Strategic Tax Planning for New Business Registration
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Abstract
Being a new business, the entrepreneur should have the knowledge and skills such as business management, finance and accounting, and taxation for profit and wealth maximization to stay in the highly competitive business. Under the law and regulations of business registration, the type of business registration consisting of the registered ordinary partnership, limited partnership, company limited, and public company limited. According to Accounting Act, B.E. 2543 (2000) and Accounting Professions Act, B.E. 2547 (2004), the businesses registration in Thailand should have person charged with the accounting duty, accountant, and auditor based on the amount of capital, type and size of business registration. The measurement of business successful can be measure by the amount of sale volume or service, the amount of customer loyalty of goods or service provided by business, and profit and wealth maximization. Doing business in Thailand, the entrepreneur must be paid direct taxes and indirect taxes such as personal income tax, corporate income tax, withholding tax, value added tax, specific business tax, and others tax such as excise tax, stamp duty, sign tax, and land and building tax based on type and size of business registration.
The strategic tax planning is very an important for doing new business that can be used for tax saving and tax shifting. For the examples; record expenses double rate reduction, tax saving, government support, investment promotion and reduction of corporate income tax on net profit by Board of Investment: BOI. The SAVANT Framework consisting of strategy, negotiating, anticipation, transforming, and value adding can be applied to business tax planning strategies of tax saving and tax shifting for long term business successful and profit and wealth maximization business. The previous studies in Thailand and abroad found that using reduction of corporate income tax, government support, and SAVANT Framework for taxation planning are useful to long term business successful of tax saving and tax shifting.
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References
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