It will soon be time to file the semiannual tax return (HALF YEAR REPORT) or Por Ngor Dor 51 (PND 51) for your corporation.
If your company was registered during or before 2018 and chose the accounting period ending on December 31 then the semiannual return is due on Friday, August 31, 2018.
Any returns filed after this deadline will be subjected to fines. Sunbelt Asia Accounting clients using our monthly service can disregard this notice as your tax returns have already been taken care of by our licensed accounting team.
Please note that even if the period is less than 12 months, if your company was incorporated after January 1, 2018 the PND 51 still needs to be filed.
The Por Ngor Dor 51(PND 51) must be prepared by a licensed accountant. The company is required to estimate annual net profit as well as tax liability and pay half of the estimated tax amount within two months after the end of the first six months of the company’s accounting period.
“Half Year Tax Return (PND.51)” is a prepayment calculation from the tax payable on the forecast net profit for the year. The prepaid tax on that net profit and pay that tax amount when submitting the PND 51. The tax paid at that time will be credited to your annual tax liability at the end of the year.
If you failed to file the half year tax return or underestimate net profits by a margin exceeding 25% of the full year net profits without reasonable cause, the company shall be liable to pay extra tax of 20% of the amount of the tax shortfall!
So it is important that the semiannual tax return is forecast as close as possible to the annual corporate net profit.
Sunbelt Asia cannot forecast net profits for your company since either you, as the Management or Director, is in a better position to know sales figures, business expenses, the cost of goods and services and business cycles.
Sunbelt Asia generally advises our accounting clients to slightly overestimate sales OR slightly underestimate total expenses since, under the Revenue Code you may under estimate profits by no more than 25% of the actual profit results. As noted earlier, if you forecast lower annual profits at the semiannual return and if, at the end of the year your profit comes out to be 25% or higher than your forecast you will be required to an extra 20% tax on the difference between forecasted and actual tax.
Unless Thailand registered companies are entitled to reduced rates of corporate income tax because of specific reasons, they are subject to the standard rate of corporate income tax, as follows.
For a Company or Partnership that has a registered Capitalization of more than 5 million Baht, the corporate tax is a flat rate of 20%
|Net Profit Amount (Baht)||2018|
|All net profits over 1 baht||20%|
Small and Medium Enterprises
Companies that qualify as an SMEs are entitled to the following reduced rates of corporate tax.
For the 2018 financial year onwards, the qualifications for an SME are that the company has paid up Capitalization of no more than 5 million Baht at the end of its accounting period and has Gross Annual Revenue of no more than Baht 30 million Baht for the accounting period.
|Net Profit Amount (Baht)||2018|
|1 – 300,000 THB Net Profit||Exempt|
|300,001 – 3,000,000 THB Net Profit||15%|
|3,000,001 and over||20%|
If you wish Sunbelt Asia’s licensed accountants to prepare and sign the PND 51 we will need the following:
The process for preparing the PND 51:
1. You give us the forecast six months figures (July to Dec 2018).
2. We will follow up on missing information or additional information.
3. Sunbelt Asia accountants prepare the tax return form, inform you of the tax due, and send it back to you for approval and signing. We will not file the mid-year tax return without receiving written approval from you.
4. Upon approval, we will ask you to give us a corporate check (a personal check is not acceptable by the Revenue Office) payable to the Revenue Office equal to the amount of the tax due – or no check if your forecast was a net loss.
5. Sunbelt Asia submits the PND 51 to the Thai Revenue Department no later than August 31, 2018.
Sunbelt Asia’s fee for this service is 4,601.00 Baht (7% VAT included). Be sure to let us know early on so that we have time to prepare the report. This price is guaranteed until August 7, 2018 as any requests after that will be considered urgent work and will incur a higher fee.
Sunbelt Asia does not guarantee nor is responsible for the accuracy or inaccuracy of your profit forecast which is used as the base to calculate your semiannual or yearend tax payment.
In order to proceed with Sunbelt Asia processing and filing your PND 51 mid-year tax report please pay 4,601.00 Baht (net) as attached invoice to Sunbelt Asia either by cash, credit card (we will accept credit card only if you come to our office in person) or check transfer to our account via ATM (in Thailand) or by Bank Wire Transfer.
If you pay by credit card, we will charge 3% for the Government fee (PND 1, 2, 3, 53, 54, P.P. 30, 36, Social Fund, corporate income tax and local tax (por.thor.40))
If payment is made by check, ATM transfer or Bank Wire transfer, please be aware that we will not be responsible for any transfer fee penalties occurring if the payment is delayed and deadlines are not met. Please understand that we cannot advance any tax payments or penalties.
Kindly scan and send us the transfer slip/bank wire transfers via email. Or fax to us, please mark it for the Accounting Department.
Please do not hesitate to contact our Customer Service team in the Accounting Department at Sunbelt Asia any time between 09.30 a.m. and 6.00 p.m., Monday to Friday (Not including public holidays) if you have any further questions.
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SUN LEGAL LTD.
1/41-1/42-1/43 Panthera Group Building (G floor),
Sukhumvit Soi 39 (Phrom Phong), Sukhumvit Road,
Klongton Nua Subdistrict, Wattana District,
Bangkok 10110 Thailand
Phone: (+66) 02-662-7004