Thai Tax Returns: A Complete Guide to Assessable Income for Tax Residents (2024)
Determining the source of your income is important for understanding your tax returns in Thailand
Professional Accounting Services in Thailand
Professional Accounting Services in Thailand
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.
All companies registered in Thailand, whether or not they make have any transactions, are subject to tax and accounting obligations. At the 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 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.
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
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.
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).
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.
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.
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.
Determining the source of your income is important for understanding your tax returns in Thailand
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