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Tax Strategy Tax Policies

Tax Disclosure

The table below shows the total revenue that incorporates operating profit and corporate income tax (including the corporate income accrued) for countries where we operate the business. This information is consistent with the consolidated financial statement in 2021. Sector-specific taxes, VAT, and other fiscal contributions/levies, which often exceed the total corporate income tax, are not included

Consolidated sale revenue breakdown by geographical locations of sellers for the year 2021
Thailand 96%
France 2%
Others 2%

Sales revenue of main products breakdown by geographical locations of customers for the year 2021

SALES REVENUE OF MAIN PRODUCTS

Breakdown by Geography Year 2021

Notes:
- Represent the sales revenue based on the geographical location of customers.
- More than 90% of consolidated sales revenue is generated from companies in Thailand.
SALES REVENUE

Breakdown by Business Year 2021: Baht 465,128 Million

ADJUSTED EBITDA*

Breakdown by Business Year 2021: Baht 55,186 Million

In Thailand, governments develop tax incentives which generally be available to any business that meets the relevant criteria as commonly using in many countries in order to encourage investment, usually results in job creation and the expansion of infrastructure, aiding social and economic development. For example, i) in Singapore, company can use tax exemption for eligible criteria and ii) in Switzerland, the tax holiday is generally granted for five to ten years based on the federal law on regional politic.

GC Group uses available and appropriate tax incentives and tax holidays where we have a qualifying business activity. Most of our local operations relating to refinery and petrochemical mainly obtained tax privileges granted by the Thai Government, namely “the Board of Investment (BOI) of Thailand”, which offered into three main areas (please see in more details : https://www.boi.go.th/index.php?page=incentive):

  • Corporate income tax exemption (tax holiday) for 8 years from the date on which the income is first derived from such operations; and
  • A 50% reduction in the normal income tax rate for another 5 years, commencing from the expiry date in (i) above; and
  • Double deduction of transportation, electricity, and water costs from corporate taxable income for 10 years.

The statutory corporate income tax (CIT) in Thailand is levied at the rate of 20% on taxable profits. GC Group’s Effective Tax Rate (ETR) was generally much lower due to tax exemption and privileges obtained from BOI as mentioned above. Nonetheless, ETR does vary year by year dependent upon the effective periods of the privileges and operating performances.

We have disclosed ‘CIT Contribution by Countries’ and ‘Reported Tax Rate and Cash Tax Rate’ which is beyond the requirement of Public Listed Company on the Stock Exchange of Thailand or Government in Thailand.