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3_ CIT slide - ACT 3604 Taxation Corporate Income Tax...

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ACT 3604 : Taxation Corporate Income Tax Assumption University Wittaya Ekwirunphon Contact detail E-mail : [email protected]ahoo.com
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Corporate Income Tax 1. Principle of Corporate Income Tax Definition of Corporate Corporate income tax base (Taxable income) Net profit Income before deducting expenses Profit remittance Payment of assessable income to abroad. Corporate income tax rate 30%, 25%, 15%, 10% of net profit 5% of income before deducting expenses 0% (BOI Company) Wittaya Ekwirunphon
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Corporate Income Tax 2. Corporate Income Tax Computation Condition for the calculation of net profit Prohibited expenses 3. Corporate Income Tax Payment and Submission Half year corporate income tax Annual corporate income tax Wittaya Ekwirunphon
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Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership which is established under Thai or foreign law and carries on business in Thailand or derive certain types of income from Thailand. Corporate Income Tax Wittaya Ekwirunphon
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The general principle of income tax on juristic company or partnership is based on the collection of tax on net profit arising from or in the consequence of the business carried on within an accounting period. Corporate Income Tax Wittaya Ekwirunphon
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Juristic company or partnership" (hereinafter called "company") - A limited company or a public company organized under Thai or a foreign law - A registered partnership organized under Thai or a foreign law. - An association or a foundation engaged in business producing revenue. - A joint venture, being a business or profit-seeking enterprise. - Any trading or profit-seeking activity carried on by a foreign government or its agency. - Any juristic person designated by the Director-General with the approval of the Minister and published in the Government Gazette . Corporate Income Tax Wittaya Ekwirunphon
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Levied on both Thai and foreign companies. Thai companies. - Company incorporated under the law of Thailand . - Civil and Commercial Code. - Public Company Act B.E.2535 - Special Purpose Enterprise. Asset Management Company - etc. - Worldwide net profit at the end of each accounting period (12 months). Corporate Income Tax Tax rate : 30%, 25%, 15%,10%, 0% of net profit Wittaya Ekwirunphon
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Levied on both Thai and foreign companies. Foreign companies. - Company incorporated under foreign law and carrying on business in Thailand. - Net profit at the end of each accounting period (12 months) arising from or in consequence of business carried on in Thailand. - Carrying on business in various countries including Thailand ? Corporate Income Tax Tax rate : 30% of net profit, 5% of income before deducting expenses Wittaya Ekwirunphon
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Carrying on business in Thailand determine by Section 76 bis. These have generate the income in Thailand.
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