When a Thai company acquires a car, the company has to record the cost of the purchase as an asset and consequently depreciate the automobile over its useful life  (five years). However, according to the nature of the vehicles rules may differ. Indeed, the Revenue Department makes a difference between sedan auto and passenger vehicles which seat do not exceed 10 seats.In order to limitate abusive behaviors from certain companies buying luxurious cars in order to take advantage of massive corporate income tax deductions, &nbs....

There’s an important difference when it comes to defining revenues and receipts - it’s key to understanding financial statements, particularly within a short period of time. Here’s how you can easily define the two: RevenuesPut simply, this is how much a company has earned from business activities, including but not limited to: sales of merchandise and services.Importantly, it also includes earnings from payments from a dependable customer when credit is offered; i.e. a customer is allowed to pay 60 days later (known as the accr....

What is Value Added Tax (VAT)?VAT is an indirect tax, calculated on the sale of goods or services in Thailand.The general rate of VAT is 7%, but there are exceptions to this when even levels of 0% may apply; such as, on sales or services to state-owned entities or the government.There are also exemptions, such as smaller companies, medical and educational services, transportation, and many others. At b-accounting we are here to help you with this tortuous issue, helping you to identify savings, so maximising profit.Thailand Accounting Upda....

More than ever, accounting matters for your personal and business finances.Of course, strong records will keep you organized and compliant, but your ability to maintain an organized system for record-keeping will ultimately affect your bottom line.   Believe it or not, your accounting has an impact on your profitability.  Organization is KeyWhen your records are in order and well kept, doors of opportunity open to you.  Rather than fumbling through piles of paperwork, you will be able to locate client records quickly and eff....

Improve your business’ profitability with these 5 simple tips!5. Use Good ResourcesFor any business, there isn’t much room for waste.  Take the time to examine the affect your resources have on your business’ productivity.  Durable machines and better employees will save you money in the long run.  Evaluate your current resources and adjust accordingly. 4. Monthly Sales GoalsA business must know exactly how much they need to turn profits and grow. Communicating goals clearly to your staff pushes your business in a stro....

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