ACCOUNTING IN PATTAYA
Accounting and Auditing Service Pattaya
All Thai and foreign companies registered in Pattaya have multiple obligations when it comes to accounting and tax. We hereby give a short overview of what should be kept in mind.
We offer Pattaya’s simplest, transparent and honest pricing, if you don’t see the service required here, just call us for a quote on your any of your accountancy needs or come to our office in Pattaya for a consultation. Our Accounting services include, setting up your accounting systems, monthly accounting, annual balance sheets, VAT and Social Security application, tax planning , company dissolution and generally liaising with the revenues department on all aspects of accounting and taxation on you behalf.
ACCOUNTING AND ANNUAL AUDIT
All companies in Pattaya have to prepare and keep accounts. This is not only the case for a limited company, but also for registered partnerships, foreign juristic persons doing business in Thailand, public limited companies and joint ventures. Only a private person is exempted from this obligation. The accounts have to be drafted according to the Thai Accounting Standards formulated by the Institute of Certified Accountants and Auditors of Thailand, and should reflect a true and correct image of the company’s expenses and assets.
The financial statements also have to be examined and certified by a licensed accountant (regardless of whether the company has traded or not). Within four months after the closing of the accounting year, the fully signed off accounts should be approved by the Annual Shareholders’ Meeting. Upon approval, the financial statements have to be submitted to the Revenue Department and the Commercial Registrar within one month. Failure to comply with these regulations may result in a penalty up to 200,000 THB.
The accounts and other relevant company documents have to be kept at the company’s registered address for at least five years.
A newly incorporated company should close its first accounting year within 12 months after its registration, and for the following years the accounting period should be closed every 12 months (per December 31 or another date). The balance sheet — an overview of the assets and liabilities — and the profit and loss accounts have to be prepared and filed at the end of each period. The accounting year may be changed, but written approval from the Director General of the Revenue Department is required.
CORPORATE INCOME TAX (CIT)
All companies are required to apply for a Taxpayer Identification Number (TIN) within 60 days after incorporation or – for foreign companies – before starting business in Pattaya. This number will not only serve for Corporate Income Tax but also for Withholding Tax and VAT purposes.
Half Year Report
In addition to the annual tax payment, any company subject to CIT is required to make a half year tax prepayment (Form CIT 51). A company is obliged to estimate its annual net profit as well as its tax liability and pay half of the estimated tax amount within eight months after the beginning of the accounting period. The prepaid tax is creditable against its annual tax liability.
In case not enough tax was prepaid – the actual year-end profitability amounts to 25% more than (the double of) the forecast – an additional 20% tax will be due on the difference between the forecast and the actual tax due.
Pattaya Accounting and Auditing Service
|Monthly Accounting (Starting Document From 1-30 List)||2,500|
|Monthly Accounting (Documen Not More than 50 List)||3,000|
|Monthly Accounting (Documen Not More than 75 List)||4,000|
|Monthly Accounting (Documen Not More than 100 List)||5,000|
|Monthly Accounting (Documen after 100 List)||6,000|
|Monthly Accounting Recording – Accounting software Starting From (Base on Document)||500|
|Consultant Annual Personal taxes and Preparing PND. 91, 90||1,000|
|Annual Balance sheet & Auding ( Non Movement Company)||9,500|
|Annual Auditing (0 – 2 Million Baht Company Capital Registered)||15,000|
|Annual Auditing (3 – 4 Million Baht Company Capital Registered)||17,000|
|Annual Auditing (5 – 10 Million Baht Company Capital Registered )||20,000|
|Annual Auditing (For over 10 Million Baht Company Capital Registered + 3,000 Baht per Million )||25,000|
|Closing Company (Starting Price From)||25,000|
|Annual Auding – Juritic Person ( for No more than 100 Unit)||15,000|
|Annual Auding – Juritic Person (From 100 – 500 Unit)||35,000|