Professional English Speaking Accounting Services in Thailand

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Run a Business - Accounting Services

Accounting Services and Tax Filings

All-inclusive Accounting packages with tax advisory for SMEs in Thailand.

Our team of accountants works closely with tax experts and lawyers to ensure compliance with local regulations and support for complex matters.

Outsourcing your accounting duties allows you to save time, limit the risk of non-compliance and focus on your business.

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Accounting

Why is accounting and tax filing important for your company in Thailand?

All companies registered in Thailand, whether or not they have any transactions, are subject to tax and accounting obligations. At a minimum, Thai companies must file a half-year tax submission report, prepare annual financial statements, appoint an auditor, and file the corporate income tax return together with the audited financial statements with the Revenue Department every year.

If the company is registered with VAT, a VAT return must be filed every month even if it shows 0. Failure to comply with tax filings results in fines for the company and engages the liability of its director(s). For this reason, many businesses choose to work with professionals offering tax compliance services In Thailand to help manage these responsibilities efficiently.

In order to ensure proper financial management of the company and timely tax filings, it is necessary to maintain monthly bookkeeping. Our accountants use FlowAccount or Xero, a cloud-based software, allowing you to access your accounts and management reports online.

If you have a BOI-promoted company, identifying and booking fixed assets in compliance with the Board of Investment (BOI) regulations can be complex. Properly recording your books is essential for obtaining final BOI confirmation after the three-year audit.

Additionally, companies that have received BOI promotions may have specific investment conditions that must also be recorded correctly to demonstrate compliance. Furthermore, if a BOI company benefits from tax incentives, it is essential to ensure that invoices issued for services align with the BOI scope and the foreign business certificate, if applicable.

If the company is registered with the VAT, a VAT return must be filed every month even if it shows 0. Failure to comply with tax filings results in fines for the company and engages the liability of its director(s).

In order to ensure a proper financial management of the company and tax filings on time, it is necessary to maintain monthly bookkeeping. Our accountants use Flow account or Xero, a cloud based software, allowing you to access your accounts and management reports online.

If you have a BOI promoted company, identifying and booking fixed assets in compliance with the Board of Investment (BOI) regulations can be complex. Properly recording your books is essential for obtaining final BOI confirmation after the three-year audit.

Additionally, companies that have received BOI promotions may have specific investment conditions that must also be recorded correctly to demonstrate compliance. Furthermore, if a BOI company benefits from tax incentives, it is essential to ensure that invoices issued for services align with the BOI scope and the foreign business certificate, if applicable.

MONTHLY SERVICES

Bookkeeping and tax filings
From: 6,500 THB
Up to 20 entries per month
VAT filings
From: 2,000 THB
Up to 20 entries per month
Payroll Service
From: 2,000 THB
Up to 4 employee

How does the accounting process work?

Step 1: Collection of documents from you

Between the 1st day to the 3rd day of each month, you have to send us:
• Banks statements and online payment gateway statements (if any)
• Access to a share drive with all your transactions (invoices and expenses) or send original documents to our
o ce of the previous month
• The Tax invoice/Receipt for each invoice that you have issued that that has been paid

Step 2: Transactions reconciliations and Tax calculation

Between the 3rd day to the 10th day of each month, the accountant will review all transactions to reconcile them
with the bank statement and calculate the amount of tax due.

During the reconciliation process, the accountant must ensure that all income or expenses match with a
corresponding document (invoices, payslips etc.). Failure to do so may result in nes and extra tax liabilities. This is
why it is important to share all documents under step 1 on time. If the accountant has doubts on the reconciliation
of certain transitions, he will contact you directly.

Step 3: Tax filings and payments

Between the 10th day to the 15 day of each month, the accountant will le the tax returns forms to the Revenue
Department.

You can pay the tax directly to the Revenue Department (QR code or bank transfer) before the deadline or request
the accountant to pay the taxes on your behalf (the accountant will send you a tax advance request).

