Tikomporn Kuanpoonpol

New technologies often create new markets that existing regulatory frameworks are not equipped to govern. Sometimes, these emerging markets are so novel that they create uncertainty or gaps in the tax system. The challenge for governments is to devise new tax rules that neither stifle the development of these markets nor create unfair tax loopholes. This is not an easy task.

After the company has operated until the end of its accounting period, it must submit financial statements and annual corporate income tax returns to the government. In general, the tax base of a business is calculated based on its taxable net profit. Therefore, tax adjustments and various benefits received from the government are at the heart of helping the company review its tax status to ensure that the information shown in the corporate income tax return is correct and consistent with the tax computation.