Accounting Services in Thailand
Updated on Thursday 21st April 2016
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Foreign businessmen who intend to open a company in Thailand should be familiar with the local accounting legislation, which designates the way in which various areas referring to accounting can be performed and registered in the company. Accounting activities can be carried out by professionals hired as employees of the company, but it is important to know that there is a trend in outsourcing accounting services to specialized companies or to accounting specialists, thus reducing the level of costs of the business. Investors who need to receive more details about this matter can address to our team of Thai company formation specialists.
General accounting services in Thailand
Our team of specialists can provide a wide area of accounting services, performed in accordance with the International Financial Reporting Standards. Some of the most common accounting services established for a Thai company refer to the following:
• payroll services – a monthly procedure referring to the salaries of the employees and the taxes incurred for their income;
• personal income tax reporting;
• submit a monthly Value Added Tax (VAT) report for sales and other business transactions carried out by the company;
• monthly report for the withholding tax at the Revenue Department;
• bookkeeping services, performed on a monthly basis; bookkeeping refers to the record of all financial transactions incurred by the company;
• audit – according to the local legislation, the audit is performed on a yearly basis; the company’s management is required to file an audit report at several tax institutions, including the Commercial Registration Department.
Bookkeeping services in Thailand
Our specialists can provide to Thai businesses bookkeeping services, tailored in accordance with the size of the company. General bookkeeping services can refer to the registration and processing of the following types of documents:
• accounts payable and receivables;
• maintenance of the general ledger;
• processing payroll documents;
• tax filing.
Bookkeeping services are available for both newly formed companies in Thailand, but also for shelf companies, which are ready-made businesses that have to comply with the general specifications imposed to all types of companies.
If you need further information on the accounting services available in Thailand, please contact our team of Thai company formation specialists, who can offer consultations on this matter.