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Accounting in Thailand
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All Thai and foreign companies registered in Thailand have multiple obligations when it comes to accounting and tax. We hereby give a short overview of what should be kept in mind.
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OUTLINE
Accounting
Corporate Income Tax
Value Added Tax Accountin
Withholding Tax Accounting
Payroll Services and Social Security Fund
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Accounting Packages
We offer flexible accounting services
tailored to specific requirements of
our clients.
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Accounting
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All companies in Thailand have to prepare and keep accounts. This is not only the case for a limited company, but also for registered partnerships, foreign juristic persons doing business in Thailand, public limited companies and joint ventures. Only a private person is exempted from this obligation. The accounts have to be drafted according to the Thai Accounting Standards formulated by the Institute of Certified Accountants and Auditors of Thailand, and should reflect a true and correct image of the company’s expenses and assets.
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VAT – Value Added Tax Accounting
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A company is obliged to register for VAT in three cases:
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1. The activities that the company will conduct are VAT subjected (e.g. export of goods)
2. The turnover of the company is more than 1,800,000 THB per year. The company has to apply for a VAT number
within 30 days after the company reached this amount of sales
3. The company will employ a foreigner and will thus have to apply for a work permit
In Thailand, VAT returns (PP 30) should be filed on a monthly basis. We offer a full range of VAT accounting services, including the registration with the tax authorities, VAT filings and reimbursement of VAT credits. |
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WHT – Withholding Tax Accounting
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Tax has to be withheld by the payer of – amongst others – employment income, dividends, interests, royalties and technical service fees.
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Payroll Services and Social Security Fund
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We provide flexible payroll services and accountancy that improve payroll management for small and medium sized businesses. Apart from the above-mentioned monthly payments of withholding tax on salaries (PND 1), our services generally include a mix of the following tasks:
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• Payroll calculations
• Pay-slip creation
• Submitting pay instructions to your bank
• Withholding Tax Certificate (BIS 50)
• Provident Fund
• Workmen’s Compensation
• Payments to government agencies
• Electronic reporting |
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Both the employee and employer are required to contribute 5% of the monthly salary, with a cap of 5% of 15,000 THB (≤ 750 THB. We can fulfil all your Social Security Fund obligations (SPS 1-10). We are happy to discuss your particular needs at a time of your convenience.
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