tax management
Tax Management
TIPCO Asphalt Group’s tax management practice complies with regulations while optimizing tax benefits or other relevant tax exemptions for greatest benefits of all stakeholders.
Management approach
The Group is committed to good corporate governance, transparent business operations, and upholding to good corporate citizenship and sustainability. Tax management is conducted to ensure utmost benefits to the Group and stakeholders while capitalizing on tax benefits and tax exemptions to support investments, employment, and economic growth in accordance with the laws and regulations.
Policy : Tax Policy (Link PDF)
Stakeholders :
Board of Directors, Employees, Investor, and regulators
Short-term goals :
1.Develop Corporate Tax Policy for the Group level of risk target
Long-term goals :
1.Assess and review tax related risks to ensure transparency and compliance with the law
2.Provide training in tax knowledge to employees and develop guideline manual
Key Performances :
The Group cultivates awareness of the importance of tax among employees across our value chain activities. This includes, for example, keeping necessary tax invoices and documents of customers and business partners. We recognize that strict tax management in compliance with regulations is essential to sustainable business, corporate reputation, social responsibility, economic contribution while keeping good relationships with relevant tax authorities through correct, transparent, and auditable tax information disclosure.
1.Announced Corporate Tax Policy including implementation
2.Communicated Corporate Tax Policy to company employees and subsidiaries, with follow ups in operations by Board of Directors
| ITEM | 2018 | 2019 | 2020 | |||
| Consolidated Financial Statement |
Separate Financial Statement |
Consolidated Financial Statement |
Separate Financial Statement |
Consolidated Financial Statement |
Separate Financial Statement |
|
| Sales & Service Income | 27,631.92 | 24,688.08 | 36,892.97 | 33,640.72 | 26,155.27 | 22,943.39 |
| Profit Before Income Tax | 814.76 | 921.13 | 3,654.73 | 2,876.81 | 4,354.84 | 3,025.87 |
| 20% Corporate income Tax rate (Thailand) |
(162.95) | (184.23) | (730.95) | (575.36) | (870.97) | (605.17) |
| Corporate Income Tax | (260.13) | (133.68) | (548.66) | (415.15) | (786.31) | (556.18) |
| Corporate Income Tax Rate | 32% | 15% | 15% | 14% | 18% | 18% |
Note: Details of the reconciliation transaction between income tax expenses and the product of accounting profits and the applicable tax rate. Refer to the 2020 Annual Report, page 211.
Consolidated Financial Statements
Separate Financial Statements
