Best Accounting & Auditing Lawyers in Thawi Watthana

About Accounting & Auditing Law in Thawi Watthana, Thailand

Thawi Watthana is a district of Bangkok, so businesses and nonprofits here follow nationwide Thai accounting, auditing, and tax laws. The core framework comes from the Accounting Act B.E. 2543, the Audit Profession Act B.E. 2547, the Civil and Commercial Code, the Public Limited Companies Act B.E. 2535, the Securities and Exchange Act, and the Revenue Code. Oversight is shared among the Department of Business Development under the Ministry of Commerce, the Revenue Department, and, for public companies and certain regulated entities, the Securities and Exchange Commission. Professional standards are issued by the Federation of Accounting Professions, which adopts Thai Financial Reporting Standards aligned with IFRS and Thai Standards on Auditing aligned with ISA.

Most juristic persons in Thailand must keep books in Thai language, prepare annual financial statements, have them audited by a licensed Thai auditor, hold an annual general meeting as required, and file financial statements with the Department of Business Development. In Thawi Watthana, local administration through the Bangkok Metropolitan Administration and the Thawi Watthana District Office also touches accounting through local taxes such as signboard tax and land and building tax, which must be recorded and often coordinated with district authorities.

Why You May Need a Lawyer

Entity formation and structuring decisions affect accounting obligations, audit scope, and director liability. A lawyer can help you select and document an appropriate structure, draft articles and shareholder agreements, and map statutory filing calendars to avoid penalties.

Compliance reviews are often needed when setting up or changing accounting systems, moving to e-tax invoice and e-withholding tax, changing the financial year, or appointing or changing an auditor. A lawyer coordinates with your accountant and auditor so your documentation, resolutions, and filings meet legal requirements.

Tax audits and investigations by the Revenue Department can involve complex issues such as transfer pricing, deductibility, permanent establishment risks for foreign companies, and surcharges. Legal representation helps manage queries, prepare responses, negotiate assessments, and pursue appeals.

Transactions such as mergers, acquisitions, and restructurings require financial due diligence, carve-out and consolidation issues, and post-merger filings. Legal counsel ensures the audit trail, board approvals, and regulatory notifications are complete and timely.

Disputes arise over qualified audit opinions, restatements, fraud allegations, and director liability for false accounts. Lawyers assist with internal investigations, auditor communications, remediation plans, insurance claims, and defense strategies.

Cross-border and foreign-owned businesses face extra rules on foreign business licensing, branch or representative office accounting, and remittance documentation. Legal guidance aligns Thai requirements with group reporting and transfer pricing documentation.

Local Laws Overview

Registration and bookkeeping - Juristic persons such as limited companies, public companies, registered ordinary partnerships, and limited partnerships must maintain books under the Accounting Act. Books should be in Thai language. Bilingual Thai-English records are common and acceptable if Thai is included. The accounting period is 12 months unless a change is approved. Books and source documents must be kept in Thailand at the registered office or notified location.

Record retention - Keep accounting records and supporting documents for at least five years, and be prepared for longer retention if authorities order an extension in specific cases such as investigations or litigation.

Financial statements and audit - Annual financial statements must comply with Thai Financial Reporting Standards. Most private companies that are not publicly accountable may use TFRS for NPAEs. Public interest entities and listed companies use full TFRS aligned with IFRS. An independent audit by a Thai licensed CPA is required for most juristic persons. Public companies and listed issuers face additional rules on audit committees, internal controls, and quarterly reporting.

Auditor qualifications - Auditors must be licensed by the Federation of Accounting Professions. For listed companies and certain regulated entities, the auditor must also be on the SEC approved list. Auditor appointments and changes require shareholder or board approvals as specified by law and the companys articles.

AGM and filing timelines - For limited companies, the board prepares annual financial statements and convenes the annual general meeting within four months from the fiscal year end. The company files the audited financial statements and the list of shareholders with the Department of Business Development within one month after the AGM. Registered partnerships and certain other juristic persons have filing timelines tied to their fiscal year end. Late filings can lead to fines and other penalties.

Tax reporting interface - The Revenue Code requires mid-year and annual corporate income tax returns, monthly withholding tax, and value added tax for VAT registrants. Thailand supports e-filing, e-tax invoice and e-receipt, and e-withholding tax. Adoption is increasingly encouraged, with specific technical and approval requirements. Transfer pricing disclosure is required when revenue meets the threshold set by the Revenue Department, and contemporaneous documentation should be prepared and maintained.

Foreign business considerations - Branches, representative offices, and regional offices must keep Thai books and submit audited financial statements. Foreign Business Act licensing or notifications may apply. Remittance of service fees, royalties, and dividends must follow exchange control and withholding tax procedures.

Local district matters - In Thawi Watthana, the district office under the Bangkok Metropolitan Administration administers local taxes such as signboard tax and land and building tax. Businesses should calendar local deadlines and reconcile assessments and payments in their accounts.

Director and officer liability - Directors are responsible for truthful books, timely meetings, and filings. Knowingly false accounts, obstruction of audits, and non-filing can trigger administrative penalties and, in serious cases, criminal exposure. Companies should maintain a compliance calendar, adequate internal controls, and documented approvals.

Data protection and confidentiality - The Personal Data Protection Act applies to accounting records that contain personal data. Controllers and processors, including accounting firms and audit teams, should implement lawful bases, minimization, retention limits, and security measures. Engagement letters and service agreements often include PDPA compliant clauses.

