Corporation Income Tax Essay

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Corporate Income Tax Corporate Income Tax is a direct tax that juristic company or partnership carrying on business in Thailand or not carrying on business in Thailand but deriving certain types of income from Thailand have to pay. Company or a juristic partnership incorporated under Thai law such as limited company, public company limited, limited partnership, registered partnership. Thai and foreign companies carrying on business in Thailand are required to file their tax returns within one hundred and fifty days from the closing date of their accounting periods. Tax payment must be submitted together with the tax returns. Any company representing profits out of Thailand is also required to pay tax on the sum so disposed within seven days from the disposal date. In addition to the annual tax payment, any company subject net profit is also required to make tax prepayment. 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 two months after the end of the first six months of its accounting period. The prepaid tax is creditable against its annual tax liability. The foreign company is subject to tax at a flat rate in which the payer shall withhold tax at source at the time of payment. The payer must file the return and make the payment to the Revenue Department within seven days of the following month in which the payment is made. An accounting period shall be twelve months except in the following cases where it may be less than twelve months: 1. a newly incorporated company or juristic partnership may elect to use the period from its incorporation date to any one date as the first accounting period. 2. a company or juristic partnership may file a request to the Director-General to change the last day of an accounting period. In such a case, the Director-General

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