⚡️ Flash July 2022 | Are you ready ⏰
If you are entrepreneurs registered as juristic persons, whether Limited company or Juristic partnership.
2 important things “Must -do lists” are filing Corporate Income Tax Return twice a year as follows;
– The first half of the year called “PND.51”
– At the end of the year called “PND.50″
PND. 51 is a corporate income tax return for half of the accounting period (first 6 months), which must be filed within 2 months from the end of the 6-month period. For entrepreneurs with the accounting period from 1 January to 31 December, PND. 51 must be filed within• Paper filing: 31 August• Electronic filing: 8 SeptemberIf there is no filing as required, there will be a fine of 1,000 – 2,000 baht and an additional 0.1% – 20% of the tax payable.
Caution: You should consult an accountant or an expert in estimating net profit or loss because if the estimated net profit is lower than the actual net profit (at the time of filing the PND. 50) by more than 25%, there will be a surcharge of 20% from the estimated tax amount.
2 types of business, responsible for filing PND.51
A company or juristic partnership that has to prepare an estimate of net profit or net loss.
Commercial banks registered companies under the law on commercial banking or a finance company, securities companies or credit foncier companies under the law governing finance business, securities business and credit foncier business or corporate or juristic partnership taxed on net profit (net loss) in the first half of the year.
Government announces new measures to help citizens cope with rising living costs
The government approves the second round of measures to cut cost of living, most of which are price framing, price freezing and asking for cooperation in maintaining the prices of LPG, NGV, diesel and gasoline.
The particularly interesting measure for entrepreneurs is the tourism tax measure as the government offers tax rebates for companies organizing trips, seminars, exhibitions and other activities in key and second-tier provinces. Perks include a 1.5-time corporate tax deduction for those organizing activities in key tourism provinces and a 2-time deduction in second-tier tourism provinces which will take effect from 15 July to 31 December 2022.
You can now consult your accounting firm to increase your confidence before you start planning trips or organizing activities!
The final stretch of the reduction in social security contributions
July 2022, the last round of reducing social security contributions.
- Section 33 reduces to 1% from a maximum of 5% for both employers and employees.
- Section 39 reduced to 1.9% from 9%.
- Section 40 reduced to 42 baht, 60 baht, and 180 baht per month according to the coverage plan from the original 70 baht, 100 baht, and 300 baht per month, respectively.
Warning! The social security contribution rates will be adjusted to the original rates starting from August 2022 onwards.
Please Note: While every effort has been made to ensure that the information contained herein is correct, MBMG Group cannot be held responsible for any errors that may occur. The views of the contributors may not necessarily reflect the house view of MBMG Group. Views and opinions expressed herein may change with market conditions and should not be used in isolation.
