Accounting Services in Thailand
Our accounting and tax services are packaged to offer our clients with a fully comprehensive solution. Our Expert accountants are fluent in English and can asist your company at the group level in the different counties in which Belaws operates.
Monthly Accounting Package
For new business or entrepreneur with no or limited number of transactions
- Bookkeeping up to 15 transactions per month
- Tax filings
- Payroll up to 2 employees
- Up to 30 mins accounting advisory per month
From 7,500 THB per month*
For small and
- Bookkeeping up to 200 transactions per month
- Tax filings
- Up to 1 hour accounting advisory per month
From 9,000 THB per month*
For medium to
- More than 200 transactions per month
- Tax filings
- Up to 1 hour accounting advisory per month
From 20,000 THB per month*
*The final price depends on the number of monthly transactions and employees
How do accounting services work in Thailand?
Under Thai law, the accounts must be prepared by a qualified Thai accountant and the approved financial statement of the company filed yearly with the Department of Business Development (DBD). Thai Accounting Standards are substantially converged with IFRS Standards, though the financial instruments Standards that are part of IFRS Standards have not yet been adopted. The main duties of our accountants are:
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
Collect all invoices and receipts from you, bookkeeping and bank reconciliation, preparing monthly accounts and annual financial statements (including profit and loss, balance sheet, and cash flow) using Thai Accounting Standards or International Financial Reporting Standards
– VAT filing (form PP30 and PP36)
The second duty of the accountant is to proceed to the tax filings for the VAT.
Before the 7th of each month and 15th day of the following month (7th for PP36 and 15th for PP30)
Maintenance of VAT record, monthly calculation of VAT debit and credit, preparing of the VAT return form and handling payment with the Revenue Department
– 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.
Before the 7th of each month
Preparing the withholding tax return and handling payment with the Revenue Department
– 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.
For each new hire or termination and on the 15th of each month
Registering new employees or deregistering terminated employees with the SSF. Preparing the social contribution return and handling payment with the Revenue Department
– 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.
Before the 7th of each month and last day of March
Calculation of the withholding income tax, preparing the personal income tax form and handling payment with the Revenue Department
– 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).
Within two months of the first 6 month of the year and 150 days before the end of the year
Calculation of corporate income tax, preparing the corporate income tax form and handling payment with the Revenue Department
Tax filing and accounting deadlines in Thailand
Most companies have their accounting year starting from 1st of January but it is possible to choose a different starting date. The main accounting and tax deadlines in Thailand are as follows:
First working day from the 7th of each month
- Withholding Tax (Form PND 3/53/54)
- VAT (form PP36)
- Personal Income Taxes (Form PND 1)
First working day from the 15th of each month
- VAT (form PP30)
- Social security contribution
1st of January
- Employment summary details filing (PND 1 Kor)
Last day of March
- Annual Personal Income Tax (PND 90 or 91)
Within 4 months from the end of the accounting period
- Audit of the financial statements by a independent auditor
- Annual General Meeting (AGM) of the shareholders to consider and approve the audited financial statements
Within 1 month from the AGM
- Approved financial statements filing with the Department of Business Development (DBD)
Within two months after the end of the first 6 month of the year
- Half year Corporate Income Tax filing (CIT 51)
150 days before the end of the year
- Annual corporate income tax filing (CIT 50)
All our accounting packages include support and advisory up to 1 hour per month to answer your accounting and tax questions
– Payroll services
Under Thai law, the employer must provide each employee with a pay-slip including the details of his salary (basic salary, over-time payment and other benefits) and deductions (social security contribution, provident fund personal income tax, etc.). The employer is responsible for deducting the personal income tax and social security contributions from each employee’ salary and proceeds to the payment with the Revenue Department.
Payroll calculation, pay-slip creation, preparing payment instructions for your bank, preparing tax returns, handling payment with the Revenue Department and preparing a monthly payroll report.
– Auditing services
Under Thai law, the yearly financial statements of a company must be audited by an independent auditor. The auditor cannot be your accounting firm and the audit is mandatory whatever the size of the company.
Connecting you with an auditor, following up with the auditor and you until completion of the audit.
Question Before You Begin?
Speak to our expert by scheduling a free consultation on how to operate your company in Thailand.