Knowledge / News
สามารถติดตามบทความและข่าวสารเกี่ยวกับ บัญชี ภาษี และเรื่องอื่นๆ ที่เกี่ยวข้อง เราจะหยิบยกเรื่อง
ที่ควรจะรู้มาเผยแพร่กันแบบอัพเดต ซึ่งทันต่อสถานการณ์ปัจจุบัน รวมทั้งเรื่องราวที่จะเกิดขึ้นในอนาคต
สามารถติดตามอ่านได้ที่นี่ เพื่อที่ท่าจะได้รับรู้ข้อมูลอย่างสม่ำเสมอ
Knowledge / News
สามารถติดตามบทความและข่าวสารเกี่ยวกับ บัญชี ภาษี และเรื่องอื่นๆ ที่เกี่ยวข้อง เราจะหยิบยกเรื่อง
ที่ควรจะรู้มาเผยแพร่กันแบบอัพเดต ซึ่งทันต่อสถานการณ์ปัจจุบัน รวมทั้งเรื่องราวที่จะเกิดขึ้นในอนาคต สามารถติดตามอ่านได้ที่นี่ เพื่อที่ท่าจะได้รับรู้ข้อมูลอย่างสม่ำเสมอ
🚀 How to Start a Business in Thailand: Company Registration, Tax & Accounting Essentials
📌 Why Foreign Entrepreneurs Should Read This Thailand remains a top destination for foreign investment thanks to its strategic location, friendly visa policies, and growing industries like tech and wellness . However, the path to opening a business here involves careful planning—from choosing the right company structure to ensuring tax compliance and accounting systems are in place. Our guide walks you through legal, financial, and practical steps to confidently launch your venture. 📝 1. Choose the Right Company Structure Private Limited Company (PLC): The most common form, requiring at least 2 shareholders and 1 director. Minimum paid-up capital is generally THB 1 million but smoothing for foreign directors requires THB 2 million BOI‑Promoted Company: Offers benefits including 100% foreign ownership, tax exemptions, and easier work permits Representative or Branch Office: Allows testing the market without full registration—ideal for non-revenue-generating activities . ⏳ 2. Reserve Your Company Name File 3 proposed names with the DBD. Approval typically takes 1–2 days and is valid for 30 days. Names must be submitted and approved in Thai, even if English
5 Accounting & Tax Risks Every Phuket Business Owner Should Know (And How to Avoid Them)
Title: 5 Accounting & Tax Risks Every Phuket Business Owner Should Be Aware Of (And How to Mitigate Them) In the realm of business ownership in Phuket, it is imperative for entrepreneurs to be well-versed in the potential accounting and tax risks they might encounter. Being proactive and informed about these challenges is key to avoiding detrimental financial consequences. By understanding and addressing these risks head-on, Phuket business owners can safeguard their financial integrity and ensure compliance with relevant laws and regulations. 📍 Operating a business in Phuket? Whether you’re running a café in Old Town, managing a resort near Patong, or launching a new real estate venture—staying compliant with Thai tax and accounting laws is crucial. Here are 5 common accounting and tax risks we’ve seen in Phuket-based businesses, and how you can protect your company from unnecessary penalties or investigations. 🔻 1. Mixing Personal and Business Finances Risk: Failing to separate business and personal expenses can lead to inaccurate books and potential tax issues.Solution: Open a dedicated business
Accounting, Tax, and Audit Services for Businesses in Phuket
📍 Supporting Businesses in Phuket with Professional Financial Services Phuket is one of Thailand’s most dynamic business destinations, especially in hospitality, real estate, F&B, and tourism. At ACC CONSULTING CO., LTD, we understand the specific challenges and compliance needs of businesses operating in Phuket. Our expert team of CPAs, accountants, and tax advisors is ready to support your operations with reliable and secure online services—no matter where you are in the province. 💼 Our Key Services ✅ Company Registration & Business Structuring Incorporation of Limited Companies / Partnerships / Sole Proprietors VAT registration, social security setup, DBD documentation Shareholder agreements and legal consulting ✅ Monthly & Annual Accounting Services Thai GAAP-compliant bookkeeping (TFRS for NPAEs) Monthly PND/VAT submissions (PND.1, 3, 53, 50, 51, PP.30) Digital reports and e-document submission ✅ Professional Tax Planning Strategic structuring to minimize tax liability Income tax optimization, expense classification Advisory for property/investment transactions ✅ Certified Audit by Thai CPAs Annual audit reports for DBD & Revenue Department Financial statements with explanatory notes Audit-ready for companies exceeding threshold 🏨 Industry Focus
Tax Planning for Small Businesses: Smart Strategies for Sustainable Growth
Discover effective and compliant tax planning strategies for SMEs. Learn how ACC CONSULTING CO., LTD helps small businesses reduce tax burden and enhance financial health. Why Tax Planning is Critical for SMEs Tax planning helps SMEs stay compliant, reduce unnecessary tax expenses, and manage cash flow effectively. A well-planned tax strategy allows businesses to reinvest and grow sustainably. Tax Planning for Small Businesses Proven Strategies for Tax Planning ✅ Choose the right business structure✅ Optimize deductible expenses✅ Plan depreciation schedules✅ Utilize government tax incentives✅ Work with licensed tax professionals Common Tax Planning Mistakes to Avoid ⚠️ Mixing personal and business expenses⚠️ Ignoring tax filing deadlines⚠️ Underreporting income⚠️ Lack of proper documentation Let ACC CONSULTING CO., LTD Handle Your Tax Planning We offer personalized tax strategies, monthly reviews, compliance checks, and tax filing support to help your business succeed. 📞 Contact us for tax consultation today! ACC CONSULTING CO., LTD – Accounting and Tax Planning Experts for SME Businesses 🌐 Website: https://www.accconsultingservice.com 📧 Email: [email protected] 📱 Phone: 02-114-7715
Audit Services : Ensuring Transparency and Compliance for Your Business
What is Audit Service ? Why Does Your Business Need It? Audit services are essential for verifying the accuracy of financial statements, ensuring compliance with accounting standards and legal regulations. A professional audit provides transparency, strengthens investor confidence, and helps businesses manage financial risks effectively. Our Professional Audit Services at ACC CONSULTING CO., LTD At ACC CONSULTING CO., LTD, our certified auditors (CPA) and financial experts provide high-quality audit services to help businesses operate with confidence and integrity. ✅ Audit in accordance with Thai Financial Reporting Standards (TFRS)✅ Financial and tax advisory services alongside auditing✅ Error detection and correction for financial reports✅ Auditing for limited companies and SMEs✅ Compliant financial reporting as per Revenue Department regulations Why Choose Our Audit Services? 1️⃣ International Standards Compliance – We follow Thai Auditing Standards (TAS) and global audit practices.2️⃣ Accuracy and Reliability – Our audit reports provide precise financial data for business decision-making.3️⃣ Tax Risk Mitigation – A thorough audit ensures compliance with tax laws, reducing potential penalties.4️⃣ Business Expansion Support – Transparent
