Connect with us

Business

Phuket Business: Mid-year tax filing deadline approaches

Legacy Phuket Gazette

Published 

 on 

Phuket Business: Mid-year tax filing deadline approaches | The Thaiger
  • follow us in feedly



PHUKET: Companies and individuals who generated income in Thailand during the first six months of 2012 – regardless of where or how payments were made – have until August 31 to file their midyear tax return.

In this first article, we will go over the basics of regulations and procedures for filing and paying income tax in Thailand. Next week, we will cover withholding tax certificates and rate calculations.

When it comes to taxes, many prefer to let a trusted partner or certified accountant on the payroll take care of everything. In this case, it is important that the person who is filing on your behalf be aware of all your traceable income sources.

This will ensure that they calculate and withhold the correct amount of tax, otherwise you may find yourself with an unexpected bill, of which you, and only you, will be liable.

Individuals need to file the mid-year personal income tax prepayment form PND-94. Likewise, companies need to file the corporate income tax prepayment form PND-51.

Following are some simple explanations and basic advice.

Personal Income Tax (PIT)

Anybody who has generated income in Thailand between January 1 and June 30, 2012, is required to disclose the gross and net values of such income when filing the PND-94 form, which is due 60 days after the first six months of the year: August 31.

The purpose of the form is to calculate, pay and/or verify payment of half of one’s expected full-year tax liability. This is induced from what one made in the first six months.

If your income was subject to withholding tax, the respective tax-paid certificates (there are six in total depending on type of income) can be used as credit against projected liability.

Corporate Income Tax (CIT)

Thai companies – limited liability, partnerships or any other juristic entities – are required to pay CIT on all their net profits, globally.

Foreign companies that conduct business within Thai borders, such as those with a subsidy company or branch office in Thailand, or any other entity that sourced income from Thailand, which was in access regardless of where or how the income is disposed, are also subject to pay CIT.

Like individuals, companies are required to disclose their current and projected income, mid-year, by filing the PND-51 form, also due by August 31.

Similar to the PND-94 for PIT, the purpose of the PND-51 form is to calculate and declare your company’s expected annual net profits, by deducting all allowances and expenses from a company’s (expected) gross income.

Calculating both PIT or CIT is not as difficult as many people think, and is simply a a matter of determining which portion of your income is taxable, in the eyes of the government.

You do this by deducting your living and operational costs following specific guidelines as set forth by the Revenue Department.

The net income that remains is what will be taxed. Next week, we will look at Thailand’s withholding tax system and go over Thailand’s tax bracket system and how to apply progressive tax rates accordingly.

Disclaimer: The information provided in this article is based on personal experience and direct inquiries with the Revenue Department. The author and the Phuket Gazette will not be held liable for any damages from misuse, misinformation or misunderstanding. All specific issues should be addressed with the Revenue Department. For more information, see rd.go.th or call their hotline: 1161.

— Steven Layne

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Business

Governments & old media versus social media – who will win? | VIDEO

The Thaiger

Published

on

Governments & old media versus social media – who will win? | VIDEO | The Thaiger

We look at the recent changes made by the Australian and Indian governments to except control over the world’s biggest social media platforms. India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social. There is now an open battle between the rise of social media platforms and the governments and ‘old’ media that have been able to maintain a certain level of control over the ‘message’ for the last century. Who will win?

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told. The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading

Business

The social media giants in battle with ‘old’ media and world governments | VIDEO

The Thaiger

Published

on

The social media giants in battle with ‘old’ media and world governments | VIDEO | The Thaiger

“The rules signal greater willingness by countries around the world to rein in big tech firms such as Google, Facebook and Twitter that the governments fear have become too powerful with little accountability.”

India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social.

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The companies are also being made to publish a compliance report each month with details about how many complaints they’ve received and the action they took.

They’ll also be required to remove ‘some’ types of content including “full or partial nudity,” any “sexual act” or “impersonations including morphed images”

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told.

The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading

Business

Turbulence ahead for Thailand’s aviation industry | VIDEO

The Thaiger

Published

on

Turbulence ahead for Thailand’s aviation industry | VIDEO | The Thaiger

When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?

As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.

Domestically, the hotel business saw 6 million room nights in the government’s latest stimulus campaign fully redeemed. But the air ticket quota of 2 million seats still has over 1.3 million seats unused. Local tourists mostly skipped flights and opted for destinations within driving distance of their homes.

As for international tourism… well that still seems months or years away, even now.

Keep in contact with The Thaiger by following our Facebook page.

Never miss out on future posts by following The Thaiger.

Continue Reading
Phuket Thai food treats you need to try | VIDEO | The Thaiger
Tourism6 days ago

Phuket Thai food treats you need to try | VIDEO

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23 | The Thaiger
Thailand6 days ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

In search of Cat & Dog Cafés in Phuket Town | VIDEO | The Thaiger
Tourism6 days ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21 | The Thaiger
Thailand1 month ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19 | The Thaiger
Thailand1 month ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18 | The Thaiger
Thailand1 month ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15 | The Thaiger
Thailand1 month ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14 | The Thaiger
Thailand2 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13 | The Thaiger
Thailand2 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12 | The Thaiger
Thailand2 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11 | The Thaiger
Thailand2 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8 | The Thaiger
Thailand2 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Thailand News Today | 305 infections, No happy ending for massages, Phuket quarantine mooted | Jan 7 | The Thaiger
Thailand2 months ago

Thailand News Today | 305 infections, No happy ending for massages, Phuket quarantine mooted | Jan 7

Thailand News Today | 10,000 schools closed, 900 new migrant infections, Gambling crackdown | January 6 | The Thaiger
Thailand2 months ago

Thailand News Today | 10,000 schools closed, 900 new migrant infections, Gambling crackdown | January 6

Thailand News Today | PM reverses lockdown, Southern P.D.A. crackdown, Covid update | Jan 5 | The Thaiger
Thailand2 months ago

Thailand News Today | PM reverses lockdown, Southern P.D.A. crackdown, Covid update | Jan 5

Follow The Thaiger by email:

Trending