Thai and foreign companies doing business in Thailand are required to file their Corporate Income Tax returns (Form PND 50) within 150 days from the closing date of their accounting period. Tax payment must be submitted together with the tax returns. The deadline for payment is extended for a few more days if the company is registered with the Revenue Department’s online tax filing system.

In addition to the annual tax filing, any company subject to corporate income tax on net profits is also required to file its Interim Corporate Income Tax Return or Half-Year Income Tax (PND 51). A company is obliged to estimate its annual net profit as well as its tax liability and pay half of the estimated tax amount within 2 months after the end of the first 6 months of its accounting period. The prepaid tax is creditable against its annual tax liability. For example, if the accounting period of the company is on December 31, PND 51 has to be submitted within August of the following year.

MSNA has a team of experienced and knowledgeable accountants who can prepare your accounts and file your taxes efficiently. If you need accounting and tax services, you come to the right place. Contact us now for an initial consultation.

Corporate Income Tax is a direct tax imposed juristic companies or partnerships doing business in Thailand or those that do not do business in Thailand but getting certain types of income from Thailand.

Who are liable for Corporate Income Tax?

The taxable person are as follow:-

1. A company or juristic partnership incorporated under Thai law:
   • Limited company
   • Public company limited
   • Limited partnership
   • Registered partnership
2. A company or juristic partnership incorporated under foreign laws:
   • a company or juristic partnership incorporated under foreign laws and carrying on business in Thailand
   • a company or juristic partnership incorporated under foreign laws and carrying on business in other places including Thailand
   • a company or juristic partnership incorporated under foreign laws and carrying on business in other places including Thailand, in case of carriage of goods or passengers
   • a company or juristic partnership incorporated under foreign laws which has an employee, an agent or a go-between for carrying on business in Thailand and as a result receives income or profits in Thailand
   • a company or juristic partnership incorporated under foreign laws and not carrying on business in Thailand but receiving assessable income under Section 40(2)(3)(4)(5) or (6) which is paid from or in Thailand
3. A business operating in a commercial or profitable manner by a foreign government, organization of a foreign government or any other juristic person established under a foreign law.
4. Joint venture
5. A foundation or association carrying on revenue generating business, but does not include the foundation or association as prescribed by the Minister in accordance with Section 47 (7) (b) under Revenue Code

MSNA group of companies can assist in accounting & tax, audit and filing of the audited financial statements and corporate income tax returns with the Department of Business Development and Revenue Department. We can also help in registering the company with online tax filing system.

Section 3 of the Revenue Code states that a taxpayer in Thailand shall obtain and use a taxpayer identification number (TIN).

Currently, a taxpayer identification number is issued but the Revenue Department and comprises of 13 digits. For Thai nationals, they can use their Thai ID card number as same as their TIN.

In Thailand, the following persons need to apply for TIN:

1. A person who has the duty to submit personal income tax
2. An individual who wishes to become a Value Added Tax (VAT) or Specific Business Tax (SBT) registrant
3. A juristic person that has the duty to submit corporate income tax such as branch office and branch office. Limited companies can use their company registration number as their tax identification number
4. A payer of income liable to withhold tax

You can apply for a taxpayer identification number at the nearest office of Revenue Department in your area. MSNA can also assist in getting tax ID cards, preparing and filing personal or corporate income tax returns for foreigners and companies in Thailand.

As a taxpayer in Thailand, there are certain duties to be complied as follows:-

1. To register for tax identification number (in case of a foreigner) and must also inform the Revenue Department officers of any changes in his personal details. For Thai nationals, their Thai identification number serves as their tax identification number
2. Submit the tax returns and pay proper tax to the Revenue Department
3. Provide relevant documents and accounts as the law requires. This includes receipt, profit and loss statement, balance sheet, special account, etc.
4. Cooperate and assist the Revenue Department officers and provide additional documents or information when required as well as comply with the summon
5. Pay tax as assessed by the Revenue Department officers on time. In case a taxpayer fails to pay a complete sum, the assessment officer has the right to seize, attach and sell that asset by auction even without a court decision. Cash raised from the transaction will be used to pay off tax arrears.

Any taxpayer who does not comply with the law will face civil and criminal action. Hence, it’s highly advisable to contact Thai tax experts like MSNA to consult about filing your taxes in Thailand.