Mid-year tax “PND. 51” | Entrepreneurs, 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 (6 months), which must be submitted to the Revenue Department within two months from the half of the accounting period.
For juristic persons with accounting period, submission deadline within 2 months from the last day of the first 6 months of the accounting period.
For year ending December 2021 ,submit on or before 31 August 2021, and in case of Internet Submission “e-filing” , they can extend an extra eight days to file the corporate income tax returns after the normal deadline or by 8 September 2021.
Exemption: Juristic persons, who have just registered the company for the first year, do not have to file PND.51 in the first year of registration.
Methods to calculate the mid-year tax
1. Half of the estimated net profit/loss:
This method is for limited companies and limited partnerships which an entrepreneur has to estimate yearly income and expenses in order to obtain an estimate of net profit or net loss and use them to calculate all tax payable. After that, an entrepreneur has to file PND.51 and pay only half of the tax.
2. Actual net profit/loss in the first half of the year:
Companies listed on the Stock Exchange of Thailand, 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 must calculate and pay taxes on the first half of the year’s actual net profit/loss using the financial statements certified by the auditor.
Cautions
1. If the estimated net profit is less than the actual net profit at the end of the year by 25% or more, the person shall be required to pay an additional of 20% of the outstanding tax.
2. Late filing is subject to a fine starting at 1,000 baht, up to a maximum of 2,000 baht, and an initial surcharge of 0.1% from the tax that must be paid not more than 1.5% per month (these criminal fines and surcharge are not considered as expenses in the calculation of corporate income tax).
At MBMG GROUP, our team can support you.
THE BEST TECHNIQUE TO FILL OUT THE MID=YEAR CORPORATE INCOME TAX RETURN
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.
