Integrity Legal

Posts Tagged ‘Thailand Accounting’

22nd September 2019

Integrity Legal has been providing legal services in Bangkok, Thailand for 12 years. In that time, the legal system in Thailand along with the Thai Immigration and tax collection systems have evolved. As a result, accounting and issues pertaining to corporate compliance are having an increasingly direct impact upon immigration matters for foreign nationals who own or work in companies in Thailand. For example, maintenance of payroll records and records contributions to Thai Social Security can be critical for those seeking Thai work permits and Thai business visa extensions. Meanwhile, Thai Immigration initiatives which would seem to only be relevant in a personal context can have ramifications in a corporate context. For example, a foreign national working in a Thai company could see their application for a business visa extension rejected due to failure to file a TM30 form providing relevant information regarding address location.

Due to the increasing complexity of Thai law and regulatory enforcement, a more holistic approach to business incorporation, visa extension, work permit application, accounting, payroll maintenance, and corporate services is necessary. For this reason Integrity Legal is proud to announce the foundation of Integrity Services. Integrity Services provides corporate maintenance services, accountancy services, and also tax advisory services (in both a Thai and an American context). Integrity Services is managed by a Thai accountant with fluency in English. The firm will also provide consultation and tax advisory services from an American tax attorney where necessary.

Integrity Services can provide ongoing support to businesses in Thailand with a special emphasis upon companies with foreign ownership or management. Concurrently, with recent changes to the American tax laws, advisory services from an American tax attorney with experience in Thai corporate matters can provide a great deal of benefit to firms with American stakeholders or management. Meanwhile, Integrity Services will provide assistance to clients of Integrity Legal, where necessary, in a seamless manner. By blending standard legal services with, corporate compliance, immigration, and accounting the teams of both Integrity Legal and Integrity Services can provide comprehensive assistance to our clients in all matters pertaining to business in Thailand.

Contact us today to learn more about how your business could be improved with Integrity.

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3rd October 2017

It recently came to the attention of the administration of this web log that the Royal Thai Gazette has recently published an announcement regarding changes to the methodology in which Value Added Tax (VAT) is calculated in Thailand. Below please find an English translation of this announcement:

Page 6

Book 134 Part 102 Kor                         Royal Thai Government Gazette                  2 October 2017

(Official Emblem)

ROYAL DECREE

Issued under the Revenue Code

Regarding Value Added Tax Rate Reduction (No. 646)

B.E.2560 (2017)

————————————-

His Majesty King Maha Vajiralongkorn Bodindradebayavarangkun,

Given on 30 September 2017

of the second year in the present reign.

His Majesty King Maha Vajiralongkorn Bodindradebayavarangkun is graciously pleased to proclaim that:

Whereas it is appropriate to adjust the Value Added Tax Rate Reduction.

By virtue of Section 175 of Constitution of the Kingdom of Thailand and Section 80 of the Revenue Code which amended by Revenue Code Amendment Act (No. 30) B.E. 2534 (1991) Be it; therefore, enacted by His Majesty the King, as follows:

Section 1. This Royal Decree shall be called the “Royal Decree under the Revenue Code, regarding Value Added Tax Rate Reduction (No. 646) B.E.2560 (2017)”

Section 2. This Royal Decree shall come into force on and from the date of 1st October B.E.2560 (2017).

Section 3. The order of the Head of the National Council for Peace and Order No. 65/2559 on the Reduction of Value Added Tax Rate dated on 1st November B.E.2559 (2016) shall be repealed.

Section 4. There shall be reduced the Value Added Tax Rate in accordance with Section 80 of the Revenue Code and shall withhold at the following details;

(1) In the rate of 6.3 percent of sale, service or import in all kind thereof which shall be effective from the date of 1st October B.E.2560 (2017) to 30th September B.E.2561 (2018).

(2) In the rate of 9 percent of sale, service or import in all kind thereof which shall be effective on and from the date of 1st October B.E.2561 (2018).

Section 5. The Minister of Finance shall have the care and charge of this Royal Decree.

Countersigned

Colonel-General Prayut Chan-o-cha

Prime Minister

 

For those interested in viewing the Thai version of the original announcement please click HERE to go to the view the PDF from official website of the Royal Thai Gazette. Please note that this translation is provided for informational purposes only and should not be viewed as a definitive legal interpretation of Thai law.

Two provisions are notable within this announcement, the first is that the VAT is to be lowered from 7% to 6.3% for the next year. Meanwhile, from October of 2018 onward the effective VAT tax rate is apparently to be 9%. This is an overall increase from the current rate of 7% which was the rate prior to the recent announcement.

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