Tax Risk Management for Businesses in 2025
Tax risk management is a crucial aspect of ensuring that businesses operate smoothly while avoiding potential issues from incorrect tax calculations or non-compliance with tax laws. In 2025, there are expected changes in tax regulations that could impact business operations, making it essential for every business to prepare and manage tax risks effectively. Especially for businesses that are expanding or operating in multiple regions or countries, tax risk management will help them navigate the complexities of the tax landscape while maintaining business stability. Why is Tax Risk Management Important ? Proper tax risk management enables businesses to avoid penalties or audits by tax authorities. Additionally, it allows businesses to plan their taxes efficiently over the long term, ensuring that tax liabilities are minimized without violating tax laws. By complying with tax regulations, businesses also enhance their credibility with investors and partners, making it easier to raise capital and attract business opportunities. Furthermore, managing tax risks helps companies avoid overpayment of taxes, which improves their cash flow and operational efficiency. Tax risk management not only protects businesses from unnecessary tax burdens
Timeline Submit Financial Statements Year End 2024
Submission of financial statements for the year 2567, filing corporate tax for the year 2567 for business owners. According to accounting and tax laws in Thailand, the submission of financial statements for the closing of the 2023 fiscal year and corporate tax filing must adhere to the specified deadlines. Therefore, based on the provided example, the company is required to follow the following sequence of actions: Closing of the 2024 Financial Statements: Close the financial statements on December 31, 2024. Audit of the 2024 Financial Statements: Examine and verify the accuracy of the 2024 financial statements to ensure that the information provided is correct and complete. Filing of the 2024 Financial Statements: Submit the financial statements for the year 2024 by May 31, 2025, or within 1 month from the shareholders’ meeting (which must be held by April 30, 2025). Filing of Corporate Tax for the Year 2024 (Form P.N.D. 50): Submit the corporate tax for the year 2024 by May 30, 2025, which is within 150 days after the end of the accounting year, i.e., by December 31, 2024.
The importance of auditing
What is an accounting audit ? An accounting audit is a systematic examination and evaluation of a company’s financial records, transactions, processes, and internal controls conducted by a qualified and independent auditor or auditing firm. Its primary objective is to ensure the accuracy, fairness, and reliability of financial information presented in the company’s financial statements. Key aspects of an accounting audit include: Financial Statement Verification: Auditors review financial statements (like balance sheets, income statements, and cash flow statements) to confirm they accurately reflect the financial position and performance of the company. Compliance Assessment: Audits verify whether the company complies with accounting standards, laws, regulations, and internal policies governing financial reporting. Internal Control Evaluation: Auditors assess the effectiveness of internal controls in place to safeguard assets, prevent fraud, and ensure accurate financial reporting. Risk Identification and Mitigation: Auditors identify potential risks, both financial and operational, and suggest measures to mitigate these risks. Detecting Errors and Fraud: The audit process involves scrutinizing financial records and transactions to identify errors, irregularities, or potential instances of fraud. Reporting: Upon completion, auditors provide an audit
GL, AP, AR, and the importance of appropriate accounting system management
Managing an organization’s accounting system is critically important for effective business and financial management. In this article, we will explore and explain the most crucial components of the accounting system: General Ledger (GL), Accounts Payable (AP), and Accounts Receivable (AR). These are essential parts of an organization’s accounting system used to record and track financial movements and transactions in detail, ensuring the organization’s stability and accurate financial data at all times. We will delve into each account thoroughly to understand their functions and significance within the organization’s accounting system. General Ledger (GL) General Ledger (GL) is a financial journal or recording system used to document the details of every financial transaction that occurs within an organization. It encompasses all accounts used in the accounting system, including both financial and non-financial accounts within the organization. For each financial transaction that occurs, essential information is recorded in the GL, such as the transaction date, transaction description, amount involved, and the relevant accounts. GL is utilized to summarize the financial status of the organization, providing insights into the organization’s profits and losses, total
Apportionment of Purchase Tax
What is Apportionment of Purchase Tax ? The apportionment of purchase tax for business owners who are registered for Value Added Tax (VAT) and engage in both VAT and non-VAT activities, which involves purchase taxes incurred from acquiring goods or services used for their own business operations or for use in both VAT and non-VAT activities, where it is not possible to clearly distinguish their usage in the respective activities. Why do we need to Apportionment of Purchase Tax When a business owner registered for Value Added Tax (VAT) conducts operations in both VAT-taxable and non-VAT-taxable categories, without the clear ability to differentiate whether the goods or services they use fall under VAT-taxable or non-VAT-taxable categories, they must apportion the purchase tax incurred based on the proportion of their own business activities where they apply the right to claim VAT. If they do not apportion the purchase tax, the entire amount of that purchase tax is considered ‘prohibited tax.’ This means that the business owner is obligated to pay that specific purchase tax, irrespective of whether the goods or services
Incoterms (International Commercial Terms)
Currently, businesses in our country are providing opportunities for entrepreneurs to expand their markets to foreign countries. This is another avenue for increasing sales and promoting business growth. However, in conducting international business, it is essential for entrepreneurs to understand the conditions of delivery, as it directly impacts the cost of their business. Regarding the conditions of delivery, known as Incoterms (International Commercial Terms), they are internationally recognized standard terms used to define the responsibilities, costs, and risks between buyers and sellers in a sales contract. These terms aim to ensure mutual understanding between both parties. The Origins of INCOTERM The International Chamber of Commerce (ICC) convenes its members every 10 years to establish guidelines for international delivery of goods, known as International Commercial Terms (INCOTERMS). These terms were first introduced in 1936 and have since undergone several revisions to align with evolving trade practices, technological advancements in electronic communication, and changes in logistics and supply chain systems. The scope of INCOTERMS is limited to issues related to the rights and obligations of the buyer and seller in terms of
VAT 0 VS Non VAT
Value Added Tax (VAT) Value Added Tax, or VAT, is a type of tax imposed by the revenue department, collected from the sale of goods or provision of services at each stage of production and distribution of goods/services, including those produced domestically and imported from abroad (according to the revenue code, the standard rate is 10%, excluding local taxes). However, there has been a temporary reduction to 6.3% for the VAT rate and 0.7% for local taxes, resulting in the current rate of 7% collected. On August 24, 2021, a resolution was passed to extend the reduced VAT rate of 7% for an additional 2 years, starting from October 1, 2021, until September 30, 2023. VAT 0 VAT 0 means that the business generates income but does not collect Value Added Tax (VAT = 0). However, the business still has the obligation to file a tax return form (P.P.30) showing the details of purchase and sales taxes according to Section 80/1. The tax rate of 0% should be used for calculating Value Added Tax for various types of businesses as
Timeline Submit Financial Statements Year End 2023
Filing financial statements for the year 2023 and submitting corporate tax returns for the year 2023 for business owners For business owners of a limited company with a fiscal year-end on December 31, 2023, the following deadlines apply for closing the financial statements for the year 2023, auditing the financial statements for the year 2023, filing the financial statements for the year 2023, and submitting the corporate tax returns for the year 2023, all within the respective deadlines as follows : Submit Form PND.1K (Summary of Salary, Wages, and Withheld Taxes of Employees, etc., throughout the year) by February 29, 2024. Hold a Shareholders Meeting by April 30, 2024(within 4 months after the fiscal year-end). Submit the list of shareholders (Form BOR.5) by May 14, 2024(within 14 days after the Shareholders Meeting). File the corporate income tax return (Form PND.50) by May 30, 2024(150 days after the fiscal year-end). Submit the financial statements by May 31, 2024(within 1 month from the Shareholders Meeting). In the case of online submission, the deadline will be extended according to the law’s provisions. *** The date
Closing Entries
“Closing Entries” refers to the process of transferring temporary accounts related to capital, such as withdrawals, revenue, and expenses, to the capital account in order to determine the accurate ending balance of the capital account at the end of an accounting period. This process also involves calculating the balances of asset and liability accounts and carrying them forward to the next accounting period. For businesses that use the periodic inventory method, the closing entries also include closing the beginning inventory account since the goods in this account have been sold and need to be recorded as the ending inventory (determined through physical inventory counting and cost calculation). On the other hand, businesses that use the perpetual inventory method do not have closing entries for the beginning inventory account, nor do they record ending inventory transactions. This is because these businesses maintain a single perpetual inventory account that reflects the current inventory balance, and the cost of goods sold is recorded separately. Periodic Inventory Method The weighted average cost method, in this method, the business will open a Cost of Goods
The difference between TFRS PAEs and NPAEs standards
Before we delve into PAEs and NPAEs, let’s get acquainted with the financial reporting standards in Thailand. Thailand has its own set of financial reporting standards called Thai Financial Reporting Standards (TFRSs), which are based on the International Financial Reporting Standards (IFRSs) to ensure international acceptance. These financial reporting standards apply to legal entities responsible for accounting in accordance with the Accounting Act of 2000. This includes registered companies trading in the stock market as well as general entities outside the stock market. However, while the international financial reporting standards are intended for publicly accountable entities (PAEs) and involve complex requirements, such as the use of fair value as a basis for financial reporting, they impose additional costs on the financial reporting process for non-publicly accountable entities (NPAEs). NPAEs primarily consist of medium-sized and small-scale businesses. Publicly Accountable Entities | PAEs Publicly Accountable Entities (PAEs) refer to businesses that fall into the following categories : Businesses with equity or debt securities traded in the public market. Businesses that submit or are in the process of submitting financial statements to the
