Businesses that are legal entities or businesses that are more commonly owned. One or more of them, whether in the form of a common company, both ordinary and public. Limited Partnership Joint Ventures Foundations or associations, etc., that have been registered as legal entities with government agencies. It is obligatory to file the same taxes as a typical private company. But there is an advantage in that it is an organization that operates in business. Therefore, the maximum tax rate is only 30%, and it will be less than that if the registered capital is less than 5 million baht,
It is more deductible and flexible than a private company. But there is a downside to the fact that the law provides for accounting to be used in a detailed examination, which in detail is somewhat deeper and deeper than in general, which roughly mentions the taxation procedures of the following corporate businesses:
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1. Registration Application Process
A juristic person’s company will have a registration procedure that must be performed similarly to that of a private company, i.e.,
Part 1 must first begin the registration process as a juristic person. You can apply for registration at the Department of Business Development, Ministry of Commerce, or use the online registration method as well, and then register your business at the Business Registration Service Office, Ministry of Commerce. If you are in a provincial area, you can proceed to the registration process at Provincial Commerce
Part 2. This must be completed within 60 days from the date of incorporation as a juristic person and it is necessary to apply for vat registration in parallel. Both tax registrations can be processed at the Revenue Department.
2. Tax calculation
The calculation of corporate income tax is a more detailed and complex method than personal corporate income tax. In the case of a newly formed juristic person), the net profit must be filed as an accounting document to the source of income and expenditure. The tax rate method is as follows: A forensic company with a registered capital of not more than 5 million baht. Net profit not exceeding 1 million baht is subject to 15% tax, with net profit between 1-3 million baht. It is subject to a 25% tax, and if there are profits greater than 3 million baht or more, it will only be taxed at the rate of 30%. Companies with registered capital exceeding 5 million baht will be subject to a net operating profit tax of 30%, while VAT will be calculated based on sales tax deducted from purchase tax each month and then filed by the 15th of the following month. Information on both tax calculation methods can be found on the Revenue Department’s website.
The best solution for calculating both types of taxes of a corporate entity should be to have the accounting department calculate it, or if it is a newly formed company that does not have an accounting department, then it must hire the receiving company. Make an urgent accounting so that you can help with financial care in terms of income and income. Pay and tax matters from the beginning of the company. It’s not a good idea to be a self-executor because it’s so complicated in detail, and it’s also stuck in the legal space that requires a corporate company to have a legal entity. Accounts that have graduated directly in this area based on qualifications are also carried out.
3. Tax Filing
According to the law, a corporate company must file tax twice a year, the first time known as a half-year corporate income tax filing, which must be filed within 60 days from the last day of every first 6 months of the accounting period, using only PND 51 documents for filing. The second, also known as the filing of income tax on net profit at the end of The year-end period must be filed within 150 days of the last day of the accounting period in that year. The form of the document used in the filing is PND 50, which in both filings can be filed in person or can be filed by an authorized representative of the company at the Revenue Department if located in Bangkok. However, if it is in a different province, it can be filed at the district office where the company is located. In addition, at present both PND 51 and PND 50. It can now be filed online at the IRS website.
4. Payment of taxes
The place where corporate tax is paid, if it is in Bangkok, come and pay. At the Revenue Department or commercial banks belonging to Thailand. In provincial areas, paying at the revenue department located on the district office or a Thai commercial bank located in the same area where the company’s head office is located. Therefore, it is wise to have employees who are specialized in accounting matters and have a certificate. Properly allowed as an administrator to Having a specialized accounting firm to support a company’s business is like having a diamond of bile, because a tax agent can file all kinds of forms, both regular and additional, within and beyond the deadlines. Interested in the service or would like more details, please visit Line ID: plusitiveaccounting
Article by Prosmes
Compiled by Plusitive Accounting Team.
