Accounting Service in Thailand with BOOKKEEPING CO.,LTD.
Top Accounting Services in Thailand: BOOKKEEPING CO.,LTD. Unlock Business Potential: Choose the Right Accounting Service…
Read more
Thai bookkeeping, operated by Thai nationals, specializes in affordable and reliable accounting services, accounts, and business services in Thailand.
With over 20 years of combined experience, we established the Bookkeeping Company in Thailand in 1999.
Our team of qualified accountants and auditors serves a broad range of small to medium-sized businesses, offering comprehensive accounting and auditing services.
FAQ : Common questions
What are the accounting standards in Thailand, and what are the compliance requirements for businesses?
Thai Accounting Standards & Compliance for Businesses:
Thailand uses Thai Financial Reporting Standards (TFRS) , developed by the Federation of Accounting Professions (FAP) and largely aligned with International Financial Reporting Standards (IFRS) but adapted for Thailand.
Key compliance requirements include :
1. Financial Statement Preparation : Businesses must prepare accounts and financial statements (e.g., Statement of Financial Position, Income, Cash Flows) according to TFRS, tailored to their size and nature.
– PAEs (Publicly Accountable Entities): Apply full TFRS, including listed companies, insurance companies, and banks.
– NPAEs (Non-Publicly Accountable Entities): Apply TFRS for NPAEs, typically including most SMEs and general companies.
2. Audit : Most companies and registered partnerships need their financial statements audited and certified by a Certified Public Accountant (CPA) before submitting to government agencies.
3. Submission :
– Department of Business Development (DBD) : Audited statements due within 5 months of the accounting period end.
– Revenue Department (RD) : Financial statements must be submitted with the corporate income tax return (PND 50) within 150 days of the accounting period end.
How is Personal Income Tax (PIT) calculated in Thailand ?
Personal Income Tax in Thailand is calculated based on a progressive rate system (the higher the income, the higher the tax rate).
- Tax Rates: Ranging from 0% for net income up to THB 150,000, up to 35% for net income exceeding THB 5,000,000.
- Who Pays: Individuals earning assessable income in Thailand. Residents (those living in Thailand for 180 days or more) may also be taxed on foreign-sourced income if brought into Thailand (subject to specific remittance rules).
- Filing: Returns must be filed by March 31 of the following year.
What is the Corporate Income Tax (CIT) rate?
The standard Corporate Income Tax rate in Thailand is 20% of net profit. However:
- SMEs: Small and Medium-sized Enterprises (SMEs) with paid-up capital not exceeding THB 5 million and annual revenue not exceeding THB 30 million may qualify for lower tax rates, including 0% exemption for the first THB 300,000 of net profit, and 15% for the next portion.
Why is it important to engage an experienced accounting service for BOI companies ?
Engaging an accounting service experienced with BOI requirements is crucial because:
Compliance : They understand the complex BOI regulations and can ensure your company remains compliant with all conditions and reporting deadlines, preventing loss of benefits.
Optimizing Benefits : They can advise on proper accounting practices to maximize tax exemptions and other incentives.
Risk Mitigation : Non-compliance can lead to severe penalties, including revocation of BOI benefits, back taxes, and fines. An expert minimizes this risk.
Complex Segregation: For companies with both promoted and non-promoted activities, properly segregating accounts to calculate eligible tax exemptions accurately is a complex task best handled by specialists.
Audit Preparation : BOI companies often undergo specific audits to verify compliance. An experienced accountant can ensure records are well-prepared for these audits.
Can Bookkeeping Co., Ltd. assist foreign businesses in Thailand ?
Yes, we provide support for foreign businesses looking to establish or operate their presence in Thailand. Navigating the complexities of local regulations is a significant challenge, and we are well-equipped to assist in this area.
- TAX CONSULTING
- T.B.D
- PER TIME
- MOUTHLY TAX ACCOUNTING SERVICE START FROM
- 3,500 THB
- PER MONTH
- AUDIT SERVICE START FROM
- 12,000 THB
- PER YEAR
Accounting Services in Thailand: Your Partner for Financial Transparency & Growth
In today’s dynamic business environment, robust and reliable accounting services are no longer just a necessity – they are a cornerstone of success.
