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ResourcesCorporate and Tax AdvisoryThailand Tax LawThailand Tax Forms: PND 51 Semi-Annual Corporate Tax Return

Thailand Tax Forms: PND 51 Semi-Annual Corporate Tax Return

Transcript of the above video:

As the title of this video suggests, we are discussing the PND 51. This is the semi-annual corporate income tax which needs to be filed as the title suggests, on a semi-annual basis.

There is another video on this channel describing the PND 50 which is kind of the Big Kahuna of all the corporate taxes forms that is the one that needs to be filed on an annual basis. It also requires things like balance sheet, audited financial statement and that sort of what we think of when we have of having to close out a company's taxable year and assess the taxes associated therewith we are thinking about that in the context of the PND 50. But with the 51 this is dealt with on a half year basis. It is actually relatively new. I believe this was brought about in the Abhisit Administration here in the Kingdom of Thailand and so it is not even, it might be about 10 years old or getting on to about 10 years old that people have been doing these. B but the semi-annual order it, some of the accountants in the office have noted to me that they get a little frustrated with this document as it requires a level of sort of prediction with respect to what the end-of-the-year audit is going to look like and that can be a little bit troublesome for them. But that being said, it is a much more truncated document compared to the PND 50. It does require the assessment and the payment of some taxes, you know sort of for the half year, and then you're going to go ahead and deal with matters pertaining to the end of the year later on down the road.

So my personal opinion is that it is a good way of the Revenue Department keeping everybody on their toes so they don't sort of getting lax in the middle of the year and start losing documentation. I have actually heard Thai accountants tell me that they actually kind of like it. A possible reason for that is that it is more accounting work and that is always good for accountants but it also could be that it does kind of require everybody to sort of stay up-to-date with the corporate documentation because you have got to deal with this half year filing and in dealing with that, it requires you to sort of keep up with documentation rather than dealing with things on a year to year basis.

So something to think about. The PND 51, the sort of the half-year for lack of a better term the half-year audit if you will, you can call it the half year tax assessment on a corporation needs to be dealt with two months after, within 2 months following the six month interval from the closure of a company's corporate year, or fiscal year I should say. So if a company closes out at the end of December, then you are going to go ahead and move around to June and then two months after that is when you need to go ahead and file this form right here it needs to be dealt with within that period  in order to remain in compliance. Failure to do so can result in fines and penalties and nobody really wants to deal with that.