Bookkeeping Services
What is Bookkeeping ?? Bookkeeping is the process of recording various financial transactions of a company, whether it is the receipt or payment of money, in order to prepare financial reports for the company. Bookkeeping is essential for any business, regardless of its size or industry, as it involves accurately recording financial transactions, including expenses, revenues, and other financial activities. The process of bookkeeping may be tedious and time-consuming, but it is crucial for the success of any business. In this article, we will discuss the importance of bookkeeping and the benefits it provides. Benefits of bookkeeping One of the advantages of bookkeeping is that it helps businesses maintain accurate financial records. With proper financial records, business owners can make informed decisions regarding their operations. For example, they can determine profit margins, identify high expenses, and assess cash flow. Without accurate financial records, business owners may make decisions based on incomplete information, which can negatively impact their profitability. Another significant benefit of bookkeeping is that it enables businesses to comply with legal requirements and regulations. Many countries have laws and
ACC Consulting is a leading audit firm in Thailand
ACC Consulting Co., Ltd. is a leading audit firm in Thailand that provides a wide range of professional services to companies operating in the country. The firm has a team of highly qualified and experienced professionals who specialize in auditing, accounting, tax, and consulting services. Audit Firm One of the key services offered by ACC Consulting is financial statement audit. The firm’s team of certified public accountants (CPA) has the expertise and experience necessary to perform independent audits of financial statements in accordance with Thai Financial Reporting Standards (TFRS) and International Financial Reporting Standards (IFRS). This includes reviewing and assessing a company’s financial records to ensure that they are accurate and comply with relevant accounting standards. The audit firm also assesses the company’s internal controls to ensure that they are sufficient to prevent fraud and errors. ACC Consulting also provides a wide range of consulting services to companies. This includes assistance with Accounting Consultant, TAX Consultant , and compliance matters. For example, the firm may help a company to implement new accounting standards or assist
What is an Interim Audit ?
ACC Consulting‘s excellent audit team has made things clearer by explaining what an interim audit is and how it might help, as well as its potential drawbacks. An interim audit is an audit that is performed before the end of a client’s fiscal year and covers the preceding six to nine months. Interim auditing often entails conducting tests of controls and occasionally doing specific substantive processes. While the balance sheet may also be examined, the income statement is the primary focus of this type of assessment. In other cases, such as with smaller clients and certain audit strategies, an interim audit may not be necessary. For one thing, the auditor would only need a certain amount of time at the end of the year to complete all audit procedures. It follows that larger audit clients with a robust internal control mechanism are common candidates for interim audits. In addition to being mandated by local regulators, clients may occasionally seek such an audit. Interim Audit Main Objective of Interim Audit ? Early identification of potential misstatements
Auditing
In the world of accounting, we are rapidly approaching year-end. Year-End Closing season. Businesses increasingly feel compelled to enter information into their ERP or accounting software. A Definition of Auditing. An audit is the examination of books of accounts, supporting documents, and other evidence by a professional auditor in accordance with established standards for professional practice. And can express an opinion as to whether the financial statements prepared by the entity are correct in material respects according to generally accepted accounting principles and whether the necessary information has been presented adequately for financial statement users. In addition, the auditor makes recommendations to the entity’s management regarding weaknesses in the business’s internal control. Occasionally, an audit also permits the auditor to report fraud to management. Auditing is vital to the business world when individuals have faith in it. As a consequence of this, the auditor’s opinion on the financial statements would be affected. Believe the auditor’s qualifications and abilities as an accounting expert. To instill confidence in the auditor’s knowledge, skills, and abilities among users of financial statements, the auditor’s work
Business Financial Planning
Business Financial Planning A financial plan is meant to demonstrate the long-term (3- to 5-year) monetary consequences of a company’s strategic and operational plans over the next 12 months. Administration bases its actions on predetermined financial plans. They need to be malleable enough to adapt to the ever-shifting nature of the business world and the economy. Investors, lenders, and potential funders can use a company’s financial plan to better understand the company’s current and projected financial health. A pro forma income statement, balance sheet, and cash flow statement are the main parts of a financial plan. The cash flow statement or budget details cash coming in and going out of the business, while the income statement details projected sales and expenses. A break-even analysis may also be included in a company’s financial plan; this metric calculates the point at which the company’s sales volume and price point allow it to break even, and the company can begin making a profit. To see if any adjustments are needed, management should compare actual results to forecasts. Benefits of Good Financial Planning A
In accounting, what exactly do we mean when we talk about “Assets?”
