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Initial Fund

 

          Any employer who had set up a provident fund before the enactment of the Provident Fund Act B.E. 2530 may register the fund in accordance with the Act in order to gain tax advantage. The employer must submit an application form to the registrar within 30 December 2005. Transfer of the initial fund can be a one-time completion or a series of installments, in which case the full transfer must be completed within 10 years. The transferred amount in each accounting year must not be less than the total amount to be transferred divided by the number of years expected to complete the total transfer.   

 

   Tax Incentives for Employers

A one-time transfer:        The employer's contribution is equally deductible as expenses for five consecutive
                                              accounting periods.
A series transfer:            The employer's contribution is deductible as expenses for the actual amount in each
                                             accounting year.

 

 

Main Page                                                                                                                                                                    Last update : April 18, 2006

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