Step 4: Bookkeeping and management report

Between the 10th to the 20 of each month, the accountant will record the transactions in the accounting software
and categorize them. The accountant will then send you the management report.

What is included in the monthly tax lings?

The monthly tax ling service includes the monthly withholding tax calculation and ling (Forms PND 3, PND 53,
PND 54).

If your company is registered with the VAT, the VAT ling service includes the monthly VAT computation and ling
(Forms PP 30, PP 36).

If the company is registered with the VAT, a VAT return must be led every month even if it shows 0. Failure to comply with tax filings results in nes for the company and engages the liability of its director(s).

In order to ensure a proper financial management of the company and tax lings on time, it is necessary to maintain a monthly bookkeeping. Our accountants use Flow account or Xero, a cloud based software, allowing you to access your accounts and management reports online.

If you have a BOI company, plan to raise funds, get a loan or sell your company, it is extremely important to ensure that the assets and expenses of the company have been properly recorded in the company’s book.

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Receive your free quotation regarding accounting and tax services in Thailand within 24 hours.

Whether you are getting started in Thailand or are looking for a new accounting service, our experts are ready to help. 

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Frequently Asked Questions

What is the typical cost for accounting and tax filing services?

The cost for basic accounting and tax filing services generally starts at around 6,500 THB for managing up to 20 entries per month. If your business requires VAT filings, expect an additional fee of approximately 2,000 THB.

What specific documents should I prepare for monthly accounting?

For efficient monthly accounting, you’ll need to gather essential documents such as bank statements, any online payment gateway statements, invoices issued, receipts for expenses, and tax invoices related to paid transactions. Having these ready will streamline the process.

What are the consequences of missing a tax filing deadline?

Failing to meet tax filing deadlines can lead to fines and penalties that may significantly impact your business. It's essential to stay organized and proactive in meeting your obligations to avoid these potential repercussions.

Is it advisable to manage my own accounting and tax filings?

While some business owners opt to handle their own accounting and tax filings, it can be complex and time-consuming. Many choose to partner with professional accountants who possess the expertise needed to ensure accuracy and compliance with ever-changing tax regulations.

How does Thailand's tax system accommodate the growing gig economy?

Thailand's tax system is evolving to address the gig economy. Freelancers and independent contractors are generally required to report their income and may be eligible for certain deductions. It's advisable to maintain detailed records of income and expenses, as the Revenue Department is increasingly focusing on this sector.

What are the tax implications for foreign companies operating through a Thai subsidiary?

Foreign companies with Thai subsidiaries face specific tax considerations. These include corporate income tax, withholding tax on dividends, and potential transfer pricing scrutiny. It's crucial to structure operations in compliance with both Thai and international tax laws to avoid double taxation and optimize tax efficiency.

Are there any special tax considerations for e-commerce businesses in Thailand?

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E-commerce businesses in Thailand face unique tax challenges, including VAT registration requirements for digital services and the need to properly account for cross-border transactions. Recent regulations have introduced specific reporting requirements for e-commerce platforms, making it crucial to stay informed about the latest developments.

What are the tax implications of employee benefits and perks in Thailand?

The tax treatment of employee benefits in Thailand can be complex. While some benefits may be tax-exempt, others could be considered as taxable income. Employers need to carefully structure their compensation packages to balance attractiveness to employees with tax efficiency.

How does Thailand's Board of Investment (BOI) promotion affect a company's tax obligations?

Companies receiving BOI promotion may be eligible for significant tax incentives, including corporate income tax exemptions or reductions. However, these benefits come with specific conditions and reporting requirements. It's crucial to understand and comply with BOI regulations to maintain these privileges.

What should foreign investors know about the tax aspects of mergers and acquisitions in Thailand?

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M&A activities in Thailand have important tax implications, including potential capital gains tax, stamp duty, and inheritance of tax liabilities. Proper due diligence and structuring are essential to minimize tax exposure and ensure compliance with regulations such as the Foreign Business Act.

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