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Run your Business in Thailand

Experience effortless corporate management and elevate your business with VB & Partners’ premier Accounting and Secretary services. Whether you’re seeking a dedicated Company Secretary in Thailand or expert Accounting solutions, VB & Partners has got you covered.

Streamline deadline tracking, document management, and compliance with our comprehensive company secretarial service. Tackle Accounting intricacies with the assistance of our adept experts who manage paperwork, validate data with precision, and ensure prompt filing. Benefit from fixed pricing and access to our esteemed pool of professionals, ensuring reliable and efficient corporate support from VB & Partners.

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5.0 on Google Federation of Accounting Professions of ThailandMember of the Federation of Accounting Professions of Thailand
Services

Accounting, Tax & Payroll

Accounting Services

Every company registered in Thailand must meet accounting and tax filing obligations, whether or not it is actively trading.Starting from6,500 THB + 7% VAT
  • Transaction reconciliation and Tax calculation
  • Tax filings and payments
  • Bookkeeping and management report
See the service

Tax Filings

Taxation is vital for business operations in Thailand. Non-compliance can lead to penalties, legal issues and financial repercussions.Starting from5,000 THB + 7% VAT
  • Ensure accurate submissions and compliance
  • Never miss a deadline
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Payroll Services

Managing payroll and complying with Thai regulations can be a challenge. Our payroll services take care of it for you every month.Starting from1,000 THB + 7% VAT
  • Ensure full compliance with laws and regulations
  • All required payments and deductions made
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PEO / EOR Service

A Professional Employer Organization (PEO service), also known as Employer of Record, provides a streamlined option for quickly hiring and onboarding employees in Thailand.Starting from6,500 THB + 7% VAT
  • No minimum investment
  • Suitable for skilled employees
  • Renewable on a yearly basis
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Personal Income Tax

Professional PIT assessment and guidance on potential deductions, based on your situation.Starting from8,500 THB + 7% VAT
  • Personal assessment of your situation
  • Deductions and allowances reviewed
  • Annual return prepared and filed
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Accounting, Tax & Payroll at a glance

Financial Reporting and Auditing

Thorough financial reporting, including annual audited financial statements, is mandatory for companies. Compliance with the reporting requirements set by the Ministry of Commerce and the Revenue Department ensures transparency and accountability.

Tax Compliance and Reporting

Adhering to Thailand's tax regulations is paramount. Properly reporting income, expenses, and ensuring accurate tax calculations are crucial for businesses to meet their tax obligations and avoid penalties.

Effective Tax Management

Proficiently managing taxes, including Value Added Tax (VAT), is vital for businesses. This entails a comprehensive understanding of tax regulations, timely VAT registration, and accurate application of the 7% VAT rate to goods and services. It is essential to ensure compliance and prevent potential tax-related challenges.

Why work with VB and Partners?

Embarking on a business venture, especially in a foreign land, 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 the start of your business operations.

Navigating local laws and regulations is a paramount concern for foreign enterprises. Our tailored solutions alleviate this complexity, ensuring unwavering adherence to legal mandates. Backed by a team well-versed in the intricacies of the Thai market and regulations, ensuring the smooth operation of your business.

VB & Partners takes pride in its assembly 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

  • Collection of documents from you:Between the 1st day to the 3rd day of each month our experts will collect all the required documents.
  • Transaction reconciliation 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 fines and extra tax liabilities.
  • Tax filings and payments:Between the 10th day to the 15th day of each month, the accountant will file the tax returns forms with the Revenue Department.
  • Bookkeeping and management report:Between the 10th to the 20th 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.

In addition to the aforementioned requirements, please note that additional documentation may be necessary during the application process.

Accounting Services

Starting from

6,500 THB + 7% VAT

  • Financial reporting, tax compliance, and effective tax management
  • 5 Business Days
  • Excluding official fees and transportation fees
  • The fee for the advisory call will be deducted from our service fee should you choose to engage with our services

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:

  • Bank 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 office of the previous month
  • The Tax invoice/Receipt for each invoice that you have issued 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 fines 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 transactions, he will contact you directly.

Step 3 : Tax filings and payments

Between the 10th day to the 15th day of each month, the accountant will file 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 20th 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 filings?

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

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

What you must know before applying

Accounting Standards

Thailand follows Generally Accepted Accounting Principles (GAAP), which are issued by the Federation of Accounting Professions in Thailand (FAP). These standards ensure consistency and transparency in financial reporting.

Tax Compliance

Thai businesses must adhere to strict tax regulations. The Revenue Department governs tax collection, and it's crucial for companies to accurately report income and expenses to fulfill their tax obligations.

Financial Reporting

Companies in Thailand are required to prepare annual financial statements. These statements must be audited by a certified auditor and submitted to government authorities, including the Ministry of Commerce and Revenue Department.

Value Added Tax (VAT)

Thailand levies a 7% VAT on most goods and services. Businesses must register for VAT if their annual turnover exceeds a certain threshold. Proper VAT accounting and reporting are essential to avoid penalties.

Withholding Tax

Withholding tax is applied to various types of payments, including dividends, interest, and service fees. Proper withholding tax calculations and reporting are necessary to avoid legal issues.

Corporate Compliance

Thai companies must maintain compliance with various corporate laws and regulations. This includes holding annual shareholder meetings, submitting financial reports, and complying with labor laws to ensure smooth business operations.

FAQ

Frequently Asked Questions

What are the essential accounting documents and records that a company must maintain in Thailand?

Companies in Thailand are required to maintain records of financial transactions, including ledgers, receipts, invoices, and accounting books.

What is the fiscal year for tax purposes in Thailand?

The fiscal year in Thailand typically follows the calendar year, running from January 1st to December 31st. However, companies can choose to use a different fiscal year.

What types of taxes do businesses in Thailand need to be aware of?

Businesses in Thailand are subject to various taxes, including corporate income tax, value-added tax (VAT), specific business tax, and withholding tax on payments made to residents and non-residents.

How often are tax returns required to be filed in Thailand?

Thai companies must file half-yearly tax submission reports and annual financial statements. Additionally, corporate income tax returns must be filed annually.

Are there any specific tax incentives or benefits available for certain types of businesses in Thailand?

Yes, Thailand offers tax incentives and benefits to businesses operating under the Board of Investment (BOI) scheme, which can include tax holidays and reduced corporate income tax rates.

What is withholding tax, and when does it apply in Thailand?

Withholding tax is a tax deducted at the source of payment. In Thailand, it applies to various transactions, such as interest, dividends, royalties, and payments to non-resident individuals or companies.

Is it necessary to appoint an auditor for a company in Thailand?

Yes, Thai companies are required to appoint an auditor, who must be a Certified Public Accountant (CPA) in Thailand, to conduct annual audits and verify financial statements.

What are the consequences of non-compliance with tax filings in Thailand?

Non-compliance with tax filings in Thailand can result in penalties, fines, and legal actions. It's essential to meet all tax obligations to avoid these consequences.

Can companies in Thailand use accounting software, and if so, are there preferred options?

Yes, companies in Thailand can use accounting software. Popular options include cloud-based software like Xero and local solutions like Thai Accounting Software (TAS).

Get in touch

Not sure which service you need?

Tell us about your company and we will recommend the right setup, with a clear quotation and no obligation.

Request a Quotation+66 65 716 8539
Free call, up to 15 minutesInformation on our services and feesTax consultation, up to 1 hour8,500 THB + 7% VAT
Thitima PhaseedaThitima PhaseedaAccountant Manager