For businesses operating in Thailand, navigating the complexities of local regulations, tax laws, and financial reporting can be a significant challenge.
This is where professional accounting services become invaluable, offering not just compliance, but also strategic insights for growth.
At BOOKKEEPING CO.,LTD., we understand the critical role that accurate financial management plays.
With over two decades of combined experience since 1999, our team of qualified accountants and auditors specializes in providing affordable and reliable accounting and business services tailored for businesses of all sizes in Thailand, including those looking to establish their presence here.
Why Professional Accounting Services are Essential for Your Business
Bookkeeping is the process of recording invoices and transactions to provide financial transparency. Beyond basic record-keeping, comprehensive accounting services offer a multitude of benefits that drive efficiency, reduce risks, and foster growth:
- Ensuring Compliance & Avoiding Penalties: Thailand has specific tax and accounting regulations. Professional accounting services ensure your business remains compliant with all local laws, including corporate income tax, VAT, and withholding tax, thereby avoiding costly penalties and legal issues.
- Accurate Financial Reporting: Get clear, precise, and timely financial statements that reflect your business’s true financial health. These reports are crucial for making informed decisions, securing funding, and attracting investors.
- Strategic Financial Advice: Beyond just numbers, our qualified accountants provide insights into your financial data, helping you identify areas for cost reduction, revenue growth, and improved profitability.
- Tax Optimization: Experienced accountants can help you identify legitimate tax deductions and strategies to legally reduce your tax burden, maximizing your savings.
- Focus on Core Business: Outsourcing your accounting allows you to free up valuable time and resources, enabling you to focus on your core business activities, innovation, and strategic development.
- Reduced Risk of Errors: Manual accounting processes are prone to errors. Utilizing professional services and advanced accounting systems minimizes inaccuracies, ensuring your records are impeccable.
- Support for Foreign Businesses: For international companies or business foreigners looking to “How to Do Business in Thailand,” our services cover everything from Company Registration to Work Permit requests and One-Year VISAs, simplifying your entry into the Thai market.
Our Comprehensive Accounting Services in Thailand
At BOOKKEEPING CO.,LTD., we offer a full spectrum of accounting and related business services designed to meet your specific needs:
- Tax Consulting: Expert advice on Thai tax laws, helping you navigate complex regulations and optimize your tax position.
- Monthly Tax Accounting Service: Reliable and efficient monthly bookkeeping and tax filing services to ensure timely compliance.
- Audit Service: Independent and thorough auditing services performed by qualified auditors, ensuring financial integrity and transparency.
- Company Registration: Full support for registering your company in Thailand, ensuring a smooth and compliant setup.
- Work Permit & One Year VISA: Assistance with obtaining necessary work permits and visas for foreign employees and business owners.
- Payroll Outsourcing & Social Security Welfare: Efficient management of your payroll, ensuring accurate calculations and compliance with social security regulations.
- B.O.I. (Board of Investment) Accounting : Specialized accounting services for companies benefiting from BOI promotions.
- Accounting Department Outsourcing: Seamless integration with your operations, handling all your accounting functions externally.
- Business Visa Request and Extension: Support for obtaining and extending business visas.
- Legal & Trademark Assistance: Guidance on legal and trademark matters (T.B.D. – To Be Discussed based on specific needs).
Choose BOOKKEEPING CO.,LTD. for Your Accounting Needs
Our main goal is to provide reliable and quick tax filing services, helping you manage your financial records with ease. We leverage state-of-the-art technology and best practices to minimize manual errors and deliver accurate, timely financial insights. Our personalized support ensures that your financial information is in good hands, maintaining confidentiality and providing the peace of mind that your data is always secure.
Whether you’re a small startup or a medium-sized business, local or international, partnering with BOOKKEEPING CO.,LTD. means gaining a trusted advisor dedicated to your financial well-being and business growth.
Contact us today to discuss how our accounting services can support your business in Thailand!
- Tel: 02 652 5116, 092 276 0098
- Email: info@bookkeeping.com
