A ‘foreign company’ means a company incorporated under foreign law. Generally, a
foreign company is treated as carrying on business in Thailand if it has an office,
a branch or any other place of business in Thailand or has an employee, agent or
representative for carrying on business in Thailand. A foreign company carrying on
business in Thailand is subject to CIT only for net profit arising from or in consequence
of the business carried on in Thailand, at the end of each accounting period. A separate
profit remittance tax of 10% of the amount remitted is imposed on foreign companies
that remit their Thailand based profits offshore. Profit means any sum set aside out of
profits as well as any sum which may be regarded as profit