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“Best Legal Solutions for your Business”

TAX & ACCOUNTING

MAIN TAX & ACCOUNTING SERVICES:

TAX & ACCOUNTING CONSULTANCY

At Smart Legal Solutions, we offer high level of consultancy services in all business and financial aspects, by providing technical solutions to our clients according with their needs.

 

Moreover, we provide all the required accounting services (monthly and annual) for companies registered in Thailand in order to comply with the local regulations. As per example:

  • Monthly financial reports (Balance Sheet, P&L)

  • Withholding tax (PND 3, 53)

  • Value added tax (PP 30)

  • Withholding tax return (PND 54)

  • Mid-year tax return (PND 51)

  • Annual tax return (PND 50)

  • Annual financial statement submission to the Thai government

  • Record accounting transactions

  • Supporting schedules for financial statements

Our professional accountants will prepare the applications and handle the submissions of the required annual and monthly tax filing for your company:

  • Calculate and prepare Monthly submitted forms of Withholding tax (PND.1, 3, 53, 54, PP.36) and Value Added Tax (PP.30) to the Revenue Department. 

  • Calculate and prepare Monthly Submitted forms of Social Security to the Social Security Department.

  • Prepare PND.91, PND.90 for personal income tax.

  • Prepare PND.1 kor (Total personal income tax and salary of employees for a year) submitted to the Revenue Department.

  • Calculate and Prepare PND.51 (for the half year corporate income tax) and PND.50 (for the annual corporate income tax).

In accordance with Thai law, all registered companies must present the annual financial statement and comply with accounting principles. Since all legal entities registered in Thailand have a legal obligation to prepare their accounts.

The financial statement must be audited and submitted to the opinion of a certified auditor, with the exception of the financial statement of a registered company established in accordance with Thai law, whose total capital, assets and income do not exceed what is prescribed in the Ministerial Regulation. The performance record must be certified by the auditor of the company, approved by the shareholders and submitted to the Commercial Registry Department of the MOC and to the Fiscal Department.

 

The director is responsible for organizing the annual shareholders meeting to approve the audited financial statements of a company within 4 months at the end of the fiscal year. A copy of the audited financial statement and the annual report, together with a copy of the minutes of the shareholders meeting approving the financial statement, must be certified by the director and presented to the Registrar, together with a list of shareholders on the date of the meeting , no later than 1 month after approval at the shareholders meeting.

 

In addition, the company is required to publish the balance sheet for public information in a newspaper for a period of at least 1 day within 1 month of the date it was approved at the shareholders meeting.

 

An accounting period must be 12 months. Unless the Statutes establish otherwise, a newly established company must close accounts within 12 months of its registration. Thereafter, accounts must be closed every 12 months. If a company wishes to change its accounting period, it must obtain written approval from the Director General of the Fiscal Department.

When a business in Thailand has to close, particularly a Thai limited company, there are procedures to follow before legitimately closing down the company. This is the main process and timeline to close a company in Thailand:
 
1.  Confirmation that the company has no outstanding debts;
 
2. Prepare shareholder minutes of meeting to close the company
 
3. After 14 days, the decision to close the company needs to be published in a local newspaper to also inform the creditors;
 
4. Only then, the necessary government forms to put the company into liquidation can be filed at the DBD;
 
5. Once this is done, accounts up until that date will be prepared;
 
6. Those accounts will need to be audited and approved by the shareholders
 
7. The last step will be to close the liquidation at the DBD, Revenue Department, Social Fund and Labor Department (if applicable).