Fine reduction for filing the TP disclosure form
A company or legal partnership with total income in its financial statements of not less than THB 200 million and which has related parties as defined by the Revenue Department is required to file a transfer-pricing disclosure form together with the annual corporate income tax return for the accounting period ending on or after 1 January 2019 within 150 days of the closing date of the accounting period.
Keywords: Mazars, Thailand, Tax, Transfer Pricing, Revenue Department, Corporate Income Tax, COVID-19
20 October 2020
The first deadline for filing the transfer-pricing disclosure form was extended to 31 August 2020. Failure to file the transfer-pricing disclosure form by the deadline will result in a fine of no more than THB 200,000.
However, on 9 September 2020, the Revenue Department announced that the fine for filing the transfer-pricing disclosure form late was reduced from THB 200,000 to THB 5,000. Nevertheless, the transfer-pricing disclosure form should be filed electronically by 30 December 2020. This reduction was made to relieve the burden on business operators due to the COVID-19 outbreak.
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