Tax Transparency
Our Commitment
Jaymart Group Holdings Public Company Limited recognizes the importance of tax transparency as a key factor supporting the organization's reputation, credibility, and long-term sustainability. Tax transparency not only reflects the company's accountability to applicable tax laws and regulations but also demonstrates its commitment to principles of good governance, fairness, and ethics. These principles form the foundation for building trust among all stakeholders.
The company has established clear tax policies, strictly adhering to relevant tax laws and operating its tax processes under an effective control system. This ensures that all tax-related activities are conducted accurately, transparently, and in compliance with international standards. The preparation of reports, tax filings, and compliance with relevant requirements are executed comprehensively, timely, and fairly. Furthermore, the company emphasizes the use of technology and innovation in monitoring and managing tax processes to enhance accuracy and mitigate potential risks.
As a leading organization in a business sector that plays a significant role in the economy, the company is subject to scrutiny and attention from tax regulatory authorities at all levels. Therefore, it places great importance on fostering trust and confidence among stakeholders, including investors, partners, customers, and government agencies. This is achieved by ensuring transparency in every stage of its tax processes and providing accurate and complete disclosures when necessary.
Additionally, the company promotes awareness of the role and importance of tax transparency among employees at all levels. Through training, consultation, and systematic communication, employees are equipped to perform tax-related duties accurately and in alignment with the company’s policies.
With its commitment to transparent and responsible tax management, the company is confident that tax transparency will help reduce legal risks, enhance its organizational reputation, and support sustainable business operations in the long term. It also fosters positive relationships and trust between the company and all its stakeholders.
Supporting The SDGs Goal
Advancing global sustainability through alignment with the UN SDGs.
Stakeholders Directly Impacted
Performance
Tax Management Performance
The company conducts its business and manages taxes with transparency, recognizing its duties and responsibilities in tax matters to build trust with all stakeholders. Currently, the company has updated its policies and practices to align with international standards and ensure consistency, so that accounting personnel and employees involved have the knowledge and understanding of the requirements and principles for preparing financial reports and tax planning. This ensures that operations are carried out correctly, in line with the organization's activities, which helps in paying taxes accurately and in full accordance with the law, reducing the risk of fines and penalties, minimizing errors in tax calculations, and planning carefully to prevent future tax issues.
The company has also organized training courses to enhance the knowledge of relevant employees about tax procedures, enabling them to apply this knowledge effectively in the business. These training sessions are conducted annually to ensure continuous learning for employees involved.
Effective Tax Rate
This table can be scrolled horizontally
| Year | Net Profit Before Income Tax (Thousand Baht) | Income Tax Expenses (Thousand Baht) | Corporate Income Tax Rate |
|---|---|---|---|
| 2023 | 984,885 | 385,725 | 20% |
| 2024 | 2,157,525 | 191,677 | 20% |
Management Approach
The company adheres to and complies with laws and regulations with care and transparency, while focusing on managing tax risks arising from changes in tax policies or government tax management approaches. This includes supporting policies and processes related to tax risk management as documented and assessing risks in all tax-related activities, covering compliance risks, operational risks, and financial reporting risks from external independent auditors.
The company has implemented a systematic tax risk management process by analyzing and evaluating potential risks, while establishing appropriate control and prevention measures to ensure that all businesses under the Jaymart Group comply with tax requirements accurately and comprehensively. The company reports tax performance to the government transparently and in accordance with regulations on the disclosure of all tax obligations, while also supporting new policies that require companies to disclose public information about tax benefits and report activities that contribute to the country's economic development.
The company is committed to being a responsible corporate citizen, excelling in tax responsibility, and maintaining tax transparency to build trust with society and all stakeholders. Additionally, the company values the importance of paying taxes correctly and fairly, following deadlines to support the country's economic and social development responsibly and sustainably. Complying with these tax policies is crucial to building trust and long-term relationships between the company, regulatory bodies, shareholders, customers, and business partners.
Jaymart Group Public Company Limited's management of tax transparency emphasizes operating based on principles of transparency, fairness, and responsibility in complying with tax laws and regulations.
The Key Guidelines are as Follows:
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1Compliance with Laws and RegulationsThe company places importance on complying with all tax laws, both locally and internationally, by ensuring accurate and complete tax reporting and payment on time to build confidence and maintain good relationships with government agencies.
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2Transparency in ReportingThe company discloses tax-related information in its annual report and financial statements with transparency, allowing stakeholders to clearly verify the information, including details about taxes paid each year.
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3Tax Risk ManagementThe company assesses and manages potential tax risks, including adapting tax processes to align with changes in tax laws. It also works to reduce the risk of audits or non-compliance by monitoring adherence to tax standards.
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4Clear Tax PolicyThe company has a written tax policy that is easily accessible, ensuring that all parties involved, such as employees, partners, and shareholders, clearly understand the company’s tax management approach.
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5Encouraging Stakeholder ParticipationThe company encourages stakeholder involvement in monitoring tax policy compliance by providing communication channels for reporting tax-related issues, ensuring that tax management is transparent and fair.
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6Ethical PracticesThe company adheres to ethical principles and responsibility in tax management, avoiding any improper or illegal tax avoidance methods to maintain a positive image and public trust from both the public and regulatory agencies.
Jaymart Group Holdings Public Company Limited remains committed to developing its tax strategies and policies in line with changes in regulations and the business environment. This is to maintain a standard of transparent operations, build trust with all stakeholders, and reflect the company’s responsibility in caring for society and ensuring economic fairness.
