Corporate income tax is imposed on net profits in compliance with internationally agreed accounting principles and Thailand’s Revenue Code criteria. The current tax rate is 20% of taxable income, but SMEs will take advantage of progressive rates of up to 20% as it’s used to focus extra attention on the most important rules and regulations.
As a result, any returns must be accompanied by an audited financial statement and filed within 150 days of the end of the accounting period. Furthermore, by the end of the eighth month, 50% of the estimated annual income tax record must be collected. A fine of 20% of the deficit will be imposed if the anticipated tax is not collected.