses from the previous five accounting periods to be deducted in computing net profit. Losses older than five years lapse. To use the relief, the loss-year financial statements and PND.50 filings must be complete and on record. BOI companies follow specific rules for losses incurred during the exemption period, set out in the promotion certificate. Ask our Thai accounting team to review your position by phone, LINE or email before you file.

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Mr. Jirasak

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Corporate Income Tax, PND.50 & PND.51

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