Accounting & Taxation

A company incorporated under Thai law is subject to tax in Thailand at the end of each accounting period. The company must submit all documentation annually to the Revenue Department and Ministry of Commerce. That entails that you should use a CPA (Certified Public Accountant).

The Board of Supervision of Auditing Practice grants practicing licenses to qualified auditors and the minimum requirements to qualify as certified public accountant in Thailand:

  • Thai nationality or other approved to practice auditing.
  • A bachelor’s degree in accounting or related field,
  • Practice the auditing profession for at least two years,
  • Pass the written examination organized by the Board.

Accounting standard pronouncements are issued by the Institute of Certified Accountants and Auditors of Thailand (ICAAT). These pronouncements must be followed in the preparation of the financial statements and correlate very closely to International Accounting Standards and the United States “Generally Accepted Accounting Principles” (GAAP).

Lawa law&Property provide you with tax advice and solutions for any corporate or personal income tax.

Accounting Services

  • Monthly accounting starting
  • Annual Audit
  • VAT, Withholding Tax, Social Fund Submission
  • Personal Income Tax
  • Payroll and Employee Services
  • Complete Monthly Bookkeeping Solutions
  • Payment transfers
  • Bank accounting set up

Taxes in Thailand

Taxes are imposed both at national and local levels in Thailand. The majority of tax collections are administered by the Ministry of Finance. The Revenue Department under the following categories collects the income tax:

  • Corporate Income Tax
  • Value Added Taxes
  • Stamp duty
  • Personal Income Tax

Personal Income Tax

Personal Income Tax (PIT) is a direct tax levied on income of a person. In general, a person liable for Personal Income Tax has to compute their tax liability, file a tax return and pay tax accordingly on a calendar year basis.

Corporate Tax

Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership which is established under Thai or foreign law and carries on business in Thailand or derive certain types of income from Thailand.

Tax Filing and Payments

Any Thai or foreign company carrying on business in Thailand must submit their tax returns and payments twice a year.