Top 6 Frequently Asked Questions about Accounting in Thailand

Some of the frequently asked questions about an account in Thailand are mentioned below;

1. What are Thai Accounting Standards?

Usually, there are 2 tiers of Thai accounting standards (TAS) and Thai financial reporting standards (TFRS);

1. TFRS for publicly accountable entities that follow International Financial Reporting Standards (IFRS).
2. TFRS for non-PAE (a business entity whose securities are traded; a public company limited or a company holding assets in a fiduciary capacity).
3. What do the Account Books Include?

According to the law, the account books should have the daily financial transactions and the bills of the transactions. Typically, an account book includes ledgers, original and copies of bills and trial balance. And online accounting keeping a record of all these have become quite easy.

3. Can One Submit Computerized Accounts or does it have to be Manual Only?

Computerized accounts can be shown to the Income Tax Department. Well, with online accounting, maintaining records have become easier.

4. Do I Require Maintaining a Book within My Premises?

If you prefer, you can, otherwise, you may hire the services of an expert who will do the needful to preserve your company’s details.

5. Does an Accounting Service Provider Offer Payroll Service Too?

Usually, they do. Payroll services include;

• Report distribution
• Pay-slip creation
• Banking of your employee’s net salary
• Provident Fund
• Social Security
• Payroll Calculations
• Withholding Tax
• Withholding Tax Certificate
• Workman’s Compensation
• Electronic Reporting
• Payments to the Government Agencies

6. What are the Accounting Services in Thailand that can be Expected?

• Value Added Tax
• Creating Monthly Reports
• Annual Tax Return
• Record Accounting Transactions
• Withholding Tax
• Withholding Tax Return
• Schedules for Financial Statements
• Mid-Year Tax Return
• Bank Accounting Set Up
• Preparation of Checks
• Annual Tax Return
• Submitting Annual Financial Statement to the Thai Government
• Payment Transfers

However, you may be able to customize your accounting needs in Thailand.