All companies carrying on business in Thailand must file half year corporate tax return form PND 51 with the Revenue Department. The PND 51 form is prepared based on actual net profits or estimated net profits of the first six months of the accounting period.
The return must be filed and tax paid within a period of two months after the last day of the first six months of the accounting period. However, companies operating for a period of less than six months are not required to file a half-year tax return. Filing extensions are normally not granted by the Revenue Department.
An company must pay a surcharge when failing to file the half year tax return or filing the half year tax return, but underestimating net profits by 25% of actual net profits without a reasonable excuse. An entity can avoid the surcharge by filing the return and paying the tax in an amount not less than ½ the corporate income tax for the previous accounting period. The amount of the surcharge will be either 20% of the half-year tax payable, ½ the tax payable in that accounting period or the deficient tax.
Our half year tax compliance service includes the following: