Tax and Accounting Responsibilities in Company Registration in Thailand

It is natural that everybody loves to establish their business wherein they are their own boss. In connection to this, you must select the best place for you to put your specific business. Well, Thailand is considered as one of the most popular places where you can start your own business. Meanwhile, to make the most out of your business operations in Thailand, you must be aware about the accounting and tax obligations when it comes to your company registration in Thailand.

The following are the valuable things that you need to consider when you are going to operate your business in Thailand.

Annual Audit and Accounting

It is required for you to maintain and prepare all of your accounts. This tax obligation is also suitable for those who have foreign firms in Thailand. Moreover, a private business individual can have an exemption from this obligation.

Even more important, to successfully operate your business in Thailand, you must also follow the Thai Accounting Standards. In addition to that, you must also assure that you will show the correct and true image of your business expenses as well as assets.

If your business is new in the industry, you must close your initial accounting year within 12 months right after your registration process. Additionally, you are also mandated to file a balance sheet which include your profits, liabilities, assets, as well as the losses of your firm. You are also required to consult the assistance and support of a reliable accountant to examine and certify your financial declarations.

Corporate Earning Tax (CIT)

When you are engaged on a company registration in Thailand, you must have a taxpayer identification number over a period of two months upon starting the operation of your business. It is needed for your corporate earnings tax or CIT. Furthermore, it is also important for your VAT as well as other withholding tax purposes.

When you have a business in Thailand, it is highly advisable for you to file your VAT returns on a monthly basis. You should file your return at your place’s revenue office. You are obliged to file your monthly returns even if your return is zero for some months.

Social Security Fund and the Payroll Services

It is a fact that processing salaries is time consuming and never easy. Even though your company in Thailand is composed of only few employees, salary process is really daunting task, thus it highly requires strong dedication and time to create correct and exact results.

The computation in this include many paper works as well as money transferal to employees’ bank accounts and different government agencies. As a matter of fact, it is quite important for both the employer as well as the employee to make a contribution of at least 5% of their profits to the funds of the government.

The above mentioned tax and accounting responsibilities are important so that you can have the chance to operate your business in Thailand in the best manner.

For more information, please visit Tilalegal.com