Monthly Tax Compliance as a Core Accounting Service in Thailand

Complying with tax regulations is an ongoing process

Monthly Tax Compliance as a Core Accounting Service in Thailand

In Thailand, complying with tax regulations is an ongoing process, not just a yearly task. Accounting services in Thailand typically include monthly tax compliance as a core service to ensure businesses stay on top of their tax obligations. Here’s a breakdown of what this entails.

Monthly Accounting and Record-Keeping

Accurate and up-to-date financial records are essential for calculating tax liabilities. Monthly accounting services ensure all your income and expenses are meticulously recorded, categorized, and readily available for tax calculations.

Tax Computation and Withholding

Depending on your business structure and activities, different tax types will apply in Thailand, adding complexity to your business. 

  • Corporate Income Tax (CIT): A tax levied on the net profits of companies registered in Thailand. Monthly accounting services will calculate your CIT liability based on your financial records.
  • Withholding Tax (WHT): This tax is withheld at source on certain payments, such as services, dividends, interest, and royalties. Accounting services will ensure the correct WHT is withheld and remitted to the authorities on time.
  • Value Added Tax (VAT): VAT is levied on the sale of goods and services. Monthly VAT reports and tax payments are typically required for businesses exceeding a specific annual turnover threshold. Your accountant will manage VAT calculations, reporting, and payments to ensure compliance.

Tax Payment and Filing

Meeting deadlines for tax payments and filing tax returns is crucial to avoid penalties and interest charges. Accounting services will handle the timely submission of all necessary tax forms and ensure your tax payments are made accurately.

Maintaining Tax Documentation

Proper record-keeping of tax invoices, receipts, and other supporting documents is vital for potential tax audits. Your accountant will ensure all relevant documentation is organized and readily available for the authorities.