Visa — Accounting / Tax

Questions in this cluster (3)

1. Q1346. When must a Thai company register for VAT and what are the ongoing duties?

   As a general rule, an operator whose revenue from selling goods or services in Thailand exceeds the statutory annual threshold (check the current figure with the Revenue Department) must register for VAT before starting operations or within the prescribed period after reaching the threshold. Newly incorporated companies often register at the same time to be ready to issue tax invoices. Once registered, ongoing duties include: (1) issuing a tax invoice for every sale of goods or services, (2) filing the PP.30 return monthly even when there are no transactions, (3) maintaining input and output tax reports, and (4) keeping records for the statutory retention period. Cautions: late filing carries surcharges and penalties, and the registered VAT address must be a genuine place of business — officers may inspect it. Our accounting team handles both registration and monthly filings. This is general guidance; requirements and fees change — always verify with the Ministry of Foreign Affairs, the Revenue Department, the Department of Business Development, or the receiving authority before proceeding.

2. Q1347. What annual filings does a Thai limited company have to make?

   A Thai limited company has three main annual obligations: (1) prepare financial statements for the accounting period, which must be audited by a Certified Public Accountant (CPA); (2) hold an annual general meeting of shareholders to approve the statements within the statutory timeframe; and (3) file documents with the authorities — the audited financial statements and supporting documents with the Department of Business Development, the PND.50/51 corporate tax returns with the Revenue Department, and the updated shareholder list (Bor Jor 5). Cautions: late filing attracts statutory fines at both agencies, and dormant companies must still file — many inactive companies are fined because owners assume no revenue means no filing, which is incorrect. Our accounting team covers everything from monthly bookkeeping and auditor coordination to complete year-end filing. This is general guidance; requirements and fees change — always verify with the Ministry of Foreign Affairs, the Revenue Department, the Department of Business Development, or the receiving authority before proceeding.

3. Q1348. Do foreigners earning income in Thailand have to pay Thai tax?

   As a general principle, a person present in Thailand for a cumulative period meeting the statutory threshold in a tax year (commonly cited as 180 days) is treated as a tax resident and owes personal income tax on Thai-sourced income. Foreign-sourced income brought into Thailand is subject to specific rules that have changed under recent Revenue Department announcements. Common income types: salary from work performed in Thailand (withheld monthly by the employer), rent from Thai property, and gains from selling Thai assets. Basic steps: (1) obtain a taxpayer identification number, (2) file the annual PND.90/91 return by the deadline, and (3) claim credit for tax already withheld. Cautions: Thailand has double taxation agreements with many countries that can change the calculation — have a specialist review your residency status and treaty position before filing. Our team assists with both TIN applications and annual returns. This is general guidance; requirements and fees change — always verify with the Ministry of Foreign Affairs, the Revenue Department, the Department of Business Development, or the receiving authority before proceeding.