In accounting, what exactly do we mean when we talk about “Assets?” In the context of accounting for finances, “Assets” are resources that are in the possession of the entity. It does not matter whether the asset in question is tangible or intangible; what matters is that it can be owned and assigned a value. as well as being owned by a company or organization that is capable of producing positive economic value. can say, without much difficulty, that assets represent values that can be turned into cash. (Despite the fact that cash is also regarded as an asset.) The chart of accounts (COA) that is typically used includes the assets. The chart of accounts is broken down into five distinct sections, which are as follows: Asset category Debt category Owner’s equity category Income category Expense category How many types of assets are there (Types of Assets) ? Current Assets Non-Current Assets Intangible Assets Current assets are cash assets. Or it can be converted to cash within 1 period of business or 1 year. In other words, assets that are
Financial Statement Audit Service Of Manufacturing Industry And Production Group
Currently, modifications to the Revenue Department’s tax requirements and Manufacturing, plant engineering, and mechanical engineering are all experiencing increased levels of competition and demand as a direct result of current patterns of global economic development. As a result of these demands, forward-looking automation solutions are becoming increasingly important in the context of the ongoing revolution in business models and manufacturing processes brought on by Industry 4.0. As a direct consequence of this expansion, many recent innovations have emerged, including the application of data analysis, networked production, and the connectivity of products. On the factory floor, digitalization is playing an increasingly important role as it transforms the function of industrial production into that of a promising and agile participant in global competition. In the context of the global supply chain of manufactured goods, companies of a medium size play the role of central suppliers of complex goods to the economy and buyers of technologically advanced supplies and services. In this competitive and aspirational market environment, there are a great deal of regulations, legal requirements, and internationally binding industry standards that must
Definition of Financial Statements
What is financial statement ? Definition of Financial Statements is Financial reports are a summary of accounting in the collection of various information to present information to users of financial statements for decision-making. They show the financial position, performance, and change in cash in an organized manner. Financial reports of this nature should be prepared in accordance with accounting standards. and should disclose the criteria used in financial statement preparation, such as accounting policies complete financial statements presentation It should be presented at the end of the accounting period at least once a year. The preparation is the responsibility of the company’s management. as well as present financial statements. Components of the Financial Statement The components of a complete financial statement, according to Accounting Standard No. 35 Re: Presentation of Financial Statements, must include the following financial statements: Balance sheet or statement of financial position. Profit and Loss Statement. A statement of equity changes Statement of Equity Changes. Cash Flow Statements. Financial Statement Notes and Accounting Policy Accounting Principles and Financial Statement Notes. which to come out as financial statements,
What is Gross Profit : GP & Gross Profit Margin : GPM ?
What is Gross Profit : GP The Company’s operating income, whether from the sale of goods or services, is deducted from the product’s cost of manufacture. Alternatively, that service. Formula for calculating gross profit, Calculating gross profit : GP Gross Profit = Revenue – Cost of Goods Sold : COGS Gross Profit Margin : GPM Gross Profit Margin GPM is a ratio calculated by comparing gross profit to sales. which gross profit margin percentage This will reveal the company’s fundamental profitability. Whichever business can maintain a consistent gross profit margin demonstrates that it is a strong business. Formula for calculating Gross Profit Margin : GPM Gross Profit Margin (%) = (Sales – COGS / Sales) x 100 What gross profit margin may business owners use to examine their operations? Can be used to develop a strategy for pricing products or reducing the price of products for promotional purposes, thereby increasing sales. It can be used to compare the business’s current performance to its historical performance. It is useful for comparing the profits of various products and services. by calculating the
What is Value Added Tax (VAT) of Thailand ?
VAT, or Value Added Tax Value Added Tax in 2022 (VAT) is a tax on the sale of goods. or by providing services in each manufacturing process and by selling goods and services produced domestically and imported from other countries. Since 1992, entrepreneurs in Thailand have been charged VAT at a rate of 10%, divided into 9% VAT and another 1% local tax, but in 1997, a royal decree was issued to reduce the VAT rate, which will be considered further. It is reduced to 7% every 2 years to ease the burden on citizens during the country’s economic and financial crisis. up to now. In 2022, the formula for calculating VAT is as follows : The value of the goods/services x the tax rate (7%) = VAT. Who is required to register for VAT (VAT registration) ? An entrepreneur who sells goods or provides services in the course of business or profession, whether as a natural person, a partnership, or a juristic person. If their annual revenue from sales of goods or services exceeds 1.8 million baht, they are
Submit of Filing Audited Annual Financial Statements on 2022 – 2023 at Thailand
