If you have a company in Thailand, you should know that your Thai accounting staff may not know everything your Thai company should file in a year. Even if you hire a Thai accounting firm to handle your accounting, you need to make sure they do their job.
Here is a brief summary of what should be filed by a Thai company, but keep in mind that depending on many factors, there may be more forms that your company should file than these:
- Within 31 January, file form Kor Tor 26 Kor “Workmen Compensation Fund Estimate for the year …. (current year)” with the Social Security Office.
- Within 28 February, file form Kor Tor 20 “Employees Compensation Sheet to attach to Form Kor Tor 20 Kor for the year….(previous year)” and also make payment with the form Kor Tor 20 Kor with the Social Security Office.
- Within 7 February, file form “Information of foreign employees’ income” with the Revenue Department (together with the monthly PND 1 of January (see the monthly filing below). Also if during the year there is any foreign employee joining or leaving the company, this form must be filed within 7th of the month following the transaction.
- Within 28 February, file PND 1 Kor with the Revenue Department. This is the return that summarizes all the employees’ income and tax withheld throughout the previous year.
- Within 30 April (or within 4 months after the accounting year-end), hold an AGM (Annual General shareholders’ Meeting) to approve the prior year financial statements.
- Within 27 May, (or within one month after the AGM, whichever comes first), file the audited financial statements and the copy of list of shareholders as of the AGM date with the Department of Business Development, the Ministry of Commerce.
- Within 27 May, (or within 150 days after the accounting year-end) file the audited financial statements and Corporate Income Tax Return (PND 50) with the Revenue Department.
- Within 31 August, (or within 2 months after the first half of your accounting year) file the interim corporate income tax return (PND 51) with the Revenue Department.
- Within the 7th of the month, file the withholding tax returns (PND 1, 3, 53 and 54 if any) of the previous month with the Revenue Department. Also VAT return form 36 (PP 36), if any, must be filed.
PND 1 shows all the taxes withheld from the employees’ salaries.
PND 3 shows all the taxes withheld from the suppliers who are individuals.
PND 53 shows all the taxes withheld from the suppliers who are juristic persons.
PND 54 is shows all the taxes withheld from paying the suppliers overseas.
PP 36 is the Valude Added Tax (VAT) return that the company files on behalf of its overseas suppliers. Because overseas suppliers are not registered in the Thai VAT system, when the company makes payment to them, it has to submit 7% VAT on behalf of them. The VAT amount will become the company’s input tax (thus can be claimed back) in the month that the company submits it.
- Within the 15th of the month, file the monthly Valude Added Tax (VAT) return (PP 30) with the Revenue Department. This form summarizes the input and output VAT of the previous month and it has to be filed even if there are no transactions. If the company is not registered in the VAT system, it cannot file this form.
- Within the 29th of the month, file the social security form “Sor Por Sor 1-10” with the Social Security Office. This form shows all the social security contribution deducted from the employees’ salaries and the contribution made by the company from the previous month.
Good Thai accounting companies (like MSNA) know to file all those forms for their accounting clients. However, you may be surprised that many Thai accounting firms don’t.