Accounting, tax and statutory filings in Thailand
Monthly bookkeeping, VAT and withholding tax filings, payroll and social security, corporate income tax returns, audit coordination and submission of financial statements to the DBD.
Quick answer
A Thai company must keep accounts under the Accounting Act B.E. 2543 (2000), have its annual financial statements audited by a licensed CPA, approve them at the annual general meeting and file them with the Department of Business Development. Tax obligations run on the Revenue Code: monthly withholding tax and VAT returns, the half-year corporate income tax return (PND.51) and the annual return (PND.50). Deadlines are statutory and surcharges are automatic, so calendar control is the core of the service.
The monthly cycle
Withholding tax returns (PND.1 for employment income, PND.3 for individuals, PND.53 for juristic persons) and the VAT return PP.30 are monthly filings driven by the previous month's transactions. Social Security contributions are remitted monthly for registered employees.
Bookkeeping quality determines whether these filings are accurate: tax invoices must meet the Revenue Code's content requirements before input VAT can be claimed, and withholding certificates must be issued to the payee at the time of payment.
VAT registration and scope
VAT registration is required once annual revenue from taxable supplies exceeds the threshold in the Revenue Code; voluntary registration is possible earlier and is common where the business needs to issue VAT invoices to corporate customers.
Zero-rated exports, exempt activities and reverse-charge on services received from abroad each behave differently on the PP.30, and misclassification is one of the most common triggers for a Revenue Department query.
Annual corporate income tax and audit
PND.51 reports the half-year estimate; a materially low estimate can attract a surcharge on the underpaid amount. PND.50 is the annual return, filed with the audited financial statements.
The audit must be performed by a CPA licensed and supervised through the Federation of Accounting Professions (TFAC). The auditor is independent of the bookkeeper — IVC coordinates the audit file rather than signing the opinion.
Payroll, social security and personal tax
Payroll produces three obligations at once: withholding under PND.1, the monthly social security remittance, and the annual employee reconciliation. Foreign employees add work-permit-linked documentation and, in many cases, a Thai tax residency question.
An individual present in Thailand for 180 days or more in a tax year is a Thai tax resident under section 41 of the Revenue Code, which changes how foreign-sourced income is assessed. Residency should be tested per person, per year.
Filing financial statements with the DBD
After AGM approval, the audited financial statements are submitted to the DBD through its e-Filing channel within the statutory window, together with the shareholder list. Late submission is a separate offence from late tax filing and is visible on the company's public record.
Document checklist
- Bank statements for every company account, complete for the period
- Sales tax invoices and purchase tax invoices in original form
- Payroll register, employment contracts and social security registrations
- Withholding tax certificates issued and received
- Fixed asset register with acquisition documents
- Prior-year audited financial statements and the previous PND.50
Before you engage
- Close each month within the following month — late books make late filings inevitable.
- Check tax-invoice content before paying an invoice; a defective invoice usually cannot be fixed after the period closes.
- Estimate the half-year profit carefully; the PND.51 surcharge is calculated mechanically.
- Keep supporting documents for the retention period required by the Accounting Act and the Revenue Code.
Common pitfalls
- Claiming input VAT on invoices missing the required particulars.
- Treating a director's personal expenses as company expenses without documentation.
- Missing the AGM window and consequently the financial statement filing date.
- Assuming an overseas payment carries no Thai withholding obligation without checking the treaty position.
Frequently asked questions
When must financial statements be filed?
The audited statements must be approved at the annual general meeting held within the statutory period after the fiscal year end, and then filed with the DBD within the period set by the Accounting Act. The exact dates depend on your fiscal year end, so they should be diarised individually.
Do dormant companies still have to file?
Yes. A company with no trading activity still has audit and filing obligations, and still has to submit the required tax returns for the periods in which it is registered.
What is the VAT registration threshold?
Registration becomes compulsory once revenue from taxable supplies exceeds the threshold set in the Revenue Code and its ministerial regulations. Because the figure is set by regulation and can be amended, confirm the current amount with the Revenue Department before relying on it.
Who counts as a Thai tax resident?
Section 41 of the Revenue Code treats an individual present in Thailand for an aggregate of 180 days or more in a tax year as resident for that year. Residency affects the assessment of foreign-sourced income brought into Thailand.
Can you act as our auditor as well as our accountant?
No — the statutory audit must be performed by an independent licensed CPA. IVC prepares and coordinates the audit file and liaises with the auditor, which keeps the independence requirement intact.
How are your accounting fees set?
By transaction volume, entity complexity and the filings in scope, agreed in advance with staff by phone, LINE or email. No prices are published on this site.
Primary sources
- The Revenue Department — Revenue Code — VAT, withholding and corporate income tax
- Department of Business Development (DBD) — Accounting Act B.E. 2543 and financial statement e-Filing
- Federation of Accounting Professions (TFAC) — CPA licensing and auditing standards
- Social Security Office — Employer registration and monthly contributions
Reviewed as of 2026-08-04. General guidance only, not case-specific advice and not a guarantee of outcome. Fees, conditions and processing times are set by the responsible authority and can change. This site does not publish prices — please ask our staff.
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