Accounting in Thailand can be something of a murky subject with many people having opinions that are usually based around myths, rumours and standard bar talk. The rumours do little to improve the reputation of accounting companies in Thailand, the Revenue Department (RD) or indeed Thailand on the whole. One thing that is certainly a fact is that if you are a trading company you need to complete monthly submissions each month – even if they are NIL.
So how do I complete these monthly submissions?
The first thing that you need to understand is that these submissions need to be completed in Thai so therefore you need to be fully literate in Thai or have someone who is who can assist you( Printable Tax Forms). Many of the submission can be done online if you have registered previously whilst others need to be physically submitted. All documents need to filing with either the RD or the Social Security office (depending on the nature of submission).
Below is a breakdown of what is due when and to whom:
- Submission of monthly Withholding Tax (WHT) to be completed by 7th day of each month or the last working day PRIOR to the 7th to the Revenue Department
- Submission of VAT to be completed by the 15th day of each month or the last working day PRIOR to the 15th to the Revenue Department
- Submission of the Social Security Fund by the 20th day of each month or the last working day PRIOR to the 20th to the Social Security Department
What happens if I am late?
Late submissions do happen occasionally and no one would be naïve enough to think otherwise but constant late submissions or inaccurate submissions are certainly frowned upon. Any late submission will be subject to a penalty and no excuse/reasons will be accepted.
How can an accountant help?
FCA Thailand Co., Ltd was established back in 2004 and as a result we are setup to ensure that submissions are completed on time, every time. We arrange for the collection of your monthly documents, accurate completion of forms as well as taking care of the actual physical submission either online or in person. You do not pay any extra for this service and it is included in your monthly accounting fee so we take away all your stress and give you peace of mind.
For more information about our accounting services contact us.