Q. Why would you outsource your bookkeeping duties?
Beginning a corporation is difficult, but success might be easier to achieve if management concentrates on the main undertaking and outsources bookkeeping to a company that employs Certified Public Accountants (CPAs) who are familiar with the most recent accounting procedures.
Q: Why can’t I perform the bookkeeping myself?
It might be more cost- and time-effective to outsource bookkeeping to a company that offers expert services.
How much time and money can I save by outsourcing my bookkeeping and accounting?
Basic bookkeeping would take at least 3-5 hours a day if completed by a Qualified and experienced Accountant. It’s possible that this time might be better spent overseeing business operations.
Employing an in-house CPA to handle accounting, tax compliance, and payroll duties may be more expensive than paying a business to handle the same duties on a professional basis. In addition, the business would have a legal obligation to maintain services despite any adjustments to its workforce.
Q. What documents must firms in Thailand keep on hand?
Every taxpayer is required by the Internal Revenue to maintain a set of six books of accounts at their primary place of business.
Q. What should owners of small businesses watch out for?
Only after receiving the required permits and licenses from the Securities and Exchange Commission (SEC) for corporations and partnerships or the Department of Trade and Industry (DTI) for sole proprietorships, local government agencies, and the Internal Revenue Service (IRS), should the business begin operations.
Even if there are no transactions to report, the taxpayer must begin filing tax returns as soon as the government issues the Certificate of Registration.
Q. What tax reporting and filing procedures must we maintain?
The taxpayer is required to submit tax returns on a regular basis that are pertinent to the tax kinds listed on its Certificate of Registration.
Q: How often do we need to submit these reports/requirements to the Inland Revenue?
Taxpayers typically have to pay the following three types of taxes:
Withholding taxes: monthly and yearly filings
Value Added Tax – quarterly and monthly filings
Annual and quarterly income tax filings
Q. If my business is already registered but not yet active, do I still need to submit reports?
Once the Business Certificate of Registration is issued, the taxpayer must begin filing tax returns. The absence of any transactions throughout the period may be reflected in its returns.
Q: Do international companies registered in Thailand have to meet any additional requirements?
For the most part, foreign enterprises are not subject to any additional tax compliance obligations. For taxes that are specific to foreign entities, such as the branch profit remittance tax for profits sent to its head office, additional tax filings could be necessary.
