Best Accounting & Auditing Lawyers in Bueng Kum

About Accounting & Auditing Law in Bueng Kum, Thailand

Bueng Kum is a district of Bangkok, so businesses and individuals here follow national Thai accounting, auditing, and tax laws. Day to day filings are handled through Bangkok area offices of the Department of Business Development and the Revenue Department, with certain local matters coordinated through the Bueng Kum District Office of the Bangkok Metropolitan Administration. Accounting and auditing in Thailand is governed by the Accounting Act B.E. 2543, the Civil and Commercial Code, the Revenue Code, and Thai Financial Reporting Standards issued by the Federation of Accounting Professions. Most juristic entities must maintain books in Thailand, prepare annual financial statements, have them audited by a licensed Thai CPA, and file them with the authorities within prescribed deadlines.

Thai standards are largely aligned with International Financial Reporting Standards. Public companies and entities regulated by the Securities and Exchange Commission follow full Thai Financial Reporting Standards, while many small non publicly accountable entities may apply the Thai Financial Reporting Standard for NPAEs. Audits are performed under Thai Standards on Auditing, which are based on International Standards on Auditing.

Why You May Need a Lawyer

Professional legal help can prevent costly missteps and help you respond effectively when issues arise. Common situations include selecting the right legal entity and fiscal year, setting up compliant bookkeeping policies, and drafting service agreements with outsourced accountants and auditors. Lawyers also assist with corporate secretarial timelines, including board and shareholder meetings, approval of financial statements, and filings with the Department of Business Development and the Revenue Department.

Tax planning and defense are frequent needs. This includes navigating value added tax and withholding tax on cross border payments, dealing with transfer pricing documentation and disclosure, handling Revenue Department inquiries or audits, and negotiating assessments and penalties. If your business is listed or raising capital, securities law and auditor independence rules require careful attention. Mergers and acquisitions, joint ventures, and restructurings require financial due diligence, purchase price mechanisms, and representations and warranties that align with Thai accounting standards and tax law.

Directors and executives can face personal exposure for false filings or failure to keep proper books, so counsel is valuable in designing controls, documenting judgments under Thai Financial Reporting Standards, and responding to suspected fraud. Businesses that handle customer or employee data should integrate accounting system practices with Thailand’s Personal Data Protection Act. If you are winding down a company, a lawyer can guide liquidation, final audits, tax clearances, and record retention.

Local Laws Overview

Accounting and bookkeeping obligations are set by the Accounting Act B.E. 2543 and related regulations. Juristic persons must maintain accounts in Thailand, generally in the Thai language and Thai Baht. Use of a foreign language or currency may be permitted by the Director General of the Department of Business Development. Books and supporting documents must be kept for at least five years, and longer if a case is under investigation. Thailand allows any 12 month fiscal year, but it must be registered.

Financial statements must be prepared annually in accordance with Thai Financial Reporting Standards, approved by the board and shareholders, and audited by a licensed Thai CPA. For limited companies, the annual general meeting is typically held within four months after fiscal year end, the audited financial statements are then filed with the Department of Business Development within one month after the meeting, and they are also filed with the Revenue Department with the annual corporate income tax return within 150 days after fiscal year end.

Corporate income tax is generally 20 percent. Qualifying small and medium enterprises may benefit from reduced progressive rates within limits set by law on paid up capital and revenue. VAT is generally 7 percent, with certain businesses subject to specific business tax instead. Withholding tax applies to many domestic payments, such as services, rent, and advertising, and to certain outbound payments, subject to double tax agreements. Transfer pricing rules require related party disclosure for companies meeting revenue thresholds, and contemporaneous documentation is expected to support arm’s length pricing.

Listed companies and entities regulated by the Securities and Exchange Commission have additional audit committee and auditor independence requirements, including audit partner rotation limits. Employers must comply with payroll withholding and social security contributions. Electronic tax invoices and receipts are available under the Revenue Department’s e tax systems, with adoption expanding. Local obligations in Bangkok include signboard tax administration and interaction with the district office for certain permits. Land and building tax is administered by local authorities.

Bueng Kum has no special accounting or auditing laws unique to the district. Compliance is under national Thai law, with filings and inspections handled by national and Bangkok metropolitan offices that serve the district.

Frequently Asked Questions

Do all companies in Bueng Kum need an annual audit

Most juristic entities registered in Thailand, including limited companies, must have their annual financial statements audited by a licensed Thai CPA. Public interest entities have additional requirements. Very small operations that are not juristic persons may not be subject to statutory audit, but once you operate through a juristic person you should expect an annual audit.

Which accounting standards apply to my business

Thai Financial Reporting Standards apply. Public companies and many larger private entities apply full TFRS. Non publicly accountable entities may apply the Thai Financial Reporting Standard for NPAEs, which is a simplified framework. Your auditor and legal adviser can help determine the appropriate framework based on your activities, size, and regulatory status.