Frequently Asked Questions

Who must keep accounts and be audited in Thawi Watthana

All Thai juristic persons operating in Thawi Watthana, including limited companies, public companies, registered ordinary partnerships, limited partnerships, and branches of foreign companies, must keep accounts and prepare annual financial statements. In most cases, these statements must be audited by a Thai licensed CPA. Foundations and associations that carry on business may also have accounting and audit obligations.

Which accounting standards apply to my company

Private companies that are not publicly accountable typically use TFRS for NPAEs. Public interest entities, listed companies, and companies issuing securities use full TFRS aligned with IFRS. Your auditor or advisor can confirm the correct framework based on your activities and size.

What language and currency rules apply

Books should be maintained in Thai. Companies often keep bilingual Thai-English records. Financial statements may be presented in Thai baht, and foreign currency transactions must be translated under Thai standards. If you use English internally, ensure Thai is included for statutory records and filings.

When are the deadlines for the AGM and filings

For limited companies, hold the annual general meeting within four months of the fiscal year end. File the audited financial statements and the list of shareholders with the Department of Business Development within one month after the AGM. Tax return deadlines under the Revenue Code run on their own schedules. Confirm your specific dates each year.

How do I appoint or change an auditor

The auditor is appointed by the shareholders at the AGM or as allowed by your articles. If changing auditors, obtain board and shareholder approvals, notify the outgoing auditor, and document the reasons. Ensure the new auditor holds a valid license and, if you are a public interest entity, is on the SEC approved list.

Are e-tax invoices and e-withholding tax mandatory

Thailand offers approved systems for e-tax invoice and e-receipt and e-withholding tax. Many businesses in Bangkok, including Thawi Watthana, adopt them for efficiency and extended e-filing deadlines. Some sectors may be required or strongly encouraged to adopt. Technical onboarding and document formats must follow Revenue Department specifications.

What are the penalties for non-compliance

Penalties can include fines for late or non-filing of financial statements with the Department of Business Development, surcharges and penalties on late taxes, and sanctions for failing to keep proper books. Intentional misstatements can expose directors and officers to more serious penalties. Authorities can order record inspections and extended retention.

What should foreign-owned businesses or branches know

Branches and representative offices must keep Thai books, undergo audits, and file locally. Foreign Business Act rules may apply to your activities. Intercompany charges must be documented at arm length with transfer pricing support. Remittances must adhere to withholding and exchange control requirements.

Do charities or associations in Thawi Watthana need to file and audit

Foundations and associations that carry on business or meet regulatory thresholds often must keep accounts, prepare financial statements, and in many cases obtain an audit. Their filings may differ from companies, so confirm applicable regulations for your specific entity type.

Can I store my accounting records electronically

Electronic storage is generally acceptable if the records are complete, readable, and retrievable in Thailand and meet legal and tax requirements. If you adopt e-tax systems, follow the technical rules for data formats, integrity, and retention. Keep backup and access controls consistent with the Personal Data Protection Act.

Additional Resources

Department of Business Development, Ministry of Commerce - Company and partnership registration, financial statement filing, accounting period approvals, and compliance guidelines.

Revenue Department - Corporate income tax, value added tax, withholding tax, e-tax invoice and e-withholding systems, and transfer pricing guidance.

Federation of Accounting Professions - Licensing of CPAs, Thai Financial Reporting Standards, Thai Standards on Auditing, and professional ethics.

Securities and Exchange Commission, Thailand - Oversight of public companies and auditors for listed and regulated entities, financial reporting, and corporate governance requirements.

Stock Exchange of Thailand - Disclosure and governance resources for listed companies and market participants.

Bangkok Metropolitan Administration, Thawi Watthana District Office - Local administration for signboard tax, land and building tax notifications, and local permits affecting accounting.

Board of Investment - Reporting and compliance for BOI promoted companies, including special accounting and audit conditions tied to incentives.

Anti-Money Laundering Office - Compliance guidance for reporting entities and expectations for customer due diligence and record keeping.

Social Security Office - Employer payroll filings, contributions, and reconciliations relevant to monthly accounting and audits.

Next Steps

Clarify your entity type, activities, revenue level, and any group or cross-border relationships. This determines your accounting standards, audit requirements, and transfer pricing obligations.

Gather foundational documents such as company affidavit, articles, shareholder and director registers, prior financial statements, tax filings, major contracts, and internal accounting policies. These are essential for any lawyer or auditor review.

Create a compliance calendar for the fiscal year end, AGM, financial statement audit fieldwork, DBD filings, and tax return deadlines. Assign internal owners for each deliverable.

Engage a Thai licensed auditor early, confirm independence, and agree on scope, timeline, and fees in a written engagement letter. For regulated entities, verify SEC approval status where required.

Consult a lawyer to review governance procedures, resolutions, accounting policy choices with legal impact, transfer pricing documentation needs, and PDPA compliance for accounting records. Ask about risks, penalty exposure, and remediation options.

Consider adopting e-tax invoice and e-withholding systems if appropriate. Ensure your ERP and document management support Thai language requirements, retention rules, and secure access.

If you receive notices from the Department of Business Development, the Revenue Department, or the Thawi Watthana District Office, respond promptly and keep copies of all correspondence and submissions. Seek legal advice before making statements that could affect your position.

This guide is general information. For advice tailored to your situation in Thawi Watthana, consult a qualified Thai lawyer and coordinate with your accountant and auditor.