Juslaws & Consult offers tax filing preparation and submission services to its clients. All companies, Thai or foreign, earning income in Thailand must submit tax returns and make tax payments to the Department of Revenue twice annually.
An annual tax return must be filed within 150 days of the last day of the company’s accounting period or fiscal year. Any overpayment of tax made at the time of the mid-year filing can be applied as a credit against the company’s full-year tax liability.
Any 12-month period can be set as a company’s accounting period, but when the period has been established with the Department of Revenue the dates cannot be changed except by official approval.
If deficiencies are found in a tax filing, the Department of Revenue can assess additional tax within 10 years of the date the original tax payment was due. Within two years of the date of filing, the Revenue Department can institute tax audit proceedings. This period can be extended to five years if there is either evidence or reason to suspect that a company intended to evade paying taxes.
A taxpayer may request a refund of the amount of tax overpaid within three years of the date of payment. Such a request is likely to result in a tax audit before any refund is made.