Companies with accounting periods ending 31 December 2022 must file audited financial statements with the Department of Business Development (‘DBD’), Ministry of Commerce no later than 31 May 2023 so The accountant must Annual Closing and prepare annual financial statements for the year 2022 for the “Auditor” to auditing. Timeline for Filling Audited Annual Financial Statements 2022 -2023 CHECK PRICING Our company provide total solutions in Accounting for Business. We provide Company Registration , Accounting, Tax advisory, and Audit Services. 📌 Contact Us ✅ Phone 📞 02-114-7715 ✅ Web 🌐 https://www.accconsultingservice.co … ✅ Inbox 📩 http://m.me/100581915340875 ✅ Line 📱 https://lin.ee/PhD3G7F ✅ Mail 📧 [email protected]
Thailand’s Audit and Compliance: A guide of financial statements 2024 for companies in Thailand
A guide of financial statements 2024 for companies in Thailand. All Thai companies, partnerships, joint ventures, and foreign company branches must submit financial statements to the Ministry of Commerce for their assigned accounting period. Thailand’s tax system is self-assessment, with the fiscal year commonly defined as the 12-month period ending on December 31 every year. Financial statements for foreign companies must be submitted within 150 days of the fiscal year’s end. Once an accounting period has been selected, it cannot be changed without written permission from the Revenue Department. An independent certified auditor must examine and certify all financial statements. All foreign companies, joint ventures, partnerships, and branches must prepare financial statements for their assigned accounting period as assigned by the Thai Ministry of Commerce. The following legal frameworks outline the current audit and compliance regulations ; – The Accounting Act of 2000. – The Securities and Exchange Act of 1992. – The Bank of Thailand Act B.E. 2485. – Insurance Commission Act B.E. 2550. – Financial Institutions Business Act B.E. 2551. Annual General Meetings (AGM) Companies and businesses operating
Thailand Corporate Depreciation, Amortisation, and Depletion
Depreciation: Provided that in no case shall the deduction exceed the following percentage of cost as shown below. The straight-line basis is themethod most commonly used by companies, but any generally accepted basis, such as sum-of-the-years-digits or double-declining method, is permitted. However, if a company adopts an accounting method, which the depreciation rates vary from year to year, the company is allowed to do so provided that the number of years over which an asset depreciated shall not be less than 100 divided by the percentage prescribed below ; Types of Assets Depreciation Rates 1. Building 1.1 Durable building 5 % 1.2 Temporary building 100 % 2. Cost of acquisition of depleted natural resources 5 % 3. Cost of acquisition of lease rights 3.1 no written lease agreement 10 % 3.2 written lease agreement containing no renewal clause or containing renewal clause but with a definite duration of renewal periods 100% divided by the original and renewable lease periods 4. Cost of acquisition of the right in a process, formula, goodwill, trademark,
What is a Withholding Tax in Thailand ?
WHAT IS A WITHHOLDING TAX (WHT) IN THAILAND ? Withholding Tax or WHT is a deduction from payments given to the company’s service providers. This also applies to the payment of interests and dividends. Withholding tax (WHT) rates are dependent on the income type and tax status of the recipient. *** Rates of international payments withholding tax in Thailand are stated in Section 70 of the Revenue Code, as lowered or exempted by Thailand Double Tax Agreement. Withheld Tax (WHT) rates under Thailand local tax regulation As prescribed in Section 70 of the Thailand’s Revenue Code law – when a payer in Thailand pays specified types of income to a corporate entity established under a foreign law and not carrying on business in Thailand the payer shall withhold tax from the payment and remit it to the Thailand Revenue Department. The particular income payments types and their corresponding withholding tax Thailand rate are as follows: International payments of share or dividend of revenues income: 10% WHT International payments of services earnings, rights or royalty earnings, interest earnings, capital gains earnings, property rental profits and income from professional
Financial Statement Audit for BOI Promoted Companies in Thailand
In Thailand Law, all juristic companies, partnerships, branches of foreign companies and joint ventures are obligated to prepare financial statements for each accounting period. The financial statements must be audited and subjected to the opinion of a certified Thai auditor (CPA). And BOI promoted companies need the statutory audit every year like their non-BOI promoted companies. The BOI companies that are granted a corporate income tax exemption they must have complied with the conditions specific to their promoted projects. In filing for the BOI’s approval to exercise such right and they must need an auditor (CPA) to audit their BOI operation to make sure that they have complied with the all conditions set out by the BOI raw. The auditor can be a different person from the one that performs the statutory audit for the company. Required documents of Annual financial statements audit. BOI Promotion Certificate. Income and expenses for the year Ex. Government receipts plus the form PND 1, 3, 53., PP 30, 36 and Social Fund. Bank statement for every corporate bank account (current, saving account) ,etc. Inventory
A Restaurant Chart of Accounts for Any Bookkeeper or Accountant can utilize
What’s a Restaurant Chart of Accounts (COA) ? A chart of accounts (COA) is the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories. Suggest have at least 7 categories in your restaurant chart of accounts ; Assets (1000 – 1999) Liabilities (2000 – 2999) Equity (3000 – 3999) Income or Revenue (4000 – 4999) Cost of Goods Sold : “COGS” (5000 – 5999) Expenses (6000 – 7999) Other Income (8000 – 8999) What is Cost of Goods Sold (COGS)? COGS is the total cost involved in the production and delivery of a product. For a restaurant, it is the summation of all it costs to make and deliver your food. From purchasing raw food materials to all the cooking and post-cooking expenses, you need to know the exact cost of producing a menu item. Your gross income less all these expenses gives you your net profit.
Annual Financial Statements Audit Services for Thailand Business.
