Thursday, August 26, 2010

Accounting requirements in Thailand

Accounting in Thailand is no different to other countries, although due to the language barrier the government forms and papers can seem confusing. In the end though, accounting is accounting is accounting! There are monthly submissions and taxes to be paid, as well as twice yearly tax returns to be filed.

The key forms and requirements are as follows:
  • Withholding Tax (PND 3, 53)- transactions - submitted to the Revenue Department by the 15th of every month
  • Value Added Tax (PP 30)- submitted to the Revenue Department by the 7th every month
  • Withholding Tax Return (PND 54)
  • Mid-Year Tax Return (PND 51)
  • Annual Tax Return (PND 50) - due within 6 months of your accounting year-end.
  • Withholding tax summary (PND 1)
  • Social Security (SPS 1-10)- submitted by the 20th of every month
  • Withholding Tax Certificate (BIS 50)
  • Provident Fund management
  • Workman's Compensation
Your accounting and auditing should be managed by a professional, whether this is in-house or via a trusted service provider. Part of this process should be the creation of monthly reports that assist you in reviewing and planning your business activities. There are benefits to both of these arrangements, and this will be discussed in the next article.

Written by Stuart Blott, General Manager, FCA (Thailand) - Member of the Sutlet Group.

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