ACCOUNTING SERVICE THAILAND

All Thai and foreign companies registered in Thailand have accounting and tax obligations.

The rules are specified in Civil Code Commercial and accounting Regulation. The books can be kept anywhere as long as language accompanied by a translation in Thai. These are the obligations to which fulfill:

1. Keeping of accounting and annual Audit
2. Payment of Corporate Income Tax (CIT)
3. Half year report
4. Payment of VAT
5. Deemed payment on account
6. Payroll and social security

Our Accounting Service Thailand cover the full range of obligations to which your company is required to fulfill.

For example, keeping payrolls with generation of payroll, and the balance of social security (Prakan Sankom), that all workers (with the exception of shareholders) are required to pay. Therefore, the foreign partners will have no obligation to pay any social security but will not otherwise entitled to benefits from the State therefore, must resort to a private plan. In General both the worker and the employer are subject to a contribution of 5% of the salary (each, or 10% overall), up to a maximum of 750 THB. The contribution of a worker can’t go so over 1,500 THB per month.

Some knowledge about VAT

Thai State normally requires registration for the VAT registers businesses who invoice over 1,800,000 Baht per year. But if you have a company with foreign workers (including you) you will be asked to obtain a VAT number right away. This involves a monthly statement with the balance of the appreciation. There are two VAT rates: 0% to 7%. The first applies to exported goods, services rendered to the State abroad, bendita of goods and services to the authorities and State-owned companies, to international transport etc.

There are also activities exempt from VAT such as transport fee, the rental of premises, the sale of agricultural products, newspapers, books, articles for health and educational and cultural services. All other activities are subject to rate of 7%.

Corporate income tax

The income tax you pay at the end of fiscal year (or solar, at the discretion of the company) and has three rates: 0% up to 300,000 THB, 15% to 20% for higher profits and € 1.000.000 for small businesses (capital up to 5 millions and billed no more than 30 million). For other companies you have a flat tax of 20%.

Of course the above is the enterprise profit levy. Shareholders who receive dividends are charged separately the individual fee also with rates dependent on personal income.

Notes on Limited Companies