A newly enacted law, The Act for Exemption on Penalties, Surcharges, and Criminal Offenses and Support of Operations Under the Revenue Code BE 2562 (the “Tax Amnesty 2019”) will provide a good opportunity for a small and medium-sized enterprises (SMEs) that are subject to corporate income tax (CIT), provided that they are a company or juristic partnership and they meet the following requirements:
1. Subject to corporate tax on net profits with taxable income from its business for the last accounting period (latest 12-month) ending on or before 30 September 2018 of not exceeding THB 500 million and
2. Having submitted a PND 50 form for the last accounting period (latest 12-month) ending on or before 30 September 2018 within 25 March 2019 and
3. Never having committed a tax invoice forgery or using false tax invoice and Revenue Department has brought a criminal case to the police before the Amnesty becomes enforceable.
For anyone who is interested in applying for the Tax Amnesty program, the application must be registered with the RD (Revenue Department) by:
1. Submitting the related documents according to the rules, procedures and conditions prescribed by the Director General of RD to the official website of the RD (www.rd.go.th) during the period of 1 April to 30 June 2019 and
2. filing a Tax returns and paying unpaid Corporate Tax or additional Corporate Tax to the RD by 30 June 2019 for the following periods:
- CIT: Accounting period of 1 January 2016 to 31 December 2017.
- VAT/SBT: Accounting period of 1 January 2559 to 28 February 2019
- Stamp Duty Tax: Any transaction within 1 January 2016 to 25 March 2019 and pay the unpaid tax in full amount within 30 June 2019
The benefits that are offered in this program are significant:
Qualified taxpayers will get an exemption from penalties, surcharges for the taxes (CIT, VAT, SBT, and SD) under this Act and shall be exempted from criminal liability under the Revenue Code. After that tax-payers should continue to submit tax returns via e-filing online on the period from 1 July 2019-30 June 2020. Then, the company’s accounts or financial statements shall be deemed accurate.
The law came in to force on 26 March 2019.