Another year has begun and we want to wish everyone a Happy New Year! We also want everyone to start their year with their best foot forward. The start of each new year brings a new set of challenges, goals and visions for the future. That’s one of the best things about owning a business.  However, while a new year means fresh chances and excitement, it also means staying current and informed about how to manage taxes and reports properly. Step 1:Compliance with the Thai Revenue Department is very simple. It begins with an Ordi....

The Director-General of the Department of Business Development, Mr Wuti Kraiweeraphan, revealed an extreme growth in new businesses for January in Thailand, compared to the previous month and the same month last year. Factors that Mr. Wuti accounted for this were investment promotion by the Thai government, expanding influence of online trade, and increased need for logistics support.More New Business Registrations, Less Business Dissolutions In January 2019, 7,311 new companies were registered, compared to 4,102 in December 2018, up 78%. ....

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....

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