Annual Financial Statements Audit Services for Thailand Business. In Thailand Law, all juristic companies, partnerships, branches of foreign companies and joint ventures are obligated to prepare financial statements for each accounting period. The financial statements must be audited and subjected to the opinion of a certified Thai auditor (CPA). Failing to do so is a criminal offence and in this regard may result in a Fines amounting up to 200,000 THB. Objectives of Auditing Financial Statements. ⇒ To have an independent auditor (CPA) examine the financial statements and provide assurance that the management has presented financial statements that are free from material error and provides with a true and fair view of its financial performances. ⇒ To ensure the adequate disclosure of material matters and the proper presentation of the financial statements. ⇒ To determine whether the financial statements comply with the relevant statutory requirements and the Thai Standards on Auditing (TSA) and Thai GAAP/Thai Accounting Standard and International Financial Reporting Standard (IFRS). Required documents of Annual financial statements audit. Income and expenses for the year Ex. Government receipts plus
The BOI Announcement New organization of Investment Promotion Division
The Thailand Board of Investment (BOI) announce about New organization of Investment Promotion Division as below; Investment Promotion Division 1 Agricultural, Bio and Medical Industries ; Investment Promotion Division 2 Advanced Manufacturing Industries ; Investment Promotion Division 3 Basic and Supporting Industries ; Investment Promotion Division 4 Digital, Creative Industries and High Value Services ; CR : www.boi.go.th GET FREE QUOTE Our company provide total solutions in Accounting for Business. We provide Company Registration , Accounting, Tax advisory, Social Security Fund, BOI Consult Service, BOI Audit, Audit Services, FDA license services, Importation License and Product Registration at FDA. Contact Us Phone 02-114-7715 Web https://www.accconsultingservice.co … Inbox http://m.me/100581915340875 Line https://lin.ee/PhD3G7F Mail [email protected]
What is the Financial Statement Audit by Thailand Law ?
What is the Financial Statement Audit? The companies are obligated by Thailand law to ensure that their financial statements are audited by a registered CPA. For the purpose of the independent audit is to provide assurance that the management has presented financial statements that are free from material error and provides with a true and fair view of its financial performances. In addition, hiring qualified audit firm provides reassurance to banks, suppliers, Department of Business Development Ministry of commerce and The revenue department of Thailand that the business is financially sound and creditworthy. Audited financial statements are needed to provide information to decision-makers. During a financial audit, a CPA confirms that the financial statements do not contain material errors. In case there are substantial errors, the CPA recommends corrective measures that comply with the Thai Standards on Auditing (TSA) The following are the main types of Financial Statements Audit. Income Statement :: This is the statement of the financial performance of a company Balance Sheet :: The balance sheet reports the financial position of the company at the end of the
News : BOI adds benefits for upstream “SEMICONDUCTOR Manufacturing” to cover the whole supply chain.
The Thailand Board of Investment (BOI) announce about adds benefits for SEMICONDUCTOR Manufacturing industry as below ; Group 1 Manufacture of Semiconductors ; Front-end Semiconductor such as Electronics Design, Silicon Wafers, Wafer FAB – Promoted projects will enjoy a 10-year corporate income tax exemption. Back-end Semiconductors such as Wafer SORT, Die Bank, Assembly, IC Testing ; – Promoted projects will enjoy an 8-year corporate income tax exemption with machinery investment of at least 1.5 billion baht. – Promoted projects will enjoy a 5-year corporate income tax exemption with machinery investment of less than 1.5 billion baht. Group 2 Manufacture of Advanced Printed Circuit Board (PCB), including flexible PCB or multi-layer PCB such as PCB FAB, FA Lab, SMT, PTH, PCBA Test. – Promoted projects will enjoy an 8-year corporate income tax exemption with machinery investment of at least 1.5 billion baht. – Promoted projects will enjoy a 5-year corporate income tax exemption with machinery investment of less than 1.5 billion baht. Group 3 Manufacture of Printed Circuit Board Assembly (PCBA) such as Box Build, Product
Late Filing of Financial Statements or not Filing Financial Statements at Thailand Is there a fine or not ?
For entrepreneurs who file statements late or not filed at all Whether for reasons of not making an account, therefore not closing the financial statements or did not find an auditor to audit financial statements or that there are items that cannot be cleared, causing the operator to delay the filing of the financial statements So what are the fines for this kind of incident? Under Accounting Act B.E. 2543 Section 11 Paragraph 1, the company will be responsible to pay for the fines upon late submission of Financial Statements to the Department of Business Development (“DBD“) which this fault has mistake to the company which needs to pay fines of not exceeding Baht 50,000 and the position of Managing Director or Managing Partner still has the responsibility on penalty for another Baht 50,000. The company can submit the Financial Statements and pay the fines at the Department of Business Development (“DBD”) follow the below rates ; Fines Rate of the Department of Business Development (“DBD”) which takes care of the annual financial statements. Fines rate for late submission not
The Annual Performance and Operation Report of BOI Promoted Company.
A limited company that has obtained both an investment promotion and the license to start operations from the Board of Investment (“BOI”) must submit the annual Performance and Operation report once a year by 31st July of every year. Documents required to be submit Annual Performance and Operation Report to BOI are as follows: List of shareholders (BorAorJor 5) or share distribution report. Financial statements as of the reported accounting period. Income Tax Return for Companies or Juristic Partnerships Form (P.N.D. 50). Withholding Income Tax Return Form (P.N.D. 1Gor), only the first page. *** Warning: If you fail to submit the report within the specified time, you may be suspended from entering the electronic systems for using rights and benefits. If you continuously fail to do so, your promotion certificate may be revoked. Our company provide total solutions in Accounting for Business. We provide Company Registration , Accounting, Tax advisory, Social Security Fund, BOI Consult Service, BOI Audit, Audit Services, FDA license services, Importation License and Product Registration at FDA.