What are the key annual compliance deadlines

Common timelines include preparing audited financial statements after the fiscal year end, holding the annual general meeting within the statutory period, filing the audited financial statements with the Department of Business Development within one month after the meeting, and filing the audited financial statements with the corporate income tax return within 150 days after year end. Monthly VAT and withholding tax filings are due in the month following the transaction month. Exact dates can change, so confirm each year.

Can I keep my books in English and in a foreign currency

By default, accounts should be maintained in Thai language and Thai Baht. The law allows the use of a foreign language or foreign currency if you obtain permission from the Department of Business Development. Many multinational companies keep internal records in English while preparing statutory books and financial statements in Thai and Thai Baht.

How long must I keep accounting records

At least five years from the date of making the entries. Authorities can require longer retention during audits or litigation. It is prudent to align retention for accounting, tax, corporate, and labor records.

What is the corporate income tax rate and are there SME incentives

The standard corporate income tax rate is 20 percent. Qualifying SMEs with limited paid up capital and annual revenues within specified thresholds may enjoy reduced progressive rates on lower tiers of net profit. Eligibility and thresholds are set by law and can change, so obtain current advice.

Do I need to file a transfer pricing disclosure

Companies that meet the revenue threshold set under the Revenue Code must file an annual related party transaction disclosure form with the corporate income tax return. Contemporaneous documentation is recommended to support arm’s length pricing and to respond to any Revenue Department request.

What are the auditor independence and rotation rules

Auditors must be licensed Thai CPAs. For listed companies and entities under the Securities and Exchange Commission, audit partner rotation is required after a set number of consecutive years, with a cooling off period. For non listed companies, rotation is good practice but not always mandatory.

How do VAT and withholding tax work in common service arrangements

VAT registered businesses charge VAT on taxable supplies and file monthly VAT returns. Withholding tax often applies to service fees, rents, and certain other payments. The payer withholds and remits tax at source and issues a withholding certificate to the payee, who credits it against income tax. Cross border payments may require withholding at treaty reduced rates if conditions are met.

What local offices handle filings for a company based in Bueng Kum

Corporate filings for financial statements and company information are made with the Department of Business Development, which accepts nationwide e filings. Tax filings and audits are handled by the Revenue Department area offices serving Bangkok. Certain municipal matters, such as signboard tax or local certifications, are handled by the Bueng Kum District Office of the Bangkok Metropolitan Administration.

Additional Resources

Department of Business Development, Ministry of Commerce. This authority administers the Accounting Act, company registrations, and financial statement filings.

Revenue Department. This authority administers the Revenue Code, including corporate income tax, VAT, specific business tax, and withholding tax, as well as e tax invoice systems.

Federation of Accounting Professions under the Royal Patronage of His Majesty the King. This body sets Thai Financial Reporting Standards and Thai Standards on Auditing, and licenses CPAs.

Securities and Exchange Commission, Thailand. This regulator oversees listed companies, auditor independence, and capital market disclosures.

Bangkok Metropolitan Administration, Bueng Kum District Office. This office handles local administrative matters such as signboard tax and local certifications relevant to businesses in the district.

Social Security Office. This office administers employer registration and contributions for employees under the Social Security Act.

Board of Investment of Thailand. For promoted projects, this body administers incentives that can affect accounting and tax compliance.

Next Steps

Clarify your objectives and identify your entity type, fiscal year, and industry specific issues. Prepare basic information, including your certificate of incorporation, company affidavit, list of shareholders, articles of association, tax registration numbers, past financial statements, trial balance, major contracts, and any tax rulings or assessments.

Engage a licensed Thai CPA firm to perform the statutory audit and to advise on the appropriate financial reporting framework. Confirm engagement terms, scope, deliverables, and timelines that align with Thai filing deadlines. If you use outsourced bookkeeping, ensure your service agreement addresses responsibilities for tax filings and document retention.

Consult a lawyer experienced in Thai accounting and tax law. Ask for a compliance calendar for your company, a review of your accounting policies under Thai Financial Reporting Standards, and an assessment of tax exposure areas, including VAT treatment, withholding tax on domestic and cross border payments, and transfer pricing.

Set up internal controls for approvals, documentation, and cut off procedures. Implement an approach to e tax invoices and e receipts if suitable. Align data handling in your accounting systems with the Personal Data Protection Act, including vendor and employee data.

Monitor developments. Thai accounting and tax rules evolve, and authorities may adjust filing methods and due dates. Schedule periodic check ins with your auditor and lawyer to keep your Bueng Kum based business compliant and to address any notices or audits promptly.

This guide provides general information only. Always obtain advice tailored to your facts before making decisions.