Tax Code of Conduct

Golden Lime Public Company Limited places importance on tax management. The Company manages tax in accordance with the laws while providing the highest value to our stakeholders by paying taxes in accordance with the laws and conduct direct and indirect tax planning to support domestic and international operations in a transparent and fair manner to all stakeholder groups. Therefore, the Company has set out the Tax Policy as follows;

 

Tax Code of Conduct

  The Company aims to be a sustainable growth organization with tax management in accordance with the laws while creating the added value for society.

Tax Risk Management

  The Company has responsibilities and implementations related to taxes and duties by having Tax Risk Management and its scope and transparent internal control systems with the following guidelines:

1. Comply with relevant laws Including conduct the business in accordance with the international standards and perform in accordance with the spirit and written law

2. Implement and control the business operation to conform with the good corporate governance and the code of conduct

3.Determine the purchasing price in the market fairly and pay taxes in accordance with the value that is incurred from a normal commercial transaction. The purchase’s calculation of the products or services will be referred from the direct cost and market price as priority

4.Provide the tax management system for the Company’s sustainability with the responsibility for the Shareholders and Stakeholders by setting the Tax Management system and determine the Tax Management Structure transparently to enable the tax payment in accordance with the law and accurate. The guidelines for the relevant Taxes Management as follows;

4.1 Corporate Income Tax

• In utilization of available corporate income tax incentives, the Company aims to gain full understanding of all relevant criteria required by laws. The appropriate monitoring process has also been established to ensure that the Company fully meets the stipulated requirements and conditions, in order to efficiently and legally take advantage of certain tax incentives.
• The Company regularly monitors possible changes in tax laws as a result of government policies, based on the processes to analyze opportunities and impacts in various dimensions, for example, business operations and work systems. The analyses are submitted to the Company management for proactive planning

4.2 Withholding Tax

• The Company has established a guideline of the withholding tax remittance based on the relevant law and regulation to enable the Company to pay taxes and proceed for the tax remittance properly

4.3 Specific Business Tax

• In the event that the Company sells real estate, the specific business tax will be calculated and paid according to the law properly

4.4 Value Added Tax

All products of the Company that are distributed are within the scope of Value Added Tax (Sales Tax). VAT is based on a net settlement basis between Sales Tax and VAT resulting from the purchase of raw materials, materials or equipment including spending (input tax) where the company has a system for recording and preparing accounting and tax reports in accordance with the standard for accounting and recording to ensure accuracy, completeness and timeliness

4.5 Property Tax and Land and Building Tax

• For the lands and buildings of the Company which have been assessed by the local authority, the Company will apply and pay taxes within February of each year

5. Assess tax implications for all new investments and business dealings including any tax benefits and exemptions relevant to the investment projects in accordance with the laws and in full efficiency in order to receive comprehensive tax benefits or exemptions under the investment promotion’s privileges or various policies supported by the government

6. Establish a code of conduct for relevant stakeholders as a preventive measure against omitting/assisting stakeholders with any actions to avoid paying taxes that should be paid to the government sector.

7. Designate knowledgeable and experienced personnel to liaise with government tax agents to create good working and ensure compliance with the laws

8. Consider using tax knowledgeable and expert tax consultants to assess complicated financial transactions in order to reduce risks and negative impacts from tax consequences as well as ensure full compliance with the laws and benefits of stakeholders

Tax Transparency

The Company has disclosed the financial information to the public transparently which is in accordance with financial reporting measures.