ไทย
Importance
The Company recognizes that taxation is a fundamental mechanism that supports the economic and social development of the countries in which it operates and forms an integral part of responsible business conduct. Accordingly, the Company is committed to managing its tax affairs in an accurate, transparent, and compliant manner in accordance with applicable laws and regulations.
The Company adheres to the principles of good corporate governance and considers the best interests of all stakeholders in its tax management practices. The Company also seeks to avoid arrangements or actions that could give rise to undue tax risks or adversely affect its reputation and long-term sustainability.
Mission
- Ensure full compliance with applicable tax laws, regulations, and related requirements in an accurate and timely manner.
- Manage tax affairs with transparency, accountability, and integrity, in alignment with the principles of good corporate governance.
- Ensure the timely filing of tax returns and payment of taxes in accordance with statutory requirements.
- Apply tax incentives and benefits in accordance with applicable laws and refrain from engaging in aggressive tax planning or tax avoidance practices.
- 100% compliance with applicable tax laws and regulations.
- 100% timely filing of tax returns and payment of taxes.
- Zero material tax disputes or violations of tax laws and regulations.
- Transparent and verifiable tax disclosures.
- Tax risks maintained within the Company’s approved risk appetite.
Peace, Justice and Strong Institutions
Partnerships for the Goals
| Governance Structure | |
|---|---|
| Board of Directors | Oversees the Company’s tax management to ensure alignment with the principles of good corporate governance, transparency, and compliance with applicable tax laws and regulations. The Board also establishes the overall direction and governance framework for tax management across the organization. |
| Risk Management Committee | Oversees and monitors tax-related risks, including risks arising from non-compliance with tax laws, changes in tax legislation, and tax-related risks that may adversely affect the Company’s financial position and reputation. The Committee also establishes appropriate risk management measures to ensure that tax risks remain within the Company’s approved risk appetite. |
| Audit Committee | Oversees the adequacy of internal control systems and monitors compliance with tax laws and regulations. The Committee also reviews the effectiveness of risk management and internal control processes relating to tax management. |
| Vice President of Finance and Accounting | Oversees the Company’s tax management, including tax planning, tax filings, tax payments, and tax disclosures to ensure that they are accurate, complete, and compliant with applicable laws and regulations. |
| Finance and Accounting Department | Responsible for day-to-day tax operations, including tax calculations, tax filing and payment, monitoring changes in tax legislation, and coordinating with external advisors and tax authorities to ensure that tax management practices are accurate, transparent, and auditable. |
Management Approach
| Process | Implementation Approach |
|---|---|
| 1. Tax Compliance | Comply with applicable tax laws, regulations, and related requirements in a strict and timely manner. |
| 2. Tax Filing and Payment | Ensure the accurate and timely filing of tax returns and payment of taxes in accordance with statutory requirements. |
| 3. Tax Planning | Assess tax implications and utilize available tax incentives and benefits appropriately and in compliance with applicable laws and regulations. |
| 4. Internal Controls | Maintain robust internal control and review processes to ensure that tax management practices are accurate, transparent, and auditable. |
| 5. Capability Development | Monitor changes in tax laws and regulations and continuously enhance the knowledge and competencies of employees responsible for tax-related matters. |
Tax Transparency
The Company manages its tax affairs in accordance with the principles of accuracy, transparency, fairness, and full compliance with applicable tax laws and regulations. The Company recognizes that the proper payment of taxes is an important contribution to the economic and social development of the country and forms an integral part of responsible business conduct.
The Company does not engage in aggressive tax planning or tax avoidance practices and only utilizes tax incentives and benefits that are legitimately available under applicable laws and regulations.
The majority of the Company’s revenue is generated from its operations in Thailand and is therefore subject to the Thai corporate income tax rate of 20%, as prescribed by Thai tax legislation. The Company is committed to transparent and verifiable tax disclosures and ensures that its tax practices are aligned with the principles of good corporate governance, accountability, and long-term sustainable value creation.
Reported and Effective Tax Rates
| Items | 2023 | 2024 | 2025 |
|---|---|---|---|
| Profit Before Income Tax (THB Thousand) | 53,114 | 180,016 | 187,308 |
| Income Tax Expense (Benefit) as Reported in the Financial Statements (THB Thousand) | 5,745 | 33,529 | 34,995 |
| Reported Tax Rate (%) | 0.1 | 19 | 19 |
| Current Income Tax Paid (THB Thousand) | 33,579 | 33,225 | 35,848 |
| Effective Tax Rate (%) | 0.6 | 18 | 19 |
Notes
In 2023, the Company’s reported tax rate was lower than the statutory corporate income tax rate due to the utilization of accumulated tax losses carried forward from previous years and certain tax-exempt income. As a result, the reported tax rate differed from the statutory tax rate.
In 2024 and 2025, both the Company’s reported tax rate and effective tax rate were broadly aligned with Thailand’s statutory corporate income tax rate. This reflects the Company’s effective, transparent, and compliant approach to tax management and its commitment to responsible tax practices.
Reconciliation of the Effective Tax Rate and the Statutory Corporate Income Tax Rate
The Company discloses a reconciliation between the statutory corporate income tax rate and the reported tax rate to promote transparency in its tax management practices and to provide stakeholders with a clear understanding of the factors that cause the Company’s effective tax rate to differ from the statutory tax rate.
Such differences primarily arise from certain tax and accounting items, including non-deductible expenses under the Thai Revenue Code, tax-exempt income, and tax incentives and benefits to which the Company is entitled under applicable laws and regulations.
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Profit Before Income Tax | 53,114 | 180,016 | 207,467 |
| Income Tax Expense at the Statutory Corporate Income Tax Rate (20%) | 10,623 | 36,003 | 41,493 |
| Reconciling Items: | |||
| Non-deductible Expenses | 1,461 | 745 | (178) |
| Tax-exempt Income | (6,146) | (3,015) | (6,127) |
| Additional Tax-deductible Expenses | (193) | (204) | (193) |
| Prior-year Tax Adjustments | – | – | – |
| Income Tax Expense as Reported in the Financial Statements | 5,745 | 33,529 | 34,995 |
| Reported Tax Rate (%) | 10.8% | 18.6% | 16.9% |
Notes
- The statutory corporate income tax rate in Thailand is 20%.
- The differences between the statutory tax rate and the reported tax rate are primarily attributable to tax-exempt income and tax incentives and benefits available to the Company under applicable laws and regulations.
- The Company has no material tax disputes and does not engage in aggressive tax planning or tax avoidance practices.
Employees
Shareholders
Government Agencies and Regulatory Authorities
Tax Policy
