Mostly at this current situation, the Accounting Services in Thailand is more adapted with Accounting software, it involves useful tools like invoicing, bill payment, payroll, and financial reporting online. Bangkok is the center of their accounting services; They are very punctual in terms of the comprehensive range of efficient accounting services.
ACCOUNTING SYSTEM IN THAILAND
The accounting system in Thailand is precise and dependable, small or large businesses in Thailand should maintain their books of accounts, these books of accounts are as the guidelines and also the standard draft in (TFRS) Thai Financial Reporting Standards and (TAS) Thai Accounting Standards, it must disclose the true financial position of the company with reference of income, expenses, assets, and liabilities. While the other accounting services in Thailand and mostly in Bangkok, will prepare annually accounting data like journals, financial statements, general and sub-ledgers, and trial balance as their whole package depending with the company’s request or monthly reports can be arrange with deadline within 30 days of the following month. With yearly accounting services, by 1 year 1 time is applicable with only small company. Thailand has not yet adopted all IFRS Std. TAS is significantly converged with IFRS std, though not fully absorbed. Thus, SMEs is identical with IFRS, and TFRS is affected last 2017.
FEES OF ACCOUNTING SERVICES IN THAILAND
Monthly: Start ups and few transactions cost average around 4,000-5,000 baht.
Quarterly: depending with the specific period of accounting service requested.
Yearly: For small company the minimum; cost around 18,000-25,000 baht, while others are over 40,000 baht maximum.
Take note that these fees are depending on the type and how big the company is.
Audit and compliance are outlined during a number of laws in Thailand:
⦁ The Accounting Act of 2000;
⦁ The Securities and Exchange Act of 1992;
⦁ The Bank of Thailand Act B.E. 2485;
⦁ Insurance Commission Act B.E. 2550; and
⦁ Financial Institutions Business Act B.E. 2551.
FINANCIAL STATEMENT IN THAILAND
Annual statement/reporting requirements to provide at the end of each accounting period:
§ Minutes of annual meeting
§ Profit and loss accounts
§ Balance sheet
§ Audited financial statement
§ List of shareholders (with the date of the meeting)
Both Thai and English language is a must have copy or a translation is attached. Private or public in limited companies must file their financial statements audited by the end of the fiscal year by a self-sufficient auditor.
Time frame of completion the service in Thailand
Total of General accounting period is under Section 65 of the Revenue Code for Corporate Income Tax : (12 months computation and can be started or ended at any date)
Question: We registered our company (in Thailand) in April 2010, till now (January 2011) We did not have any income yet, only the loss,
– We are susceptible to report back to the Revenue Department for the primary year?
(Company Name: PANWAGROUP):
• CIT (corporate income tax) for your limited partnership need to file within 150 days from the top of accounting period, and also got to enclose the audited budget .
• withholding are going to be filed within 7 days of the subsequent month. (Needed to file only within the case of getting withheld tax).
• VAT are going to be filed within 15 days of the subsequent month (either have transaction or not, still got to file the VAT form although no transaction) thus, if you did not apply for VAT, there’s no got to file its form.
• Half year tax must be filed within 2 months from the center of accounting period, for your case is that the first year is exempted by law (no got to do filing).
In short, the completion of the service shouldn’t exceed more than 12 months, re-applying is needed in terms of changing incorporated documents and data.
Thailand can offer lots of great potential to foreign investors, very worth considering whether it is still favorable to do business as a foreign company depending on the particular situation. Although, Thai law is very constitutional and overseas business activities are restricted. Hence, we can suggest that registering the company for foreign investors is advised to seek adequate Thai lawyers before engaging in business.
Delivery Time of Completion of Accounting in Thailand
-before the completion of the required twelve months
-within 150 days; end of the fiscal year.