Tax Management Policy

Commitment to Tax Compliance in All Operating Countries

The Company prioritizes compliance with tax laws, regulations, and requirements in all countries where it operates. It continuously monitors and adapts to changes in tax laws and policies, carefully assessing their potential impact on the Company, to ensure that tax strategies are aligned with lawful and appropriate practices in each jurisdiction.

Ethical Use of Tax Benefits and Tax Structuring

The Company commits to utilizing tax incentives as stipulated by law in a proper and fair manner. It will not engage in any actions that seek tax benefits in ways that contradict the intent of the law or exploit loopholes to inappropriately avoid tax. All claims for tax benefits must be supported by complete, transparent, and auditable documentation, allowing government authorities to properly assess such claims.

The Company clearly opposes any tax structuring primarily designed for dishonest tax avoidance or that does not reflect economic reality, which could damage the Company’s reputation and stakeholder trust. Each transaction will be evaluated for legal and ethical appropriateness before execution.

Tax Risk Management

The Company emphasizes systematic identification, assessment, and management of tax risks, covering risks such as misinterpretation of laws, calculation errors, late filings, or inadequate document retention. Regular training for employees is encouraged, and for complex technical matters, external tax experts will be consulted to ensure decisions on tax matters are correct, prudent, and transparent.

Transparency and Communication on Tax Matters

The Company is committed to transparent tax practices by preparing accurate and complete tax reports submitted to government authorities in a timely manner. It also maintains positive and ethical relationships with government officials. A communication channel is available for employees to report any tax-related concerns, promoting a culture of raising issues or questions without fear of negative repercussions.

Tax Disclosure

The Company will disclose material tax information as required by law in financial reports, notes to financial statements, annual reports, or sustainability reports. This ensures stakeholders have access to transparent information demonstrating the Company’s accountability in its operations toward society.

Governance and Policy Review

The Board of Directors, senior management, and accounting and finance departments are responsible for overseeing tax operations in accordance with this policy. The policy will be reviewed at least annually for adequacy and relevance, with updates made to reflect current situations, laws, and global best practices in tax management, ensuring sustainable and socially responsible business operations.

Corporate Income Tax Payments in 2024

The Group paid a total corporate income tax of 104,062,653 Baht in 2024, with the Company’s portion amounting to 43,387,897 Baht. This corresponds to an average effective tax rate of 17.79% for the Group and 9.19% for the Company, which is below the statutory corporate tax rate of 20%. This lower effective tax rate is due to the Company’s tax-exempt income, such as profit shares from joint ventures and partnerships, and dividend income from subsidiaries, joint ventures, and partnerships.

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