Listed Firms Pay Nearly 40% of Thailand's Corporate Tax
Thailand's 861 listed companies, representing just 0.09% of all corporate entities, paid 311,327 billion baht in corporate income tax last year — nearly 39% of the national total. Over the past decade, their cumulative tax contributions have exceeded 2.67 trillion baht, highlighting the stock market's critical role as a fiscal pillar for the country.
The Stock Exchange of Thailand (SET) has disclosed findings from a study on the role of listed companies in the Thai capital market toward the economic system and state revenue. The 861 listed firms, accounting for a mere 0.09% of all operating juristic entities, play a vital part in generating tax revenue for the country. On average, listed companies pay nearly 40% of corporate income tax. In 2025 alone, they paid 311,327 billion baht, or 38.95% of total corporate income tax collected by the Revenue Department. Over the past ten years (2016–2025), cumulative tax payments exceeded 2.67 trillion baht, underscoring the capital market's role as a critical fiscal foundation beyond just a fundraising channel.
The capital market serves as essential economic infrastructure, linking savers with high-potential firms seeking capital to expand operations, develop infrastructure, and strengthen resilience against economic volatility. Amid global uncertainty from geopolitical conflicts and international tax policies, the capital market plays a pivotal role in allocating financial resources to drive the macroeconomy.
Thailand's capital market has continuously supported economic development — from the Eastern Seaboard's foundation, where it provided long-term funding for heavy industry and infrastructure, to the 1997 financial crisis when businesses faced credit constraints and the market offered an alternative channel to raise capital and restructure finances. Funds raised by listed companies are reinvested in manufacturing, business expansion, job creation, and human capital development aligned with technological change and innovation. As businesses grow more competitive and profitable, a portion of profits flows back to the state as corporate income tax, funding national development.
Government revenue data from the past decade (2016–2025) shows average annual revenue of 3.21 trillion baht, with net tax revenue after allocations averaging 2.54 trillion baht per year, approximately 80% from the Revenue Department. The department's top three revenue sources are: Value Added Tax (averaging 844,441 billion baht annually, 41.63%), Corporate Income Tax (averaging 693,027 billion baht, 34.16%), and Personal Income Tax (averaging 359,228 billion baht, 17.71%). These three taxes combined account for roughly 93.50% of total Revenue Department collections.
In 2025, listed companies posted total revenue of 17.43 trillion baht and combined net profit of 1.10 trillion baht. While total revenue declined about 7.1% from 18.77 trillion baht in 2024, net profit rose from 0.85 trillion baht, reflecting improved profitability.
