Best Accounting & Auditing Lawyers in Bang Khen

About Accounting & Auditing Law in Bang Khen, Thailand

Accounting and auditing in Bang Khen operate under Thailandwide laws and professional standards. Businesses in Bang Khen must keep accurate books, prepare annual financial statements, and, for most juristic entities, have those statements audited by a licensed Thai auditor. The framework is set by the Accounting Act, the Revenue Code, the Civil and Commercial Code, and, for listed companies, the Securities and Exchange Act. Professional rules are issued by the Federation of Accounting Professions under the Royal Patronage, which promulgates Thai Financial Reporting Standards aligned with IFRS and Thai Standards on Auditing aligned with ISA.

Compliance is supervised by several authorities. The Department of Business Development registers companies and receives annual financial statements. The Revenue Department administers tax filings and audits. The Securities and Exchange Commission oversees public companies and auditors of listed entities. Within Bangkok, the Bang Khen District Office also handles certain local levies such as signboard tax. While the legal framework is national, the practical steps to file, pay, and interact with authorities will happen through Bangkokbased offices or electronic portals, making local knowhow valuable.

Why You May Need a Lawyer

- Setting up or restructuring a business in Bang Khen and selecting the right accounting basis, financial year, and internal controls.

- Navigating statutory audit requirements, appointing a qualified auditor, and drafting or reviewing engagement letters and management representation letters.

- Handling Revenue Department audits, transfer pricing inquiries, withholding tax disputes, VAT assessments, surcharges, and penalties.

- Ensuring timely filings with the Department of Business Development after the annual general meeting and addressing late filing fines or director liability.

- Investigating suspected fraud, implementing remedial controls, and pursuing or defending claims tied to misstatements.

- Managing mergers, acquisitions, and due diligence where financial statements, tax exposures, and contingent liabilities must be assessed and negotiated.

- Advising on crossborder issues such as foreign currency presentation, intercompany financing, and permanent establishment risk.

- Ensuring compliance with the Personal Data Protection Act where accounting records include employee or customer personal data.

- Coordinating with auditors where independence or scope conflicts arise, and resolving disagreements over accounting policies under Thai standards.

- Addressing local matters in Bang Khen such as signboard tax, local registrations, or licensing details that affect accounting and audit readiness.

Local Laws Overview

- Juristic persons such as limited companies, public limited companies, and registered partnerships must keep accounts, prepare annual financial statements, and have them audited by a licensed Thai CPA. Small unregistered businesses may have reduced obligations, but tax recordkeeping still applies.

- Thai Financial Reporting Standards apply. Nonpublicly accountable entities may use TFRS for NPAEs, a simplified framework. Listed companies and others with public accountability apply full TFRS.

- Thai Standards on Auditing apply to all statutory audits. Auditors must be members of the Federation of Accounting Professions, and for listed companies must be on the SECapproved list.

- Language and currency. Financial statements filed with authorities must be in Thai. English translations are often used internally. Thai baht is standard, though a foreign functional currency may be used subject to conditions and consistency.

- Annual timeline. A company typically must hold its annual general meeting within 4 months after fiscal year end to approve the financial statements. Audited financial statements must be filed with the Department of Business Development within 1 month after the AGM. Corporate income tax returns are generally due within 150 days of fiscal year end. Many taxes and contributions are filed monthly.

- Tax interaction. The Revenue Code governs corporate income tax, VAT, specific business tax, withholding tax, stamp duty, and surcharges. VAT registration is generally required when annual turnover reaches the statutory threshold. Withholding tax applies to common payments such as services, rent, and interest, with monthly remittance obligations.

- Transfer pricing. Companies meeting the revenue threshold must file a transfer pricing disclosure within 150 days of year end and maintain contemporaneous documentation to support relatedparty pricing.

- Record retention. Accounting books, invoices, and supporting documents must be retained for at least 5 years, and for up to 7 years in certain cases such as ongoing tax investigations.

- Auditor independence. Auditors must be independent of the client. For listed companies, rotation rules and additional independence restrictions apply under SEC regulations.

- Penalties. Late or nonfiling with the Department of Business Development and the Revenue Department can result in fines, surcharges, and potential director liability. Repeated noncompliance can escalate consequences.

- Local Bang Khen considerations. Businesses may interact with Bangkokbased Revenue Area Offices and the DBD registrar. The Bang Khen District Office administers local signboard tax filings and payments, and land and building tax is administered at the municipal level. These local items affect accounting schedules and cash flow planning.

- Esystems. Thailand supports etax invoice and ereceipt, and authorities promote efiling for corporate tax and VAT. Adopting digital systems can streamline compliance and strengthen audit evidence.

