Reporting requirements and accounting procedures are specified by the Civil and Commercial Code, the Revenue Code and the Accounts Act. In Thailand, the accounting standards have been issued by the Institute of Certified Accountants and Auditors of Thailand. Corporate Income Tax - All business establishments must have a taxpayer identification card within sixty days of incorporation.
Corporate taxes are due semi-annually.
Financial statements must be prepared annually by a company auditor. The Revenue Department requires that accounts be in the Thai language. The books must be kept at the place of business for ten years. Value Added Tax - Created in 1992, the VAT is applied to each stage of the production process, and is paid on a monthly basis. The U.S. and Thailand signed a tax treaty in 1996.