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19 September 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALL CENTRE 2010
 
 

 

 

 
 

THAILAND  TAXATION & ACCOUNTING SERVICES

 

 

Accounting and tax Advice on who to use to all Foreign Businesses and we offer all foreigners living in Thailand our services. Coming soon:

 

If you are setting up a Thai Company or Limited partnership or accounting help it is vitally important to have a good accountant who you have confidence in and can provide the valued services you require. Over the years many foreigners have had to use Thai accountants who cannot speak English who have overcharged & are not auditors. We have seen auditors who have processed over 100 companies (the limit) and been fined & those foreigners with Companies having to scramble to find a suitable auditor for their yearly audits. Worse still accountants not filing the proper books to the revenue then not coming to the defence of their clients.Will this has changed somewhat as at 2010 but again we stress the importance of using someone who knows the field of service you want. There are comprehensive services covering all Thailand Accountancy practices. Not only that we are the only company that can provide everything from Law to exports to taxation to Real Estate and banking assistance  from one house. Accounting Standards in Thailand are issued by the Federation of Accounting Professions (FAP) which began in 2004. Before this accounting standards were issued by Institute of Certified Accountants and Auditors of Thailand (ICAAT).

 [ ENGLISH SPEAKING ]

   

Qualified bookkeepers must register their qualifications within 60 days from 10 August 2000, as there is a one-year transition period. From 10 August 2001, every bookkeeper must be qualified. Please ask your accountant for their qualifications before you use them. Under the New Accounts Act, every company must appoint a suitably qualified bookkeeper to be responsible for company accounts and submitting the annual financial statement, which they must sign.Registered partnerships and limited companies come under Group 3 or Group 4 headings depending on size.

A public limited company, foreign juristic person doing business in Thailand, joint venture, financial institution, life assurance entity, or business that is promoted by BOI must have bookkeepers with bachelor's degrees. All qualified bookkeepers have to attend an accounting course every 3 years to upgrade their professional education. One bookkeeper may do accounts for 100 clients. If their client list exceeds 100, they need an assistant with the same qualification.

Accountants charges:

For expats and foreigners with companies you must pay a monthly tax. This will be a fee for the accounting firm plus tax on your salary and your staff salaries so a combined package around 5-6000 baht per month is normal. Monthly accounting costs (including all full reports which must be sent to the Revenue Dept. and Social Insurance) . Please note the fee structure below is an approx price as all companies are different. It will vary according to the structure of the partnership/company and the work involved in what must be done. For individuals and expats we can advise you what to ask your accountant. There are many pitfalls with Thai accountants and its important to ask whoever you use what the up front costs will be before you commit to using them and also first of all what their speciality field is. Many know nothing about shipping and Customs etc so if in doubt go elesewhere but get the audit fee and cost monthly fees fixed before you use them as this will no doubt change if you do not. . They can ask all sorts of fees and costs if you dont.

2010 WE NOW OFFER A LEGAL AND

ACCOUNTING ADVICE SERVICE

 

1. Small company 3,000-5,000 Baht /m .

2. Medium company 5,000 -7,000 Baht/m. .

3. Large company 8,000-15,000 Baht/m.

4. Tax certificates Vat -3,000 Baht .

5. Social Insurance certificates 1,000 Baht .

6.Audit fee 8,000-25,000 Baht/year.

7. Consultations: if we need to travel then we add a travel fee. A normal in-house fee is 1000 baht per hour. We will quote you our fees.Ask before you use is goo advice.

Deductable Company expenses :

The below relate to both a Thai Partnership or a Thai Company

The Company must record income according to the regulation of accrued income eg. for foreigner based on his country you file according to the law or monthly accrued basis of expenses. You also need to keep a record of income arising from services or goods rendered, but cash not yet received should be based as income. The received income should be deposited to your Company bank accopunt or your Bank account normal for selling and receiving control for the basis of accounting.

Your company or partnership should also record expenses according to the regulation of accrued expenses or monthly accrual basis of expenses and any expenses. Unpaid expenses should be recorded as expenses as well. The expenses should be business related to show the actual status of financial statement for the month. The recorded expenses should have supporting documents as evidence to prove that:

1/. you are using the company to transact so therefore the accounts belong to the Company and

2/. You show receipts for your purchase or expense and if you do not have then the Company can make.

The taxable profit is the sum of all revenue less allowable expenditure during the Company accounting period. The following expenses can be deducted as a guideline:

  • Ordinary and necessary expenses plus Interest expense;
  • Donations of up to 2% of net profits;
  • Entertainment expenses up to 0.3% of gross receipts but not exceeding 10 million baht; and
  • Depreciation (specific depreciation rates and initial allowances apply).

 

Non deductable Company expenses:

These can be a little complicated but some expenses you cannot deduct from your tax. Any expense you cannot prove they are deductable? Any tax penalty that you might incur. Unusually high expense claims and those not involved directly with your Company. The other is entertainment expenses which you need to check with the Ministerial Regulations but if Ok they must be over 0.3% of the total income or the paid-in capital, whichever is the greater. In cases such as this it pays to ask your accountant for advice on just what you can claim for entertainment expenses then you will not have this problem. Contributions to a pension or provident fund are not deductible for tax purposes unless they are paid out to the employees at the end of the year as well as fines and reserves. You also cannot deduct expenses from a term prior or or withholding tax that you have claimed from the supplier.Specific rules apply to the tax on dividend income.Losses carried forward from the last five accounting periods are offset against the taxable profit.

[ Monthly costs ] [ Yearly audits ] [ Good Bookkeeping ] [ Penalties for bad accounting ]

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