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Accounting & Secretary
Bookkeeping & Tax Filing in Thailand
Our Bookkeeping & Tax Filing service offers a tailor made plan designed to meet the specific requirements of our clients. We always ensure that our services are in full compliance with the Thai regulatory framework.
Why is bookkeeping and tax filing important in Thailand?
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.
Our bookkeeping and tax filing service is offered by highly qualified accountants who will keep your company books in good order and satisfy all your accounting needs. Our experts will prepare everything in a streamlined and efficient way, allowing you to focus on other areas of the company.
Our bookkeeping and tax filing service takes care of the following:
- Prepare and provide monthly profit/loss statements, balance sheets and input – output tax reports.
- Provide accounting service and tax planning. This includes the payment for any tax deductions.
- Prepare and provide annual reports for your company.
- Prepare, change or update business documents at the Ministry of Commerce, Revenue Department, Ministry of Labor and Immigration Office.
- Lower annual audit costs.
Pricing
FROM
THB 3,500 *
+ 7% VAT
Work handled by expert Accountants fluent in English.Scope of work
- 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.
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Additional services that you may need
What is the process for the bookkeeping and tax filing service?
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
Prepare all monthly reports
Our expert will prepare all the required monthly statements and reports for your company.
TIMELINE
x business days
Tax deductions
Our expert will calculate and deduct all relevant tax payments. Our expert will also arrange the payment of these taxes at the relevant department.
TIMELINE
A few days to collect documents from the parties and prepare the application.
Further compliance needs
Our expert will prepare any annual reports as required. Our expert will also Prepare, change or update business documents at the relevant department, if and when the need arises.
TIMELINE
One day for filing the application x day for receiving the approval letter
Frequently asked questions
What are the accounting standards used in Thailand?
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).
What should the Account Books Include?
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.
What are the Accounting Services in Thailand that can be Expected?
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
What are Tax filing and accounting deadlines in Thailand?
- 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.
What is included in bookkeeping services ?
- 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.
Why is bookkeeping and tax filing important in Thailand?
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.
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