Accounting Services in Bangkok:

Our Accounting Services

As with all companies around the world, companies that are registered in Thailand are expected to comply fully with laws of the land and this, of course includes for accounting and taxation. At B-Corp, we offer the full range of accounting services in Bangkok to ensure that your business is fully compliant and meets all the requirements of Thailand.

Accounting Outsourcing

If your business has just enough resources to get by, you should consider outsourcing your accounting requirements. That way you can channel your resources to business areas that need them to grow. This will also ensure that your business does not break local laws and regulations.

Statutory Auditing

Statutory Audits are essential legal requirements in Thailand. If you have a company registered in the country, you need to present yearly financial statements and each must meet general accounting principles.

Advisory Services

At B-Corp we tap into our extensive expertise to provide a range of Advisory services that can benefit different business areas. We are proud to reveal that we offer custom solutions that are focused on our clients’ business goals.

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It is our objective to provide all clients with a service that is not only of the highest quality but delivered
promptly and efficiently to maximise their experience.
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Monthly Accounting and Annual Audit

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Accounting Services Thailand

There are several items that need to be accounted for and paid monthly such as VAT preparation and Withholding Tax (WHT) preparation, submissions and payments. This needs to be adhered to regardless of the type of company that you formed. The exception to this would be a private individual, however, this would not be applicable for a foreigner.

All monthly and annual accounts need to be prepared in accordance with Thai Accounting Standards, a set of rules and regulations that have been prepared and agreed upon by the Institute of Certified Accountants and Auditors of Thailand. Of course, the crux of this that all accounts are prepared are expected to portrait a true and accurate image of the business’ financial performance at the time that they are formulated.

It is common that the Financial Year End of a business is set as 31 December each year, however, it is not compulsory for it to be this date. A newly formed company needs to close its annual accounts within one year of its formation. The Financial Statement, that includes a Balance Sheet and Profit and Loss Account, needs to be filed with the DBD and Revenue Department within one month of their completion. Naturally, this Financial Statement needs to have been audited by a qualified auditor. A copy of the accounts and any other relevant documents needs to be kept at the company’s registered office for a minimum of five years.

Corporate Income Tax (CIT)

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Any Thai company operating Thailand will need to apply for what is known as a Taxpayer Identification Number (TIN) within 60 days of incorporation. This is different for a foreign company as they would need to apply prior to commencing business in the country. The TIN serves several roles and would be required for Corporate Income Tax purpose as well as for WHT and VAT.

To find out more information about the levels of CIT that would need to be paid it is always advisable to refer to the Thai Revenue Department website for accurate, up-to-date information.

Half Yearly Reporting

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Naturally, any business will need to make an annual payment of CIT but in Thailand, an additional payment is also required on a half yearly basis. This can actually be beneficial and reduces the burden on the company in financial terms but can be quite complex and involves a great deal of estimation. To put it simply, the company in question is required to predict how much profit they will make during the entire financial year. They will then pay half of the tax calculated at this stage and the remaining balance at the end of the period.

There are sadly penalties for making predictions that fall too low. If they actual year end profitability is 25% greater than the prediction, an additional 20% tax will be required to be paid on the shortfall.

Value Added Tax (VAT)

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Not all businesses that operate in Thailand are required to register for VAT. However, there are scenarios where they would be required register. These are:

  • The activities of the company are subject to VAT
  • The company employs a foreign national
  • The company has an annual turnover greater than THB1.8 million per year
  • For more information about the rate of VAT and the goods affected, please visit Thai Revenue Department.

    The VAT system in Thailand is quite easy to understand and follows that of other countries. When something is sold that company charges VAT, but when that same companies buys something they will pay VAT. These figures can be offset and the remaining balance is what will be required to be paid at the end of the accounting period.
    The figures will need to be recorded on a form known as a PP30 and filed to the Revenue Department on or before the 15th day of each month. Even if the returns show as ‘zero’, the form still needs to be filed. If Excise Duty is also payable, the PP30 should be filed with the Excise Department along with all corresponding documentation.
    This is an area that can be time consuming and there are quite hefty penalties for those who fail to comply. This something that we can help with at B-Corp.

    Withholding Tax (WHT)

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    WHT is yet another tax that is often required to be paid by businesses on a monthly basis. The rates and exemptions alter so once again it is advisable to consult the Thai Revenue Department. This is again a service that is offered by B-Corp to ensure that everything is completed and filed in accordance with Thai law.

    Payroll Services

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    Payroll is something that is time-consuming and comes with several potential headaches – not least employees not getting paid on time. Even companies who only employ a small number of employees spend time calculating what needs to be paid, what needs to be deducted and what needs to be paid where. At B-Corp, we have a dedicated payroll team who can conduct this work on your behalf. They will ensure that all your employees are paid on time and the relevant government departments are paid along with receiving the correct paperwork. As part of our ongoing payroll and social security fund service, we will provide the following services at competitive rates and offer full transparency:

    Payroll calculations

  • The creation of quality payslips for all your employees
  • If required, we can prepare the payment instruction for your bank
  • Produce a WHT Certificate (BIS50)
  • Arrange Workmen’s Compensation
  • Any necessary payments to a Provident Fund
  • Payments to government agencies
  • Electronic Reporting