Affordable multilingual accounting services and financial management.
ChiangMaiBusiness offers affordable multilingual accounting services and financial management in accordance with Thai GAAP (Generally Accepted Accounting Principles) and the Thai Revenue Code.
We take care of:
* Computerized recording of daily financial transactions in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code.
* Production of monthly financial statements such as but not limited to:
a) Balance Sheet detailing assets and liabilities at the end of each fiscal month
b) Profit & Loss statement listing revenue and detailing expenses.
c) General Ledger Trial Balance.
d) Aged Payables and Receivables.
* Maintenance of Balance Sheet accounts schedules.
* Maintenance of Fixed Assets ledger.
* Bank account reconciliation.
* Monthly value added tax (VAT) returns.
– Maintenance of monthly VAT input and output records.
– Preparation of monthly VAT tax return form.
* The Company must file, monthly, subject to certain conditions, a VAT return and make payment to the Revenue Department if the output (sales) VAT is more than the input (purchase) VAT. This must be done no later than the 15th of each month.
* Monthly personal income tax returns.
* Preparation and filing of withholding personal income tax return form.
* Monthly corporate withholding tax returns. Each time that the company pays income to a supplier of services or rent to a landlord it is required to withhold income tax on behalf of the payee at the rates stipulated in the law. A return of such withholdings must be filed no later than the 7th of month following that in which the payment was made.
* Preparation and filing of half-year corporate earnings assessment.
This return is not required for the first accounting period of the company providing that it is less than 12 months duration. For subsequent periods it has to be filed within sixty days from the end of the first half-year period. The taxable income is computed on one-half of the estimated profit for the full year.
* Annual corporate income tax return
This return must be filed within 150 days from the close of an accounting period (balance sheet date).
* Preparation and filing the form Sor Bor Chor 3 (summary financial report) with the Commercial Registration Department within five months from the close of the accounting period.
* Preparation and filing the application form to allow the company in using the computerized system and chart of accounts in English. (Sor Bor Chor 1)
Assistance with the formation and registration of local companies with either Thai majority shareholding, under the Thai-American Treaty of Amity or with BOI privileges, the latter two allowing for 100% foreign ownership.