Complete bookkeeping services in Thailand.

Companies in Thailand report under Thai Financial Reporting Standards (TFRS), which are substantially converged with IFRS and administered by the Federation of Accounting Professions (FAP). The applicable framework depends on public accountability of the entity:

• TFRS for Publicly Accountable Entities (PAEs): mandatory for listed companies, financial institutions and entities with public accountability
• TFRS for Non-Publicly Accountable Entities (NPAEs): a simplified framework designed for private companies without public accountability

Financial statements must be prepared in Thai Baht and accounting records must be maintained in the Thai language. Where foreign-language source documents are used, including English-language contracts, invoices or agreements, a Thai translation must accompany the original. This requirement applies to all records that may be reviewed by the Revenue Department or the Department of Business Development (DBD) and is a common compliance gap for foreign-invested companies. Foreign-invested companies reporting to an overseas parent under full IFRS may also need to maintain a parallel set of accounts to meet group reporting requirements.

Under the Thai Accounting Act, companies must maintain sufficient accounting records to explain their transactions and financial position at any time. Required source documents include:

• Approved payment vouchers and expense claim forms
• Bank statements, deposit slips and bank debit and credit advices
• Sales and purchase invoices and VAT tax invoices issued and received
• Withholding tax certificates received from counterparties
• Contracts and agreements relevant to recorded transactions

All records must be kept within Thailand and retained for a minimum of five years. Where source documents cannot be produced during a Revenue Department audit, the related deductions may be disallowed and additional tax assessments imposed. Records maintained in a foreign language without Thai translation are treated as incomplete for audit purposes.

All juristic entities in Thailand are required by the Accounting Act to have their annual financial statements audited by a Certified Public Accountant (CPA) licensed by the FAP. There is no size-based exemption, the audit obligation applies to all private limited companies, public limited companies and registered partnerships regardless of revenue or total assets.

Audited financial statements must be submitted to the DBD within five months of the financial year-end. The annual corporate income tax return (Form PND 50) must be filed with the Revenue Department within 150 days of the year-end, with audited accounts attached. For most companies with a 31 December year-end this means the DBD submission falls on 31 May and the PND 50 on 30 June. For a broader overview of compliance obligations, see the guide to preparing for a tax audit in Thailand.

Under the Thai Accounting Act and the Revenue Code, companies in Thailand must retain accounting records and supporting documents for a minimum of five years from the date of the last entry. The Revenue Department may extend this period to seven years where a tax investigation is initiated, so records from years under active assessment must be preserved until the matter is formally closed.

Records that must be retained include financial statements, general ledgers, source documents, VAT tax invoices, withholding tax certificates, bank statements and any correspondence with the Revenue Department or DBD relating to tax assessments or filings. Records must be kept within Thailand and must be accessible for inspection. Electronic records are permitted provided they can be reproduced in a readable format and are backed up to prevent loss.