Define Thai Accounting

Thai accounting is the systematic analysis, recording and reporting of financial transactions of a company or business (usually by an accountant) following certain accounting rules and generally accepted accounting principles how to record financial performance and statistics such as net profit of the company or business.

Corporate income tax is imposed at a rate of 30 percent of net profits. Personal income tax is imposed at a progressive rate ranging from 5 percent to 37 percent.

The basic accounting principles practiced in the Europe and the United States are accepted in Thailand. The Institute of Certified Accountants and Auditors of Thailand is the authoritative group promoting the application of generally accepted accounting principles. Auditing standards conforming to international auditing standards are, to the greater extent, recognized and practiced by authorized auditors in Thailand. Any accounting method which is adopted by a company must be used consistently and may be changed only with approval of the Revenue Department.

• Define: Thai Company Taxes

Audited financial statements of juristic entities (that is, a limited company, a registered partnership, a branch, or representative office, or a regional office of a foreign corporation, or a joint venture in Thailand) must be certified by an authorized auditor and submitted to the Revenue Department and (except for joint ventures) to the Commercial Registrar for each accounting year. At the end of fiscal year certified financial statement must be submitted to the Commercial Department. Accounting transactions may be recorded in a foreign language, but there should be a Thai translation.