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.
First Things First
You can file your finances, including taxes, by yourself, except for the financial statements. But you have to know advanced accounting and tax regulations in Thailand.
Otherwise, use an accounting service.
This article only lists the common tax filing timeline. Depending on your business, you may need extra taxes that aren’t mentioned in this article. You should check with your accountant.
Once a Month: VAT (PP30), Withholding Tax (PP36, PND3, and PND53), and Social Security
Each month, you may need to file VAT and withholding tax with the Revenue Department and pay Social Security for all your employees.
| Filing / Payment Type | Paper Filing Deadline | E-Filing Deadline |
|---|---|---|
| VAT Form PP30 | 15th of the following month | 23rd of the following month |
| PP36 | 7th of the following month | 15th of the following month |
| Withholding tax forms, such as PND3 and PND53 | 7th of the following month | 15th of the following month |
| Social Security payments | 15th of the following month | Usually the same deadline: 15th of the following month |
VAT and Withholding Tax
Value-added tax filing is subject for companies that have a VAT license. If your company has annual taxable revenue of less than THB1.8 million, you don’t have to register for VAT or file this tax.
On the other hand, if your company has annual taxable revenue over THB1.8 million, you must register for VAT and start filing it.
You need to file value-added tax whether you have taxable income and expenses that month or not. You can do it online through the Revenue Department’s e-Filing system.
There are various tax forms you need to file:
- PP30 when selling taxable products and/or services in Thailand;
- PP36 when paying for certain products and/or services to overseas providers.
- PND3/53 for withholding tax
The most convenient way to pay value-added tax is through online banking. Otherwise, you can also pay at banks or the Revenue Department in your area.
Social Security
If you have at least a single employee on your payroll, even if it’s you, you need to pay Social Security for that person. The standard contribution is 5 percent each from the employer and employee, calculated on monthly wages up to THB17,500, so the maximum is THB875 from the company and THB875 deducted from the employee’s salary, or THB1,750 total per employee per month.
To pay Social Security, you need to file the monthly contribution form called Sor Por Sor 1-10 (สปส.1-10) and pay through the Social Security Office’s available channels, at the Social Security office in your area, or through participating banks such as Krungthai Bank or Bank of Ayudhya (Krungsri).
March: Personal Income Taxes (50 Tawi)
January to March is the time to file personal income taxes for you and your employees.
You have to prepare withholding tax certificates called “50 Tawi” for all your employees.
It must state the net amount of your employees’ salaries for the previous year, net amount of employee taxes, and Social Security that you pay on your employee’s behalf.
Your employee will use this form to submit their own personal income taxes, normally PND91 for salary income or PND90 depending on their income type, on the Revenue Department’s website.
If your name is on a payroll, you have to submit it as well.
May: Corporate Income Taxes (PND50)
Once you’re done filing personal income taxes for your employees, you have to prepare documents to pay the corporate income taxes for your company.
If your accounting period ends on December 31, this is normally done from January to May of every year. In general, corporate income tax form PND50 is due within 150 days from the end of the accounting period.
To do this, prepare financial statements summarizing all of your company’s info from the previous year by a qualified accountant or bookkeeper. The financial statement needs to be audited by a licensed auditor.
Once it’s audited, you need to sign every page of the financial statement and submit it to the Revenue Department with the tax form PND50.
You also have to submit your audited financial statement to the Department of Business Development.
If Thailand’s Board of Investment is promoting your company, you must submit the statement there as well.
July: Board of Investment (TS310)
If you run a BOI-promoted company, you need to file your annual financial and operating info to Thailand’s Board of Investment as well using the TS310 form.
You can submit the TS310 form online through the BOI online services page.
In addition to TS310, you may also have to submit project-progress reports after being promoted by the BOI, depending on your BOI conditions.
August: Corporate Income Taxes, Again (PND51)
For companies with a calendar-year accounting period, July to August is another period to file corporate income taxes (PND51). In general, PND51 is due within two months after the end of the first six months of the accounting period.
But this time you don’t have to prepare a financial statement.
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