What is BOI (Board of Investment) ?
What is BOI (Board of Investment) ? The Office of the Board of Investment (BOI) was established in 1997, they are the official investment promotion agency in Thailand, providing both local and foreign investors the information and services they need to know about investing in the country. The Office of the Board of Investment (BOI) is a government agency under the Office of the Prime Minister. Its core roles and responsibilities are to promote valuable investment, both investment into Thailand and Thai overseas investment. Investors can rely on the BOI to help them reduce the risks that come with investing in Thailand as well as minimise the costs associated with their investment and know the options available to improve acquisition of their return on investment. Benefits of Having a BOI Promotion in Thailand. Tax Incentives BOI Promotion Certificate, you will be granted tax incentives, such as: ✅ Corporate Income Tax Exemption ; For business activities related to infrastructure, technology, or research and development, corporate
Company buy ATK for staff can deduct expenses of 1.5 times of actual expenses.
The Revenue Department issue announcement number ปชส.๔๘/๒๕๖๔ about The company buy Antigen Test Kit (ATK) for staff for testing covid 19 can deduct expenses of 1.5 times of actual expenses until 31 March 2022. PS. If you company has planned to buy Antigen Test Kit (ATK) for employee, Please don’t forget deduct expenses of 1.5 times of actual expense for TAX benefit on company. Our company provide total solutions in Accounting for Business. We provide Company Registration , Accounting, Tax advisory, BOI and Audit Services. 📌 Contact Us ✅ Phone 📞 02-114-7715 ✅ Web 🌐 https://www.accconsultingservice.co … ✅ Inbox 📩 http://m.me/100581915340875 ✅ Line 📱 https://lin.ee/PhD3G7F ✅ Mail 📧 [email protected]
Submit of Filing Audited Annual Financial Statements on 2021 – 2022 at Thailand
Companies with accounting periods ending 31 December 2021 must file audited financial statements with the Department of Business Development (‘DBD’), Ministry of Commerce no later than 31 May 2022 so The accountant must Annual Closing and prepare annual financial statements for the year 2021 for the “Auditor” to auditing. CHECK PRICING Our company provide total solutions in Accounting for Business. We provide Company Registration , Accounting, Tax advisory, and Audit Services. 📌 Contact Us ✅ Phone 📞 02-114-7715 ✅ Web 🌐 https://www.accconsultingservice.co … ✅ Inbox 📩 http://m.me/100581915340875 ✅ Line 📱 https://lin.ee/PhD3G7F ✅ Mail 📧 [email protected]
Company Registration in Thailand
” For the Thai company limited, the company has owned by at least three shareholders and has managed by at least one director. The Thai Limited Company is the most common type of company structure used to set up business in Thailand. The process is simple and the business can engage in a wide range of activities. “ In Thailand have 2 type of that as follow; Thai Limited Company (Thai Majority) In a Thai majority-owned limited company, the Thai nationals must own at least 51% of the shareholding of the company. Since the majority of its shareholding is Thai, then, a Foreign Business License (FBL) is not required. A limited company that is majority-owned by a Thai national generally does not encounter restrictions. Thai Limited Company (Foreign Owned) A Foreign majority-owned company limited is defined to be a business with over 49% foreign ownership. The business operations and activities involving foreign nationals and entities are governed by the Foreign Business Act. Business entities of majority foreign ownership are required
What is Social Security Fund ?
Social security is a fund providing security and coverage to the insured. The insured shall receive compensation in case of injuiy, sickness, invalidity, and death which are not caused by employment including, childbirth child allowance, old age, and unemployment. What is contribution ? Contribution is money contributed by employer and employee to be monthly submitted to Social Security Fund. Lts calculation is based on 5% of wage of employee. The monthly minimum wage to be calculated is 1,650 baht and the maximum is 15,000 baht (monthly minimum contribution is 83 baht and not exceeding750 baht). In this regard, the Government shall make a partial contribution. How to the Registration of Employer Form ? 1. An Employer Registration Form (Form SorPorSor. 1-01). 2. A copy or photograph of certificate of juristic person and the objectives (Not over 6 Month). 3. A copy or photograph of VAT Certificate (From Por.Por.20) or a copy or photograph of Application for VAT Registration (Por. Por. 01), or a copy or photograph
Tax Relief Package for Businesses to Reduce Operating Costs at Thailand’s Latest.
January 26, 2021, Thailand’s government issued its latest tax relief package for businesses, as it continues to offer initiatives to alleviate the economic impact caused by the pandemic. This latest package provides a reduction in the land and building tax, property transaction fees, in addition to an extension in the tax filing deadline for personal income tax (PIT), value-added tax (VAT), and withholding tax (WHT). Thailand has issued an array of incentives throughout 2020 to assist businesses, households, workers, and the financial services sector. In April last year, the government provided its largest stimulus package valued at US$58 billion, equivalent to 10 percent of GDP. Named Phase 3, the package saw US$15 billion provided to commercial banks to lend to SMEs in the form of soft loans. A further US$30 billion was allocated as financial aid for farmers and US$18 billion to temporary workers, contract workers, and self-employed persons. This includes providing 5,000 baht (US$154) in monthly handouts for six months. Furthermore, the Board of Investment (BOI) — the main agency responsible for promoting foreign investments in Thailand — has also
