Bookkeeping & tax filing in Thailand
Bookkeeping & Tax Filing
Bookkeeping and tax filing keeps a company compliant with Thai law: recording transactions, maintaining statutory books, and filing monthly VAT, withholding tax and social security with the Revenue Department and Social Security Office. True Bizz manages the full monthly cycle in Bangkok and prepares the figures for your annual audit.
Why are bookkeeping and tax filing important in Thailand?
Keeping your company's accounting up to date can be a big problem for many business people in Thailand. Thai accounting rules are often confusing to understand and if not followed properly can result in significant fines for your business. Our accounting and tax filing services are provided by professional accountants who will keep your business's books in order and meet all your accounting requirements.
Monthly financial statements
Production of monthly financial statements:
- Profit and Loss Statement listing revenue and detailing expenses
- Balance Sheet showing assets and liabilities
- Trial balance
- General ledger
- Bank reconciliation
- Provide accounting services and tax planning including payment for any tax deductions
- Prepare, change or update business documents at the Ministry of Commerce, Revenue Department, Ministry of Labor, and Immigration Office
Tax management & filings
Monthly corporate withholding tax returns
Filing employment income, dividends, interests, royalties, and technical service fees. Preparation of Corporate Withholding tax returns form. Handling payment with the revenue department within the 15th of the following month.
Monthly value-added tax returns (VAT)
The calculation of the VAT debits and credits will have to be done on a monthly basis. Preparation of Value added tax (VAT) returns to form. Handling payment with the revenue department within the 15th of the following month. Monthly VAT input and output records.
Social Security fund registration and return
Social contributions to the employees' salaries have to be paid each month. Company Annual Fund contributions need to be submitted at the end of each year. Handling payment to the Social Fund Office by the 25th of the following month.
Annual Auditing & Reporting services
Annual Corporate Tax Returns. Personal Income Tax Returns. Half-Year Corporate Earnings Assessment. Annual Withholding Tax Returns for Wages to Employees.
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Prepare and submit monthly profit/loss statements, balance sheets, pre-tax reports, and annual reports
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Calculate and submit payments for all relevant tax deductions
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Prepare, amend or update business documents in the relevant departments
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Answer questions about the accounting process
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Advise on future tasks to ensure smooth business operations
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Analyze, and list documents to support the posting of income, expenses, accounting adjustments, and various accounting reports by the Accounting Act and the Revenue Authority
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Record accounts in the purchase ledger, sales ledger, revenue ledger, payment ledger, and general ledger (complete 5 ledgers as required by the Act) using the standard accounting software system of the Inland Revenue Department
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Prepare quarterly profit and loss accounts and send them to management for tax planning
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Provide tax advice and process preliminary accounting documents
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Report on fixed assets
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Preparation of financial statements; balance sheet, income statement, statement of changes in equity, and notes to the financial statements for submission to DBD and tax authorities
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Preparation of the semi-annual corporate tax forms (PND. 51) and annual (PND. 50) by the Tax Code
What is the process for bookkeeping and tax filing?
Prepare all monthly reports
Our team will prepare all the required monthly statements and reports for your company.
1-14 business daysFurther compliance needs
Our expert will prepare any annual reports as required and prepare, change or update business documents at the relevant department.
14-30 business daysTax deductions
Our expert will calculate and deduct all relevant tax payments and arrange the payment of these taxes at the relevant department.
1-3 business daysRelated Services
Annual Audits
Professional audit services conducted by certified auditors in compliance with Thai accounting standards.
Read MoreFrequently Asked Questions
What monthly filings does a Thai company have?
Typically monthly VAT (PP30), withholding tax (PND3/53), and social security, plus accurate bookkeeping. Annually, an audited financial statement and corporate tax returns are required.
Do I need a Thai accountant?
Companies must keep books under Thai accounting standards and have them audited by a licensed Thai auditor. True Bizz provides the bookkeeping and coordinates the audit.
Can you take over bookkeeping from another provider?
Yes. We can take over mid-year, review prior records, and ensure filings stay continuous and compliant.
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Question Before You Begin?
Speak to our expert by scheduling a FREE CALL about bookkeeping and tax filing services with True Bizz.