Tax Compliance Services in Thailand

Contents

Tax Compliance Services in Thailand

What Tax Compliance Means in Practice

Tax filing is one part of tax compliance. Ongoing compliance also means identifying your obligations, keeping supporting records and checking that the required work has been completed.

• Identifying applicable filing obligations
• Maintaining supporting accounting records
• Monitoring recurring deadlines and filing status
• Reviewing transaction information and tax treatment
• Reconciling accounting and tax information
• Following up on outstanding items and changes in business activities

When the work is specifically about preparing and submitting a return, see WMC's tax return preparation and filing services.

Recurring Tax Compliance for Businesses in Thailand

The applicable requirements depend on company activities, transactions, tax registrations, employees, payments to suppliers or overseas parties, taxable income and VAT status.

• VAT
  For businesses that are VAT registered or otherwise have relevant VAT responsibilities. Tax invoices, input VAT, output VAT and monthly accounting information may need to be reviewed.
• Withholding Tax
  For payments that may be subject to Thai withholding tax. The payment type, recipient and supporting documents affect the review.
• Corporate Income Tax
  Relevant periodic and annual corporate income tax work should be considered with the company's accounting records and taxable activities.
• Payroll-Related Tax
  Where the company has employees, payroll information and employee-related tax responsibilities may form part of the recurring compliance process.

Monthly Tax Compliance Support

Monthly tax compliance connects your transactions with the records and information needed to meet recurring obligations. It involves more than submitting a return at month-end.

• Reviewing accounting transactions
• Identifying VAT and withholding tax implications
• Preparing information required for recurring filings
• Checking supporting tax documents
• Reconciling relevant accounting balances
• Monitoring outstanding tax matters and payment information

Keeping Track of Tax Obligations

Companies may have different filing obligations depending on their activities and registrations. WMC may help establish:

• Applicable filings
  Which recurring tax requirements may apply to the company.
• Required records
  Which invoices, payment details, payroll information and accounting schedules are needed.
• Responsibilities
  The responsible contacts and the monthly information cut-off for the engagement.
• Status tracking
  Filing status, missing information, outstanding matters and upcoming year-end requirements.

We build the filing calendar around your company’s requirements. Automated reminders are provided only if included in the agreed service.

Accounting Records and Tax Compliance

Accounting and tax compliance are connected. A discrepancy may need to be understood before tax information is prepared or a filing is submitted.

• VAT information does not match the accounting ledger
• Withholding tax records do not match expenses or payments
• Supporting invoices are incomplete
• Transactions have been classified inconsistently
• Accounting balances affect the tax information being reviewed
• Prior-period items are discovered during monthly work

For the accounting records that support this work, see bookkeeping and monthly accounting support. If historical gaps are identified, WMC can assess whether accounting cleanup for incomplete or overdue records is required.

Reviewing the Current Tax Compliance Status

A compliance-status review may be useful when changing accounting providers, starting a new engagement, checking whether filings are current or giving a foreign parent company visibility over the Thai business.

Depending on the situation, WMC may review:

• Recent tax filings and available payment evidence
• VAT registration and recurring filing status
• Withholding tax records
• Corporate income tax filings
• Accounting records relevant to the filings
• Known outstanding matters and missing information

The review is limited to the records available. If evidence of a filing is missing, we do not assume it was completed.

Tax Compliance for Companies with Overseas Management

Overseas directors, shareholders and finance teams may need clear visibility over the Thai company's filing status, tax payment information and recurring requirements.

• Filing-status schedules
• Explanations of recurring Thai requirements
• Accounting and tax information for overseas management
• Coordination with regional finance teams

When Tax Filings Are Outstanding

If filings appear to be overdue or incomplete, WMC can first review the periods involved, available records, previously filed returns, transaction information, tax payment evidence and related accounting information.

After the review, we define the work required from the facts and applicable filing rules. Late, amended or additional returns are included only where agreed. We cannot guarantee penalty removal, acceptance by the authorities or automatic correction.

If return preparation or submission is needed, we agree on that work separately as part of the tax-filing scope.

From Monthly Compliance to Year-End Tax

Organized monthly information can contribute to half-year corporate income tax work where applicable, annual corporate income tax preparation, year-end accounting and financial statement preparation.

WMC can also organize schedules and supporting information for the company's independent auditor or appointed Certified Public Accountant. See audit coordination and year-end support where that work forms part of the engagement.

What WMC Can Support

• Tax Compliance Review
  Review applicable registrations, recent filings and available records.
• Monthly Compliance
  Coordinate recurring tax requirements based on company activity and the agreed monthly process.
• Filing Preparation
  Prepare applicable returns where return preparation forms part of the engagement.
• Tax Payment Information
  Prepare or coordinate information required for tax payment processes.
• Compliance Status
  Identify outstanding filings or unresolved information within the available records.
• Accounting Coordination
  Coordinate the accounting records needed to support recurring tax work.
• Year-End Tax Coordination
  Connect recurring compliance records with corporate income tax and year-end work.

How the Compliance Engagement Starts

1. 01

   Review the Business

   Understand activities, registrations, payments, employees and the current accounting process.

2. 02

   Map the Requirements

   Identify recurring obligations, records, responsible contacts and missing information.

3. 03

   Agree the Monthly Scope

   Separate compliance review, accounting coordination, filing preparation and other work.

4. 04

   Monitor and Coordinate

   Review the monthly information available, follow up on outstanding matters and prepare for year-end requirements.

Official References

• Revenue Department — Value Added Tax overview
• Revenue Department — Corporate Income Tax and withholding tax overview