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City Lawyer Consulting

Accounting services

AccountingReportingTax optimization

Any registered company in Thailand is required to file tax returns.

Thai citizens who have graduated from an accredited educational institution and received a higher education with at least a bachelor's degree are allowed to work as accountants.

In their work, professionals must be guided by the Accountant's Code.

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Features

The company's accounts must be prepared by Thai Accounting Standards developed by the Institute of Chartered Accountants and Auditors of Thailand and must reflect the actual state of the company's expenses, income, and assets.
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Accounting requirements
A balance sheet - an overview of assets and liabilities and profit and loss statements must be prepared and filed at the end of each reporting period. 

The accounts and other relevant documents of the company must be kept at the company's registered address for at least five years from the date of closing (depending on the company's business activity, this period may be extended up to seven years by the Income Department).

Financial statements, accounts, and documents must be executed in Thai or a foreign language accompanied by Thai, written in ink, or typed. Companies may keep monthly accounting records or submit the required reports once at the end of the financial year.

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Financial statements
The financial statements reflect the company's activities and financial results.

The financial statements of a Thai company include the following:
✔ statement of financial position;
✔ income statement;
✔ statement of changes in equity;
✔ statement of cash flows;
✔ notes to the financial statements.

The notes to the financial statements indicate the criteria for preparing financial statements,
description of accounting policies, as well as additional information on the balance sheet, profit and loss statement, statement of cash flows, and statement of changes in equity.
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Annual Financial Statements
Both private and public limited liability companies must provide the following documents at the end of each reporting period:

✔ Audited financial statements
✔ Balance sheet
✔ Proof of company name
✔ List of directors
✔ List of shareholders
✔ Minutes of the annual meeting
✔ Profit and loss statements
✔ Information on the type of business

The documents must be prepared in the Thai language.
Foreign companies can prepare their documents in a foreign language, but a Thai translation must be attached.
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Annual audit of statements
All companies must prepare financial statements that must be audited and certified by an independent certified public accountant at the end of the fiscal year, whether the company is publicly traded or not.

The auditor must give his opinion on the financial statements, as required when filing financial statements and tax returns.

Limited liability companies hold an annual shareholder meeting to approve the audited documents within four months of the end of the fiscal year.

These documents must be submitted to the Department of Revenue and DBD within one month of the shareholder meeting.
Types of taxes in Thailand

Individual taxes in Thailand

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VAT
A tax levied on the value added to the value of goods or services by persons subject to VAT.
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Income tax
A tax levied by the state on all legal entities on the basis of net taxable income.
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Withholding tax
A refundable type of tax that our partners who buy from us withhold at a special rate.
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Types of taxes in Thailand

Rate plans

The cost of service is background information and can be adjusted depending on the specifics of a particular business.
Monthly

3,000 THB
per month

Starting package for small business without VAT
Up to 10 documents / mo
Salaries, income tax, social security.
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Monthly

7,000 THB
per month

For companies with a stable scheme of work
Up to 50 documents per year
Complete set of financial statements
Reporting to the DBD
Annual corporate tax
Make an inquiry
Monthly

12,000 THB
per month

For companies with a stable scheme of work
Up to 100 documents per year
Complete set of financial statements
Reporting to the DBD
Annual corporate tax
Make an inquiry
Monthly

16,000 THB
per month

For companies with a large number of accounting items
From 500 documents per year
Complete set of financial statements
Reporting to the DBD
Annual corporate tax
Аудиторская проверка
Make an inquiry

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