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creative1000

Must hire accountant for paused Thai company?

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Hello community. Just wondering, if a newly registered Thai Company makes 0 revenue, 0 paychecks, 0 credits, 0 debits, 0-everything, the company must still report tax earnings to the DBD gov't monthly? And this must be filed with an approved accountant?

Some accountants have quoted 1000 baht monthly if theres few transactions. But if theres zero transactions, that should be only a few minutes of work to e-file a $0 earnings report... Is there any way to make this cheaper?

Sorry for my rambling, just trying to understand the process, and where we can save costs while we prepare for 2021. Cheers!

Edited by creative1000

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It will be the same as in other countries, you will have to report tax earnings. In my country you can opt for doing it per 3 months. Not sure if this is possible in Thailand.


But its 100% sure you have to file it.

 

As an accountant i make my clients pay too if there are no transactions. I have to look at it, have to pay subscription fee per client for my software, am responsible for what i write down. All of this is not free. I also have to file it even if its zero. It all cost time. 

 

I remember that I did the earnings rapports for my Thai company myself each and every month with some software. Same for wages stuff. But this was a while back. But in the end I still had to pay an accountant for the years figures. So it did not save that much.

 

Close a company if you dont use it keeping a company will always cost money. 

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I have had a company that earns zero profit for the last 9 years. 

Its a 2m bht company, and it costs me between 12 and 15 thousand baht per annual ordit by a accountant, filed to the revenue office on my behalf. 

I say between 12 and 15 because I've moved province and have used 3 different accountants in the process, but it's pretty much in line with your 1000 per month. 

You can fail to complete the audit for 5 years before the tax office takes action against you, and any late annual audit is penalised with 1000baht penalty. 

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Thank you guys. I appreciate the responses. @northsouthdevide thanks, yeah I just wanted to check I wasn't being taken advantage of.

I also have an LLC in the states, and it takes me all of 2 minutes to free file a $0 income tax online each year - but it seems Thailand's processes are structured differently here.

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