W e recognise that accounting practices should conform to the International Accounting Standard (“IAS”). However, we sometimes feel that Asian interests are not fairly represented. Our prevailing policy is to ensure that the IAS is understood from the perspective of Asian culture. We also try to harmonize the impact of globalization with the conduct of business in Asia.
90% of Thai GAAP is now almost identical to the IAS, and drafts on employee benefits and deferred tax are awaited. The differences between the previous accounting procedures under Thai GAAP and the IAS have caused some confusion between accountancy principles and practices. We are aware of these issues and seek to resolve any confusion at an early stage.
The new Accounts Act B.E.2543 was introduced in 2000, and this has had a significant impact on Thai management style. The Act introduces a criminal charge for failure to prepare accurate accounts. Section 39 states as follows:
“Whoever enters false entries, amends entries, omits to make entries in the accounts or financial statements, or amends documents required for making accounting entries so that they do not accord with the facts shall be punished with imprisonment for a term not exceeding two years, or fine not exceeding forty thousand Baht, or both.”
Therefore, companies must ensure that accounting is carried out to an appropriate level.
It is well known that foreign companies operating in Thailand experience many accounting problems, for example delay in closing the accounts. We aim to identify potential problems as soon as possible through comprehensive audit procedures.
Accounting issues can affect tax. The introduction of VAT has also had an impact on accounting. We realize that tax issues require consideration in preparing accounts.
As we know, financial information is required for decision making in business. For a foreign company, accounting is an important tool in ensuring accountability to the parent company for the accounting period. We can help you set up and operate a meaningful and efficient accounting system. We will provide a computerized record of daily bookkeeping services in accordance with the Accounting Act B.E. 2543, Thai GAAP and the Thai Revenue code. Our monthly bookkeeping service includes reconciliation between monthly reports and VAT returns to ensure accuracy.
In summary, our services include:
Bookkeeping services in Thai & English
Setting up an “accounting control system”
Setting up a “cost accounting system”
Training Thai staff to have basic accounting and tax knowledge
We provide tax services, including routine tax services required by the Thai Revenue code.
Our services include the preparation of:
Withholding personal income tax returns (PND.1)
Withholding corporate income tax returns (PND.3,53)
Withholding income tax remittance returns (PND.54)
Mid year corporate income tax returns (PND.51)
Annual corporate income tax returns (PND.50)
Annual personal income tax returns (PND.90,91)
Annual summary of the withholding personal income tax returns (PND.1 Kor)
Value added tax returns (PP.30)
Value added tax remittance returns (PP.36)