June Thailand Business Tax Deadlines

Information that will be helpful for your tax and business duties in Thailand.

If your company has a year-end of December 31, 2022, and you haven’t submitted your yearly PND50 tax return (and supporting documentation) in hard copy by May 30, 2023, you’d better get moving because the deadline for online filing is quickly coming. 7 June 2023!

Supreme Life Accounting will outline certain administrative points and provide some, as it were, “meat on the bones”:

Your business obligation to submit a yearly report and pay taxes

All legal entities (including partnerships) are expected to submit their yearly PND50 tax returns and any associated payments within 150 days of the end of an accounting period in accordance with Section 68 of the Thai Revenue Code (TRC).

The TRC’s Section 68 is reprinted below:

“All juristic companies or partnerships shall file returns in the form prescribed by the Director-General for the purpose of computing tax payable in respect of the accounting period and shall pay the tax at the same time” is the rule that states that returns must be filed and the tax paid within 150 days of the end of an accounting period.

Please be aware that a firm must still file a tax return (PND50) with the TRD even if it has no corporate income tax (CIT) liability or tax to pay.

Additional paperwork and returns

Juristic firms (and partnerships) are expected to file returns within 150 days of the final day of an accounting period, along with a computation revealing the necessary information and the pertinent supporting audited certified papers, in accordance with Section 69 of the TRC.

Below is a reproduction of Section 69 of the TRC with parenthesis and bold added:

“All companies and juristic partnerships shall file with the assessment officer returns in the form prescribed by the Director-General for the purpose of computing tax under… [the applicable sections of the Tax Law]…showing receipts, expenses, net profits and other information, together with a balance sheet, profit and loss accounts, a statement of receipts and expenditures, or a statement of income and expenditures.”

Section 65 of the TRC is also given below:

“Net profits, determined by taking into account all revenue from or resulting from the business carried on in an accounting period and deducting therefrom all expenses in line with conditions stipulated in Sections 65 bis and 65 ter, shall be income liable to tax under this Division. [Exclusions apply] An accounting period must last for twelve months.

Late tax returns and payments are subject to penalties and surcharges.

According to the TRC, a penalty of THB 2,000 will be assessed for the late submission of the return and THB 2,000 for the late submission of the accompanying audited financial statements when a company submits a PND50 after the due date.

Additionally, a penalty equivalent to twice the amount of tax due will be assessed under Section 26 of the TRC. Additionally, Section 27 of the Tax Law stipulates that a surcharge of 1.5% per month (or a portion thereof) depending on the tax payable will apply when tax is paid after the due date.

Record keeping

A corporation must legally maintain registers, books of accounts, and supporting papers for a minimum of ten years under the TRC in order to be able to deliver any item to the TRD within this time limit.

Tax returns and forms have June 2023 submission deadlines.

HOLDING BACK TAX

7-June-2023* Por Ngor Dor 1 (PND 1) [Company-paid compensation to employees]

Report: Employee compensation is subject to a monthly withholding tax deduction starting in May 2023.Due by June 15, 2023, if submitted online.

7-June-2023* Por Ngor Dor 2 (PND 2) [Company dividend payments]

Report: Dividends are subject to a monthly withholding tax (as of May 2023).

*Due by June 15, 2023, if submitted online.

Por Ngor Dor 3 (PND 3) [Domestic payments made by a Company to Individuals] 7-June-2023

Report: Monthly withholding tax deduction from payments made by a Company to persons in Thailand in May 2023 for consultation services, rent, hiring independent contractors, transportation, insurance, management fees, etc.

*DUE BY 15 JUNE 2023 FOR ONLINE SUBMITTAL.

Por Ngor Dor 53 (PND 53) [Domestic payments made by a Company to a Company] 7-June-2023*

Report: Monthly withholding tax deduction from payments made by a Company to a Company in Thailand for services such as consultation, rent, hiring independent contractors, transportation, insurance, management fees, etc. (in May 2023)

*DUE BY 15 JUNE 2023 FOR ONLINE SUBMITTAL.

Por Ngor Dor 54 (PND 54) 7 June 2023

[A Company’s Payments to a Foreign Company]

Monthly withholding tax deduction by a Company from an amount paid to or from Thailand in relation to a post or the performance of work, goodwill, copyright, any other rights, software, royalty, license fee, interest, dividend, rent, professional fees, share of profits, or any other gain to a foreign Company not carrying on business in Thailand.

*DUE BY 15 JUNE 2023 FOR ONLINE SUBMITTAL