“Accounting is the language of business” – Warren Buffett
“Life is like accounting, everything must be in balance” – Unknown
All companies in Thailand 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 Federation of Accounting Professions of Thailand, and should reflect a true and correct image of the company’s expenses and assets.
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 (December 31 or another date). The Financial statement— 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. All companies are required to apply for a Taxpayer Identification Number (TIN) within 60 days after incorporation or – for foreign companies – before starting a business in Thailand. This number will not only serve for Corporate Income Tax but also for Withholding Tax and VAT purposes.
Our audit service premise is simple: we listen to the needs of the organizations we work with and take a tailored approach to responding to those needs. We bring long-term added value through our understanding of a client’s business and objectives. We offer practical services and advice to manage the complexities of an ever-changing business environment.