Accounting and tax compliance in Thailand
Reliable accounting is not optional for Thai companies. Monthly filings, audited statements, and clean books support tax compliance, banking, and work permit renewals. At Thai Visa Centre in Bangkok, we coordinate immigration while your accountant or firm handles Revenue Department obligations.
Many foreign founders outsource accounting from month one. Retroactive bookkeeping costs more than starting correctly. Read our corporate tax guide for filing detail.
Juristic persons must maintain proper books under the Revenue Code and Civil and Commercial Code.
Withholding tax and VAT due by 7th or 15th of following month.
Corporate tax return within 150 days of accounting year end.
Employer tax and social security compliance affects work permit renewal.
Why accounting matters from day one
Thai law requires juristic persons to maintain proper books of accounts. Good accounting enables timely VAT and withholding tax filing, work permit renewal, BOI and ROH reporting, bank lending, and clean M&A due diligence.
Services accountants typically provide
| Service | Frequency |
|---|---|
| Bookkeeping | Monthly |
| Payroll and PND.1 WHT | Monthly |
| VAT PP.30 | Monthly if registered |
| Social security | Monthly |
| PND.51 prepayment | Twice per year |
| Annual PND.50 plus audit | Annually |
| DBD annual submission | Annually |
| Tax advisory | Ad hoc |
Choosing an accounting provider
- Licensed auditor connection if audit required by size thresholds
- Bilingual reporting with Thai statutory and English management accounts
- Cloud access with foreign founder visibility on transactions
- Payroll experience for foreign employees, WHT, and social security
- BOI and ROH experience if applicable to your structure
Legal structure questions: Thailand corporate lawyer
Key compliance calendar
| Period | Tasks |
|---|---|
| Monthly by 7th or 15th | Withholding tax, VAT, and social security contributions |
| Twice yearly | PND.51 estimated corporate income tax prepayment |
| Within 150 days of year end | Audit, PND.50, and DBD financial statement submission |
| 31 March | Directors personal PND.91 if applicable |
Missing deadlines triggers penalties. Revenue Department rarely waives repeat offenders.
Foreign director considerations
- Obtain personal TIN before payroll starts
- Director fee vs salary has different withholding tax treatment
- Document expense reimbursement policies to reduce audit risk
- Related-party loans require transfer pricing documentation
- Dividend vs salary planning belongs with accountant, not immigration agent
BOI incentive accounting: BOI companies must segregate promoted vs non-promoted revenue, file annual BOI reports, and maintain import records. Incorrect allocation can claw back tax holidays.
- Segregate promoted vs non-promoted revenue and expenses
- File annual BOI operational reports on schedule
- Maintain import records for duty-free machinery
- Incorrect allocation can claw back tax holidays
Common accounting mistakes
- Personal expenses through company without proper documentation.
- Cash sales not recorded, creating VAT and corporate income tax exposure.
- Foreign contractor payments without withholding tax deduction.
- No monthly close, leading to year-end panic and penalties.
- Single Thai signatory on all payments without foreign founder oversight.
- Ignoring tax residency certificate timing for treaty claims.
Frequently asked questions
General answers for foreign founders managing Thai company accounting. Confirm specific requirements with the Revenue Department and your accountant.
Q:Can TVC do our accounting?
A:TVC focuses on immigration. We refer trusted accounting partners for bookkeeping and tax filing.
Q:Is audit mandatory for new companies?
A:Depends on size thresholds for assets, revenue, and employees. Many startups exempt initially. Confirm each year with your accountant.
Q:Thai or international accounting standards?
A:Statutory accounts follow Thai GAAP or TFRS. Management reports may use IFRS for group reporting purposes.
Q:What if we have years of unfiled returns?
A:Voluntary disclosure and catch-up filing. Penalties apply. Fix before work permit renewal or company sale.
Q:Why does accounting matter from day one?
A:Timely VAT and withholding tax filing supports work permit renewal, BOI reporting, bank lending, and M&A due diligence.
Q:When should foreign founders outsource accounting?
A:From month one. Retroactive bookkeeping costs more than starting correctly when you hire staff or issue first invoice.
Q:What monthly deadlines apply?
A:Withholding tax, VAT if registered, and social security due by 7th of following month, or 15th if e-filing. Missing deadlines triggers penalties.
Q:How does accounting affect work permits?
A:Work permit renewal increasingly verifies employer tax and social security compliance. Clean books support visa and permit continuity.