Half Yearly Audit in Bangkok, Thailand
From the second year of company commencement every company has to file Half yearly audit with department of revenue. In addition to the annual tax payment, any company subject to CIT on net profits is also required to make tax prepayment (Form CIT 51). A company is obliged to estimate its annual net profit as well as its tax liability and pay half of the estimated tax amount within two months after the end of the first six months of its accounting period. The prepaid tax is creditable against its annual tax liability.
If you file PND 51 later than the deadline, you need to pay Baht 1,000 – 2,000 late submission fine (Baht 1,000 if not later than 7 days).
In case not enough tax was prepaid – the actual year-end profitability amounts to 25% more than (the double of) the forecast – an additional 20% tax will be due on the difference between the forecast and the actual tax due.
We can take care of your Half Yearly report making and submitting to the concerned department along with payment of your tax liability.