Tax Strategy

Tax Strategy

“To establish, manage the considerate and sustainable tax management and encourage the maximization of stakeholders’ interests of Thaioil Group by complying with the spirit as well as the letter of the tax laws in the countries in which the Company has invested and/or operated in, strategizing tax direction and practice among the affiliates, promoting and upholding the transparency and trustworthy tax policy of each and every entities of Thaioil Group operating in every country for the sustainable development and optimizing the tax management for the best benefits of Thaioil Group and its stakeholders.”

In that spirit, our tax policies consist of 4 pillars:

Tax Code of Conduct: We strive to achieve sustainable and competitive company taxation and sustainable value and growth including good corporate tax citizenship with added value for society.

 Comply with tax legislation and uphold good reputation of Thaioil Group, whilst making it compatible with the protection of shareholder value and maintaining good relationship.

• Submit taxes in a timely manner as required by laws and regulations.

• Implement a group transfer pricing policy to ensure that all the intragroup transactions are aligned with the Arm’s Length principle.

• To not transfer value created to the low-tax jurisdictions, use tax structures without commercial substances intended for tax avoidance, and practice aggressive tax planning nor implement offshore tax structures.

 To not use secrecy jurisdictions or so-called “tax havens” for tax avoidance purposes.

Tax Alignment with Corporate Strategy and Business Goal: Thaioil Group implements a tax strategy that is principled, transparent, and sustainable in the long term as well as considers tax impact for investments and new transactions. For the benefit of stakeholders, Thaioil Group will consider tax incentives/exemption available for our commercial activities.

Tax Risk Management: Thaioil Group considers tax risks to ensure that tax risks are identified, managed, and reported to the management and our tax positions are supported by relevant laws. We will regularly review relevant laws to ensure that emerging tax risks are promptly addressed.

Tax Transparency: All relevant tax information will be timely submitted to governing authorities and enhancing transparency of our tax affair, fulfilling all statutory disclosure requirements on taxation.

Tax Reporting

In order to address our commitment towards transparency and corporate governance:  Names of all the resident entities, Primary activities, Number of employees, Revenue, Profit (Loss) before tax, Income tax accrued, and Income tax paid in the countries in which Thaioil Group operates for the Year 2023 are disclosed below.

2023 Tax Reporting (‘000 Baht)

Number of Employees



Country Revenue
  • Profit (Loss)
  • before tax
Income tax accrued
(current year)
Income tax expense
Income tax paid
Thailand  460,064,136.18  46,660,784.12   429,146.47  4,648,987.81 (9,412,209.00) 2,320
Other countries   7,881,576.51  673,488.24   2,180.04  22,734.25  (56,154.06)  77
Total 467,945,712.69 47,334,272.36 431,326.51 4,671,722.06 (9,468,363.07) 2,397

Entities and Business Activities by Locations

Thailand Main Business Activities
Thai Oil Public Company Limited, Thai Lube Base Public Company Limited, Thai Paraxylene Company Limited, LABIX Company Limited, TOP SPP Company Limited, Thaioil Solvent Company Limited, TOPNEXT International Company Limited, Sak Chaisidhi Company Limited, Thaioil Ethanol Company Limited, Sapthip Company Limited, Sapthip Green Energy Company Limited, Thaioil Treasury Center Company Limited, TOP Venture Company Limited, Thaioil Energy Services Company Limited Manufacturing or Production, Administrative, Management or Support Services, Holding share or other equity instruments, Trading, Internal Group Finance
Other countries Main Business Activities
TOP Solvent (Vietnam) LLC, PT.Tirta Surya  Raya, TOP Ventures Hong Kong Limited, TOP Ventures America LLC, PT TOP Investment Indonesia, JSKem Private Limited, TOPNEXT India Private Limited Trading, Holding share or other equity instruments