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whistleblowing Procurement

Tax Disclosure

GPSC manages its corporate income taxes in compliance with the tax laws of each country with accuracy, transparency, and fairness, taking into account its duty to comply with tax laws. Most of GPSC Group’s income is derived from business operations in Thailand and is subject to a corporate income tax rate of 20 percent, which is a normal rate under the law.

Reported tax rates and cash tax rates

Unit: Million Baht
2023 2022
Operational profit before tax 5,316 1,081
Income tax expense (benefit) in the financial statements 507 (376)
Reported tax rate (percent) 9.5 (34.8)
Cash tax 1,037 1,402
Cash tax rate (percent) 19.5 129.7

In 2023, GPSC has an average reported tax rate of 9.5% and an actual tax paid of 19.5% (in 2022, it will be - 34.8% and 129.7, respectively), which is lower than the corporate income tax rate SET in Thailand. is the rate of 20 percent, The main reason are below:

- GPSC receives tax benefits from the Board of Investment of Thailand (BOI) according to the Investment Promotion Act. From being exempt from corporate income tax and reducing corporate income tax at the rate of 50% of the normal rate.

- GPSC has a profit from operations before taxes. From the recognition of profit sharing from investments according to the equity method.

Differences between the cash tax rates and corporate income tax rates

Unit: Million Baht
Rate 2023
(Million baht)		 Rate 2022
(Million baht)
Operational profit before tax   5,316 1,081
Taxes calculated from statuatory corporate income tax rates 20% 1,063 20% 216
Description:    
Expenses not deductible for tax purposes 223 157
Revenues that are granted income tax exemption or
expenses that are deductible at a greater amount		 (782) (350)
Revenues that are granted income tax exemption and/or
tax deduction derived from BOI's incentive schemes		   (776)   (345)
Expenses that are deductible at a greater amount (6) (5)
Others (i)   -   -
Utilization of previously unrecognized tax losses (4) -
Recognition of deferred taxes on temporary differences that unrecognized. 156 -
Tax losses for the year for which no deferred income tax asset was recognized 86 2
Share of profit of investments accounted for using the equity method (202) (308)
Adjustment in respect of the prior year (14) (31)
Difference in tax rates in countries the Group operates (20) (62)
Total 9.5% 507 -34.8% (376)

(i): The majority were differences in exchange rates resulting from income tax conversion for overseas companies.