Thai registered entities, be they Representative Offices, Private Limited Companies or Branches of Foreign Registered Companies conducting business in Thailand are subject to the requirements of the Accountancy Act 2000. In broad terms, this requires, amongst other things, that the following conditions be met:

  • Books of Account and source documents should be kept at its regular place of operation in Thailand for a period of at least five years.
  • A qualified accountant, as specified by the Director-General, which in practice excludes anyone other than Thai nationals, is required to maintain accounting records for the purpose of showing the operating performance and financial conditions of the entity concerned.
  • The recording of transactions is required to be done in the Thai language, although in practice many source documents are issued in an amalgamation of both Thai and English.

Financial Statements must be audited annually by a registered auditor and approved at a General Meeting of Shareholders within four months of the end of the financial year. These shall be prepared in accordance with Thai accounting standards.

Apart from assisting you with meeting your statutory obligations under the authoritative legislation, ICR will provide you with timely and regular management accounts, and the provision of other relevant management information to facilitate the effective management control of the entity concerned.


ICR provides a range of payroll services to clients both as a component in a broader package of accounting, payroll and tax services as well as a stand-alone service independent of other services.

Payroll services may include the following:

  • Computation of the salaries withholding tax applicable to the individuals concerned based upon information provided by them to us in a Form Lor Yor 1.
  • Registration with the Social Security Fund (‘SSF’) for the purposes of deducting SSF contributions and attending to the submission of the monthly SSF return along with the payment thereof.
  • Preparation of the monthly salaries withholding tax return (PND 1) and submission along with the payment of taxes to the authorities.
  • Preparation and submission of voluntary monthly provident fund payments.
  • Preparation of payslips for distribution to the employees including relevant year to date and current month data.
  • Arrangement for payment of net monthly salaries after deductions.
  • Preparation and submission of the annual summary of the salaries withholding taxes (PND 1 Gor) complete with the withholding tax certificates.
  • Preparation and submission of the annual workmen’s compensation fund return.


The Thai tax system is a mine field for the uninitiated. The rules and regulations governing tax compliance are esoteric and may easily be applied incorrectly, or worse, a business entity can simply inadvertently omit to satisfy all of its ongoing compliance obligations due to a lack of comprehension of the extent of them. For the foregoing reasons, it is highly advisable to ensure that you have someone who understands the full breadth of those obligations to ensure that your business does not fall foul of the byzantine tax rules and regulations. This includes a fairly convoluted domestic withholding tax system.

Fortunately we have many years of cumulative experience, although, in this sphere, as with many others, one never stops learning, in part due to the continually evolving body of tax law and regulation.

The range of tax services we typically provide includes the following:

  • Computation of withholding taxes applicable to payments made to either individuals, other than employees, or corporations and issuance of withholding tax certificates.
  • Preparation of the monthly withholding tax returns which may include the PND 3 and PND 53, and potentially others too and submission of them to the Revenue Department along with arranging for the payment of taxes due.
  • Preparation of the monthly VAT return, along with the supporting schedules representing output tax and input tax and the payment of any taxes due in respect thereof.
  • Assistance with compiling the data in support of the mid-year estimate of the corporate income tax return and submission of the same.
  • Preparation of the annual corporate income tax return and submission of it along with any taxes due and supported with an original copy of the audited financial statements.
  • Interfacing between our clients and the Revenue Department officer in the event of any tax investigations and audits.
Apart from assisting you with meeting your statutory obligations under the authoritative legislation, ICR will provide you with timely and regular management accounts.