Thailand Corporate Tax Return Filings
Tax Insight | May 2012
For corporate entities in Thailand, the tax law prescribes that annual corporate tax returns shall be filed, together with audited financial statements, within 150 days of year end.
Whilst corporate entities in other countries may be able to extend their tax return filings, or their tax agents are able to do so for them, in Thailand the 150 days is fixed and an entity that misses the 150 days filing date is automatically subject to penalty and surcharge (late payment interest charge).
But in addition to penalty and surcharge, Thailand entities are punished by the Revenue tax auditors who conjure up negative thoughts about the entity and label the entity a “not good taxpayer”.
The way for a corporate entity in Thailand to save itself from being so labeled a "not good taxpayer" is found in the Revenue Department's Tax Ruling No Gor Khor 0706/1476 dated 12 February 2547, which prescribes as follows:
Accordingly, in order to save your corporate entity from punishment (and becoming known as a “not good taxpayer”) you should always file your annual corporate tax returns on time - with or without the auditor’s reports.
This is a general information Tax Insight Article only. It should not be used to determine any matter without consulting with your experienced Thailand tax advisor.