Today, THAI ACCOUNTANT got a very timely question.
Since last month, we are continuously giving donations to flood victims of Thailand. Can we include it as deductions for computation of our corporate income tax; at what rate we should use?
We acknowledge your generosity. Indeed, you can use your expenses as deduction to
compute your Corporate Income Tax.
Donation expenses given to flood victims between 1 September 2011 and 31 December 2011 can be deducted at 1.5 times the actual expense but the valued amount condition at 10% of net assessable income for the purpose of personal income tax computation and 2% of net profit for corporate income tax computation, still applies.
Contact MSNA for your tax and accounting questions in Thailand.