Corporate income tax (CIT) is a direct tax levied on a juristic company or partnership carrying on business in Thailand or not carrying on business in Thailand but deriving certain types of income from Thailand. The CIT is calculated from the Company’s net profit on the accrual basis which required to be filed twice a year as following:
- Half year tax (Form CIT 51): filing within 2 months after the end of the first 6 months of its accounting period.
- Annual tax (Form CIT 50): filing within 150 days from the closing date of its accounting period
The CIT rate is 20 % on net profit. However, the rates vary depending on types of taxpayers as below:
|Taxpayer||Tax Base||Rate (%)|
|1. Small company1||– Net profit from 300,000 not exceeding 3 million baht – Net profit over 3 million baht||15% 20%|
|2. Companies listed in Stock Exchange of Thailand (SET)||Net profit||20%|
|3. Companies newly listed in Stock Exchange of Thailand (SET)||Net Profit||20%|
|4. Company newly listed in Market for Alternative Investment (MAI)||Net Profit||20%|
|5. Bank deriving profits from International Banking Facilities (IBF)||Net Profit||10%|
|6. Foreign company engaging in international transportation||Gross receipts||3%|
|7. Foreign company not carrying on business in Thailand receiving dividends from Thailand||Gross receipts||10%|
|8.. Foreign company not carrying on business in Thailand receiving other types of income apart from dividend from Thailand||Gross receipts||15%|
|9. Foreign company disposing profit out of Thailand.||Amount disposed.||10%|
|10. Profitable association and foundation.||Gross receipts||2% or 10%|
Notes: 1. A small company refers to any company with paid-up capital less than 5 million baht at the end of each accounting period and annual income less than 30 million baht.