Accounting: When and How to File Taxes as a Business Owner

When opening a business in Thailand, your job isn’t done once you register your business. There’s an accounting process where you need to submit your financial info and file taxes at government organizations.  

Not doing so can result in fines or jail time.

In this article, we will guide you through the accounting timeline you need to follow as a business owner.

Key Takeaways

  • Unless you have advanced accounting expertise, hire a professional service. You can file most tax forms yourself, but your annual financial statements must be audited by a licensed auditor.
  • VAT (Form PP30) is due by the 15th of each month, or the 23rd if filing online, for any company with annual taxable revenue over THB1.8 million.
  • Withholding tax forms PND1, PND3, PND53 and PND54, along with VAT form PP36 for overseas services, are due the 7th of each month (15th for e-filing).
  • Social Security contributions are due by the 15th of each month for every employee on payroll, at 5% each from employer and employee on monthly wages up to THB17,500.
  • Every February, give each employee a 50 Tawi certificate by the 15th and file the PND1 Kor salary summary by month-end.
  • Corporate income tax requires two filings per year: a mid-year estimate (PND51) and a final return (PND50) within 150 days after your fiscal year ends, or 158 days online.
  • Missing tax deadlines triggers fines and surcharges, so build the filing calendar into your monthly business routine from day one.
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Saran Lhawpongsawad is a Bangkokian by birth who has spent his life in Thailand. He loves sharing what he learns from living here and running a business in the country, helping newcomers settle in and get the most out of life in Thailand. When he's not at his desk, he's outdoors exploring with his family. You can connect with him on his LinkedIn.

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