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ResourcesCorporate and Tax AdvisoryThailand Tax LawThailand Tax Form PND 50: Annual Corporate Income Tax

Thailand Tax Form PND 50: Annual Corporate Income Tax

Transcript of the above video:

As the title of this video suggests, we are discussing this form right here; PND 50. This is a Corporate Income Tax form. It is filed on an annual basis here in the Kingdom. It is quite a lengthy form as you can see because it basically goes ahead and delineates the corporate income activity or lack of income activity within a given company and this needs to be dealt with on a yearly basis.

Generally speaking it needs to be filed within 150 days of the closing of the fiscal year and you also need to deal with annual audited financial statements associated with the company etc. Basically when talking about sort of closing out a company's books for a given tax year, you are basically talking about dealing with this form along with a couple of other ancillary things but primarily this. It should be noted as I stated there is a time frame in which it has to be filed. Failure to do so can result in fines and penalties. There can even be criminal consequences here in the Kingdom for failure to keep up annual corporate maintenance such as the audited financial statements and the filing of this form here. But that being said, although it is dealt with on an annual basis there is another semiannual component associated with tax filings in the Kingdom and I go into it in rather more great detail on that in another video.

But the things take away from this video is this is very, very important. It needs to be dealt with on a yearly basis. There is not only a tax component to this there is also an Immigration as well as a Labor component as it has been my experience that most Immigration and the Labor Ministry oftentimes want to see the filed tax statements and tax returns associated with a given company especially a company that is seeking a business visa extension or work permit extension on a given employee because they want to basically go ahead and make sure that the company is legitimate, that it is not some kind of pretext for a sham if you will just to maintain presence in the Kingdom. It is also my belief that, especially after about year 2 of a given entity being in operation, they want to see that there is at least some revenue associated with the operation of the given company, if not some taxable net income.

So again although this is a tax form, it does have rather substantial consequences especially in the longer-term for foreigners wishing to live in the Kingdom because things like business visa and work permit extensions are sort of dependent on the filing of these on an ongoing basis.