CPF operates integrated agro-industrial and food business with its objectives to provide products in high quality and environmentally and socially responsible manner.
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Recognizing that “tax” is critical to sustainable development. It not only promotes and supports competitiveness of the business but also helps create positive socio-economic impacts as well as national development as a whole. The Company is committed to tax management as in our Tax Policy based on the principles of accuracy, transparency, and accountability in compliance with the Thailand Revenue Code and foreign tax laws for the highest benefits of the Company and all stakeholders.
In 2017 and 2018, the Company’s Revenue was THB 501,507 million and 541,937 million respectively, Operating profit (EBT) was THB 18,149 million and 27,637 million respectively and Tax Paid was THB 4,552 million and 5,296 million respectively.
Reconciliation of Effective Tax Rate
(THB million)
Accounting profit (loss) before income tax, net (EBT) 18,149 27,637
Tax at the applicable tax rates (1) 4,370 5,084
% of EBT 24.1% 18.4%
Tax effect of income and expenses that are not taxable income
or not deductible in determining taxable profit, net (2) 169 504
Current tax 4,539 5,588
Current tax - Under (Over) provided in prior years 13 (292)
Current tax year 4,552 5,296
% of EBT 25.0% 19.1%
Deferred tax
- Movements in temporary differences (3) (763) (716)
- Benefit of tax losses recognised (4) (1,544) 1,642
- Effect from change in tax rate (5) (1,994) (10)
Income tax expense (income)้ 251 6,212
% of EBT 1.4% 22.5%
Tax expense 4,838 5,667
% of EBT 26.7% 20.5%
(1) Income tax rate
The tax rate used in this calculation, as disclosed in the notes to financial statements No. 36, is lower than the average income tax rate of each country in which the Company has invested because some of its income is exempted from the income tax. For example, in Thailand, the Company has been granted privileges as an investment promotion under the Investment Promotion Act BE 2520 (AD 1977) in various types of businesses such as animal feed production business, animal husbandry business, animal breeding business and processing of food and ready-to-eat business. By doing so, the Company will be exempted from corporate income tax for the net profit received from the promoted business according to the period and conditions specified in each investment promotional certificates, and receive a 50% reduction in corporate income tax for the net profit derived from the promoted business for a period of 5 years from the expiration of the tax exemption period.
In addition, the share of profits from investments in joint ventures which the Company has recognized as its income under the equity method and included in the profit (loss) before tax expenses in the consolidated financial statements is also considered as income.
(2) Tax effect of income that is not considered as income and expenses that are not considered as tax expenses such as
  • Entertainment and donation expenses in excess of the amount allowed to be deducted by the tax law
  • Some kind of expenses that can be deducted as tax expenses more than one hundred percent, such as training expense and research and development expense.
  • Profit (loss) from the exchange rate used in the calculation of income tax but not included in accounting profit (loss)
  • Dividend income of the listed companies on the stock exchange obtained from limited companies established under Thai law
(3) Changes in temporary differences such as
  • Gain (loss) from changes in the fair value of biological assets
  • Differences in the calculation of depreciation and amortization of accounting and tax methods
(4) Tax loss
In 2017, some subsidiaries had tax losses and were recognized as deferred tax assets and tax income, but in the year 2018 some of those companies have the operating profit therefore reversed the deferred tax assets and recorded as tax expenses.
(5) Effects of changes in tax rates
Changes in the Public Law of the United States of America No. 115-97 on December 22, 2017, which amended the 1986 edition, with the corporate tax rate reduced from 35 percent to 21 percent for the accounting period beginning on or after January 1, 2018, the Company has therefore adjusted the effect of the change by recording tax income and decreasing the defered tax liabilities.

Moreover, Taiwan Legislative Yuan passed the amendments to the Income Tax Act on January 18,2018. The tax reform measures will apply retroactively for taxable years beginning as from 2018 (i.e. 1 January 2018 for calendar-year taxpayers). The amendments to the Income Tax Act included increase in the corporate income tax rate from 17% to 20%. The Company has therefore adjusted the effect of the change by recording tax income and increasing the deferred tax assets in the year 2018.

Revenue, Operating Profit (EBT) and Tax Paid (Current Tax)
Geographic Area Revenue Operating Profit (EBT) Tax Paid (Current Tax)
2017 2018 2017 2018 2017 2018
THB million % THB million % THB million % THB million % THB million % THB million %
Asia 437,094 87 475,988 87.8 24,026 132 28,861 104.4 4,012 88.1 4,992 94.3
Europe 40,021 8 43,749 8.1 1,142 6 1,169 4.2 197 4.3 160 3.0
Others 24,392 5 22,200 4.1 (7,019) -38 (2,393) -8.7 343 7.5 143 2.7
Total 501,507 100 541,937 100 18,149 100 27,637 100 4,552 100 5,296 100
  • Revenue : Sales income presented in the income statement
  • Operating profit (EBT) : Net income(loss) before income tax expense presented in the income statement
  • Tax paid(Current tax) : Income tax paid as presented in the note to financial statement No.36
  • Asia : Comprise of Thailand, China, Vietnam, Taiwan, India, Cambodia and The Phillipines
  • Europe : Coprise of Russia, Turkey, England, Belgiam and etc.
  • Others : Comprise of America and Africa continent