Accounting, Audit and Tax Compliance

Thailand’s Accounting Act prescribes that each one business entities in Thailand shall preserve books of accounts and supporting data in Thailand, and shall put together annual monetary statements in accordance with Thai Accounting Requirements.

The Thai Accounting Act additionally stipulates that each one business entities in Thailand shall appoint an accountant, who’s a Thai nationwide holding a Bachelor of Accounting diploma, and shall additionally appoint a Thai nationwide auditor, who shall audit the books and data and the annual monetary statements of the business entity in Thailand.

Accordingly, it doesn’t matter what entity is chosen in Thailand, the entity in Thailand shall make use of a Thai nationwide accountant with the suitable , and moreover, a Thai nationwide auditor with the suitable 審計.

Annual reporting to the regulatory authority

The entire entity sorts are required to file two units of their audited monetary statements and a statutory annual return with the Division of Business Development below the Ministry of Commerce.

The audited monetary statements and statutory annual returns shall be filed inside 5 months of the entity’s monetary year-end date. Along with the audited monetary statements and statutory annual return, a non-public restricted company entity and an ROH entity in Thailand shall even be required to carry an annual basic assembly of shareholders (which assembly shall be held inside 4 months of the monetary year-end date) and shall moreover file an inventory of shareholders of the entity with the Division of Business Development as on the date of the annual basic assembly of shareholders.

Company earnings tax compliance

The entire entity sorts are required to organize and file an annual company earnings tax return with the Thailand Income Division inside 5 months of the entity’s monetary year-end date. No extensions are permitted below the Thai Income Code, and an automated surcharge (curiosity penalty) of 1.5% per 30 days late is payable for all late tax returns filed.

The annual company earnings tax returns are accompanied by one set of the entity’s audited monetary statements, and a press release by the entity’s director or supervisor (because the case perhaps) certifying as to the entity’s tax compliance.

As mentioned beforehand, a consultant workplace entity and a regional workplace entity in Thailand just isn’t topic to company earnings tax in Thailand, and the annual company earnings tax returns for these entities are ready and filed with the Thai Income Division for the needs of monitoring the entity solely.

Worth added tax compliance

Legal responsibility to VAT in Thailand happens when items are offered or services are offered to customers in Thailand, and thus, for all entity sorts (apart from consultant places of work and regional places of work, that are exempt from VAT in Thailand) the entity can be required to account for and file VAT returns to the Thai Income Division.

Accounting and submitting of VAT returns is finished on a month-to-month foundation. An entity liable to VAT shall account for its month-to-month VAT collections, file its VAT for that month and pay the quantity of its VAT legal responsibility to the Thai Income Division inside the 15th day of the next month.

Once more, because the Thailand Income Code doesn’t allow any extensions, all late VAT returns are topic to the 1.5% per 30 days surcharge.