Thailand’s Revenue Code requires that companies withhold tax at the time of paying employee wages and paying vendors for services, to file monthly withholding tax returns and also to submit the amount of taxes withheld each month to the Department of Revenue.
Along with a range of other accounting and auditing services, Juslaws & Consult prepares and submits withholding tax returns on behalf of its clients to meet all of the Thai Revenue Department’s requirements in a timely manner.
The return, along with the amount of tax withheld must be submitted to the Department of Revenue by the 7th of the following month. If a company fails to withhold tax when paying employees or vendors, it still must submit the amount due. A company is required to withhold three percent when it pays for services, such as accounting services, for example. The Revenue Department expects to receive this income on a monthly basis from the payer of the service fee, rather than waiting until the end of the year when the service provider files a tax return.
Our accountants will prepare the required monthly returns, which include the employee withholding tax return, the withholding tax return for companies, and the withholding tax returns for individuals.
There is a fine of 200 baht per month for submitting a late return plus a penalty of 1.5 percent interest per month on the unpaid tax.