From the start of the process to the very finish, our professionals are by your side. We can negotiate with Thai officials, submit the required paperwork on your behalf, and carry out any further steps required to successfully establish your business. But what occurs when you formally register your company? With the greatest accounting services available in Thailand, we are here to support you following company registration.
Thailand, like many other nations, mandates that businesses registered there adhere to certain accounting standards in order to maintain compliance. Depending on the kind of organization you are, accounting in Thailand is a fairly complicated procedure that needs to be completed on a regular basis. Don’t be afraid! Even though it looks really tough at first, we’ll make it simpler for you.
We’ll talk about accounting in Thailand in this article and highlight some of the key points. We shall approach the Thai accounting system piecemeal. You will therefore be aware of all you need to do to handle accounting accurately and efficiently.
What do you have to do after registering your Thai company?
You can officially begin operating your firm without interruption once your company registration is complete. In addition, there are a number of factors to think about beforehand. Thailand’s accounting is the most significant.
For new foreign investors, maintaining compliance with the accounting laws is a significant challenge. Our goal is to assist you in comprehending Thai accounting regulations and practices. Thus, we shall give you a thorough rundown of Thailand’s accounting.
Accounting is a broad field that involves paperwork and taxes, which presents challenges for many business owners. Thankfully, our accounting services will handle all of your monthly obligations, including bookkeeping, filing for VAT and withholding taxes, and other duties. The most crucial actions to take after registering your Thai corporation are listed below.
Taxation and tax preparation in Thailand
Owning a Thai business can be financially rewarding. Businesses are growing quickly here. You won’t have to worry about any of your obligations after you learn how to run your company. However, until then, you’ll need to search for answers and pick up tips from knowledgeable individuals.
Whether you decide to do it by yourself or you hire a company for help, you have to inform yourself about what tax requirements you need to follow in order to stay legal. The majority of them differ in terms of time frames and value. You must also take into account how prepared they are. Keep our accounting staff in mind to stay on schedule and ensure that everything is accurate.
These are the taxes you have to prepare and pay annually:
- The Corporate Tax (CIT)
The corporate tax applies to all Thai companies, whether they are based in Thailand or not. The difference between them is that incorporated businesses pay the corporate tax on their worldwide income, while the companies that are incorporated abroad pay tax only for the profits gained inside the country. CIT’s standard rate is 20%.
Corporate Income Tax filing must be done within 150 days from the last day of the accounting period. If you fail to file this file or you are late for it, you will be penalized.
- Value-added tax (VAT)
VAT is added to all Thai companies that commercialize goods and provide services if their annual income is more than 1.8 million BAHT. Generally, the VAT rate is 10%, but it has been reduced to 7% until September 2023.
you find a range of accounting services that comprise:
- Bookkeeping;
-Record your firm invoices and issue customized reports on time.
- Taxation and tax preparation.
-File your monthly VAT, Personal Income Tax, Social Security payments, Service Tax, Corporate Tax, and Corporate Income declarations. Our agency is known as one of the best service providers for foreign businesses. Count on our accounting services for having a flourishing and prosperous business.