Tax Filings
Taxation is vital for business operations in Thailand. The intricate tax system in the country can pose navigation challenges. Non-compliance can lead to penalties, legal issues, and financial repercussions.
Our customized Bookkeeping & Tax Filing service aligns with each client’s unique needs and complies fully with Thai regulations.
Thailand’s Revenue Code contains numerous rules and regulations that businesses must comply with. Failure to do so could see penalties being placed on the company.
Companies are required to repare and provide monthly profit/loss statements, balance sheets and input – output tax reports.
Each month, companies are required to calculate and make the proper tax deductions and payments. This includes Withholding Tax, VAT and Social Security.
Why work with VB and Partners?
Embarking on a business venture, especially in a foreign country, can appear overwhelming. At VB & Partners, we understand this challenge and our experts are ready to assist with your needs. Our comprehensive range of services covers every step, from initial business feasibility assessments to complete incorporation and starting your business operations.
Navigating local laws and regulations is an essential concern for foreign enterprises. Our tailored solutions are designed to ensure adherence to all legal requirements. Backed by a team of experts who are familiar with the Thai market and regulations, resulting in the smooth operation of your business.
VB & Partners takes pride in its team of seasoned experts. Ranging from Incorporation, Accounting & Secretary Services to Immigration and Real Estate, VB & Partners stands as your premier destination for all your legal and accounting needs.
What does this package include
- Prepare and provide monthly profit/loss statements, balance sheets and input – output tax reports and annual reports.
- Calculate and submit payment for any relevant tax deductions.
- Prepare, change, or update business documents at the relevant departments.
- Answering questions in relation to the Bookkeeping process.
- Advising you on future duties to ensure a smooth business operation.
Never miss a deadline
Price: + 7% VAT
What you must know before applying
Book a Call with our expert
Up to an hour consultation on the process of setting up a company in Thailand.
We will provide you with information on key areas such as; company structure, taxes, accounting and other general aspects of opening a company in Thailand. We will also answer any other legal questions you may have to provide you with a clear overview.
If some extra research is necessary to answer your questions, our experts will check and revert to you with complementary elements by email.
This consultation is provided by legal experts in English or in French.
Frequently Asked Question
There are 2 tiers of Thai accounting standards (TAS) and Thai financial reporting standards (TFRS):
- TFRS for publicly accountable entities that follow International Financial Reporting Standards (IFRS).
- TFRS for non-PAE (a business entity whose securities are traded; a public company limited or a company holding assets in a fiduciary capacity).
According to Thai law, the account books should contain the following:
- The daily financial transactions and the bills of the transactions.
- Ledgers.
- Original and copies of bills.
- Trial balance.
The following services are usually provided:
- Value Added Tax
- Creating Monthly Reports
- Annual Tax Return
- Record Accounting Transactions
- Withholding Tax & Returns
- Schedules for Financial Statements
- Mid-Year Tax Returns
- Annual Tax Return
- Submitting Annual Financial Statement to the Thai Government
- Payment Transfers
- Bookkeeping
The first duty of the accountant is to prepare the monthly financial statement and ensure reconciliation between the bookkeeping and the bank statements. Our accountant uses the software Xero allowing you to keep track of the bookkeeping at any time and easily obtain monthly financial statements, profit and loss Statement as well as balance sheet.
When: Monthly Basis - VAT filing (form PP30 and PP36)
The second duty of the accountant is to proceed to the tax filings for the VAT.
When: Before the 7th of each month and 15th day of the following month (7th for PP36 and 15th for PP30). - Withholding taxes on services and rent (Form PND 3/53/54)
The payment of services and rent is subject to a withholding tax (3% on domestic payment and up to 15% on payment of services out of Thailand). The withholding tax is withheld from the total amount of the invoice (before VAT) by the payer. The accountant prepares and sends a withholding tax certificate to the payee for each transaction subject to the withholding tax. On the payee side, the withholding tax is considered as a tax advance on the yearly corporate income tax.
When: Before the 7th of each month. - Social Security Fund registration and filing
Registration with the Social Security Fund (SSF) and monthly contribution are mandatory for employees aged from 15 to 60 years old. A new employee must be registered with the SSF within 30 days. The contribution rate is 5% of the gross salary with a cap at 750 THB. The contribution is paid by both the employee (withheld by the employer) and the employer with a maximum of 1,500 THB per month. This is part of our payroll service.
When: For each new hire or termination and on the 15th of each month. - Personal income tax
The personal income tax is withheld from the employee’s salary and paid by the employer on his behalf on a monthly basis (PND 1). At the end of the year, the employee must file his annual personal income tax (PND 90 or 91). Our accountant can also take care of the annual personal income tax filing of employees when he is in charge of the payroll.
When: Before the 7th of each month and last day of March. - Corporate income tax
The Corporate Income Tax rate in Thailand is 20% on net profits ( a progressive rate applies up to a certain amount of income ). A prepayment of half of the corporate income tax based on the estimated annual net profit must be done within 2 months of the first 6 months accounting period (Form CIT 51). The prepaid tax is creditable against the annual tax filing must be done within 150 days from the closing date of its accounting period (Form CIT 50).
When: Within two months of the first 6 month of the year and 150 days before the end of the year.
- Prepare and provide monthly profit/loss statements, balance sheets and input – output tax reports and annual reports.
- Calculate and submit payment for any relevant tax deductions.
- Prepare, change or update business documents at the relevant departments.
- Answering questions in relation to the Bookkeeping process.
- Advising you on the future duties to ensure a smooth business operation.
Keeping up-to-date with your company’s bookkeeping can be a significant pain point for many business operators in Thailand. Thai accounting regulations can often be confusing to understand and failure to follow them properly could result in significant fines being imposed on your company.