Dear SMLaudit Customer,

     A reminder that it is that time of the year again and it will soon be time to file the semiannual tax return or Por Ngor Dor 51 (PND 51) for your corporation. If your company was registered during or before 2011 and chose the accounting period ending on December 31 then the semiannual return is due on Friday, August 31. Any returns filed after this deadline will be subjected to fines.

     The Por Ngor Dor 51(PND 51) must be prepared by a licensed accountant.

      Please note that even if the period is less than 12 months, if your company was incorporated after January 1, 2011 the PND 51 still needs to be filed

     If you chose a corporate accounting period to end on a date other than December 31 then your semiannual tax return will be due two months after the last day of the first accounting period.

     The semiannual tax return is forecast as close as possible to the annual corporate net profit. The corporation is asked to calculate income tax due on that net profit and pay of 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.

     SMLaudit 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.

     SMLaudit generally advises our accounting clients to slightly overestimate sales OR slightly underestimate total expenses as the Revenue Code that you may under estimate profits by no more than 25% of the actual profit results. 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 more higher than your forecast you will be required to an extra 20% tax on the difference between forecasted and actual tax.

Standard Rate

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.

Small and Medium Enterprises

Companies that qualify as an SME are entitled to the following reduced rates of corporate tax.
For the 2012 financial year onwards, the qualifications for an SME are that the company has paid up capital of no more than 5 million Baht at the end of its accounting period and has income of no more than Baht 30 million for the accounting period.

      If you wish SMLaudit 's licensed accountants to prepare and sign the PND 51 we will need the following:

1. Expected expenses and income for your corporation for the entire year of 2012. If your company is expected to have no income, please let us know.
2. Actual sales and expenses figures for the first 6 months of the year (Jan - June 2012).
3. Estimated income and expenses for July - December 2012.

Be sure to include your salary, service fees to Sunbelt, rental expenses and other expenses.

If your business is cyclical don't forget to project higher or lower than expected sales later in the year.

The process for preparing the PND 51:

1. You give us all the information requested above and first 6 months of actual sales and expenses figures (Jan - June 2012) and the forecast six months figures (July to Dec 2012).
2. We will follow up on missing information or additional information.
3. SMLaudit 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 (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. SMLaudit submits the PND 51 to the Thai Revenue Department no later than August 31, 2012.

     SMLaudit’s fee for this service is 4,066 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 10, 2012 as any requests after that will be considered urgent work and will incur a higher fee.

     SMLaudit does not guarantee nor is responsible for the accuracy or inaccuracy of your profit forecast which is used as the base to calculate you semiannual or yearend tax payment.

Contact SML Audit Accounting Office

Phone: 080-553-7088
LINE: @smlaudit
Email: smlaudit@hotmail.com
Website: www.smlaudit.com