Frequently Asked Questions

Do all companies in Bang Khen need an audit

Most juristic persons in Thailand, including limited companies and registered partnerships, must have annual financial statements audited by a licensed Thai CPA. Very small and unregistered enterprises may not have a statutory audit requirement, but they still have tax record obligations.

What is the typical filing timeline after year end

Hold the annual general meeting within 4 months after fiscal year end to approve the financial statements. File the audited financial statements with the Department of Business Development within 1 month after the AGM. File the annual corporate income tax return within 150 days of fiscal year end. Monthly VAT, withholding tax, and social security filings continue on their regular due dates.

Can my financial statements be in English

You can prepare bilingual statements for stakeholders, but filings to Thai authorities must be in Thai. Where English is used internally, ensure the Thai version is the official filing set.

What accounting standards apply

Thai Financial Reporting Standards apply. Many SMEs use TFRS for NPAEs. Public interest entities and those seeking capital generally apply full TFRS aligned with IFRS.

How long do I need to keep accounting records

Keep books, invoices, and supporting documents for at least 5 years after the accounting period. Authorities may require up to 7 years in certain cases.

What are the consequences of filing late with the DBD or Revenue Department

Late filings can trigger fines and surcharges. Directors can face personal fines for corporate noncompliance. Chronic delays may affect the companys good standing and ability to transact with banks and regulators.

What is the VAT registration threshold

Businesses whose annual turnover reaches the statutory VAT threshold must register and begin charging VAT. Many small businesses voluntarily register earlier to claim input tax credits. A local tax advisor can confirm the current threshold and timing rules for your situation.

Do I need a transfer pricing report

If your company has relatedparty transactions and meets the revenue threshold, you must file a transfer pricing disclosure within 150 days of year end and maintain documentation to support arm s length pricing. The Revenue Department can request the documentation on short notice.

Can auditors perform bookkeeping for my company

Auditors must remain independent. For listed companies and many larger entities, the auditor cannot provide certain nonaudit services such as bookkeeping that create selfreview threats. Even for SMEs, it is prudent to separate bookkeeping and audit roles.

Are there local taxes in Bang Khen I should budget for

Yes. In addition to national taxes, Bangkok administers signboard tax via the district office and land and building tax at the municipal level. These affect annual accounting and cash flow planning.

Additional Resources

- Department of Business Development, Ministry of Commerce - Company registration, annual financial statement filings, and shareholder list filings.

- Revenue Department of Thailand - Corporate income tax, VAT, withholding tax, transfer pricing forms, and tax audit procedures.

- Federation of Accounting Professions under the Royal Patronage - Thai Financial Reporting Standards, Thai Standards on Auditing, and CPA licensing.

- Securities and Exchange Commission, Thailand - Oversight of listed companies and approved auditor lists for public interest entities.

- Stock Exchange of Thailand - Listing rules that affect financial reporting and audit timelines for listed issuers.

- Board of Investment - Accounting and reporting conditions tied to promoted projects and incentives.

- Bang Khen District Office, Bangkok Metropolitan Administration - Local signboard tax and municipal interactions that impact accounting schedules.

- Social Security Office - Monthly payroll contribution filings and reconciliations.

- AntiMoney Laundering Office - Compliance expectations that intersect with accounting controls and documentation.

Next Steps

- Map your obligations. Identify your entity type, fiscal year end, applicable reporting framework, audit requirement, and tax registrations. Prepare a compliance calendar that includes AGM date, DBD filing deadlines, and tax due dates.

- Assemble documentation. Trial balance, general ledger, bank statements, sales and purchase invoices, contracts, board minutes, fixed asset register, inventory counts, tax returns, and prior audit reports if any.

- Choose your advisors. Engage a Thai CPA for bookkeeping and audit readiness. For matters involving penalties, tax controversies, or complex transactions, retain a lawyer experienced in accounting and audit laws in Bangkok and familiar with Bang Khen administrative practices.

- Define scope and fees. Obtain written engagement letters for accounting, audit, and legal services that set out responsibilities, timelines, deliverables, independence considerations, and fee structures.

- Prepare for audit. Close your books timely, resolve reconciliations, and respond to audit requests promptly. Ensure management and those charged with governance are available for inquiries and approvals.

- Address issues early. If you anticipate late filings or disagreements over accounting treatment, consult your lawyer and auditor early to manage risk, seek extensions where possible, and document judgments.

- Implement controls. Strengthen internal controls over cash, revenue recognition, inventory, and tax compliance. Adopt etax invoice and ereceipt solutions where feasible to improve audit evidence.

- Keep local contacts. Note your Bangkok area Revenue Office, the DBD registrar contact center, and the Bang Khen District Office for local taxes. Maintain copies of all filings, receipts, and acknowledgments.

- Review annually. After each filing cycle, debrief with your advisors on gaps found, penalties incurred if any, and improvements needed for the next year.