Sunbelt Asia Accounting

08/04/2022

Agoda reports that Thailand is the most searched destination on their travel website. There was a nearly 500% increase in the number of searches for Thailand since the beginning of the year, with many looking to travel between March and September.

The travel industry is pushing the Thai government to drop the Thailand Pass and RT-PCR test on arrival before June 1. On April 1, the pre-flight test was scrapped and the requirement to check into a hotel on the fifth day and take a second PCR also was lifted with only an antigen test now required.

06/04/2022

Digital ad spending is expected to grow in 2022 by 9% t0 27 billion baht, but not reach the 18% jump seen last year. Consumers turned to online shopping during the pandemic and that trend continues. Facebook ads held the largest share followed by YouTube. TikTok saw huge growth last year and continued growth in ad spending this year. By share of population, Thailand led the world in online shopping in 2021 with 94% of those polled saying they used online shopping. About 90% said they would continue to use digital platforms for their shopping.

04/04/2022

The Cabinet approved a new regulation that will allow the Eastern Economic Corridor to offer even more incentives to investors looking to establish their business there. The additional incentives include a permit to own land or condominium within that promotion zone and permit to bring a foreign worker who is an expert, with or without work permit. LEARN MORE >

The Cabinet approved a new regulation that will allow the Eastern Economic Corridor to offer even more incentives to investors looking to establish their business there. The promotion zones include the Digital Park, Eastern Airport City, Innovation Platform, Medical Hub and several more. Businesses....

01/04/2022

The government is considering plans to scrap the Test & Go and Thailand Pass registration on June 1 if there is no surge in cases and deaths from Covid-19 in April. On April 1, the government dropped the required PCR test before departure to Thailand and lowered the quarantine period for unvaccinated arrivals to five days. On May 1, the government is expected to drop the PCR test on arrival and replace it with an ATK test conducted by a medical professional.

30/03/2022

Exports beat expectations, jumping 16.2 percent year-on-year in February driven by increasing rice exports on the back of a weaker baht. The reopening of the Saudi market is expected to boost exports, especially of chicken products, scheduled to start this week.

The government is working to sign “mini” free-trade agreements with Telangana, India; Gansu Province, China; and Gyeonggi and Busan in South Korea. The Commerce Ministry has already signed two mini-FTAs with Hainan, China and Kofu, Japan.

28/03/2022

Many organizations in Thailand don’t have legal status, however, it is possible to create a legal entity to protect members of an organization, such as clubs and other social entities. But creating an association in Thailand is a time-consuming process but, once in place, allows the club to open a bank account and for members to conduct activities legally. Learn more in this week's Sun Legal Update.

Many organizations in Thailand don’t have legal status, however, it is possible to create a legal entity to protect members of an organization, such as clubs and other social entities. Associations can include hobby clubs, service clubs, sports clubs, religious organizations, professional groups a...

25/03/2022

The government is again amending the Copyright Act with changes taking effect Aug. 23. The Copyright Act has undergone several amendments in the past 20 years, with the most recent enacted in August 2015. The latest changes are being made to comply with the World Intellectual Property Organization Copyright Treaty and update how it handles online infringement.
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The government is again amending the Copyright Act with changes taking effect Aug. 23. The Copyright Act has undergone several amendments in the past 20 years, with the most recent enacted in August 2015. The latest changes are being made to comply with the World Intellectual Property Organization C...

23/03/2022

The government will drop the requirement for an RT-PCR coronavirus test before departure for vaccinated international arrivals to Thailand starting April 1. However, tourists and businesspeople still will need to take the invasive, expensive test upon arrival and submit results of an antigen test taken on the fifth day.

Insurance coverage of US$20,000 will still be required and those coming to the country still need to use the Thailand Pass system to enter the country and book one night at a government-certifeid hotel to await the test results. Unvaccinated arrivals are still required to undergo quarantine and testing.

The number of provinces designated an “orange” coronavirus control zone – where no alcohol sales or large group gathering s are allowed – was cut from 44 to 20 last week, with those provinces upgraded to yellow, or close surveillance. Two more provinces were added to the tourism province “blue” list: Phetchaburi and the remaining districts in Chiang Mai. The zoning is based on fatality rates, hospital bed occupancy rates, Covid-19 clusters and infected people in the province.

15/06/2012

Half Year Report

A quick reminder from Sunbelt Asia that it will soon be time to file the semiannual tax return or Por Ngor Dor 51 (PND 51) of 2012 for your corporation. If your company was registered during or before the end of 2011 and chose the accounting period ending on December 31 then the semiannual return is due on Friday, August 31. Any returns filed after this deadline will be subjected to fines. The Por Ngor Dor 51 (PND 51) must be prepared by a licensed accountant. Please note that even if the period is less than 12 months, if your company was incorporated after January 1, 2011 the PND 51 still needs to be filed

The semiannual tax return is forecast as close as possible to the annual corporate net profit, the corporation is asked to calculate income tax due on that net profit and pay that tax amount when submitting the PND 51. The tax paid at that time will be credited to your annual tax liability at the end of the year. Sunbelt Asia cannot forecast net profits for your company but we generally advise our accounting clients to slightly overestimate sales OR slightly underestimate total expenses as the Revenue Code that you may underestimate profits by no more than 25% of the actual profit results. If you forecast lower annual profits at the semiannual return and if, at the end of the year your profit comes out to be 25% or higher than your forecast you will be required to an extra 20% tax on the difference between forecast and actual tax.

Please contact us soon as there are penalties for late filing and extra charges for last minute submissions!

[email protected] or at 02-642-0213

11/06/2012

The unofficial word is that the new corporate tax rates are as following:

-1-150,000 THB Net Profit = Exempt
-150,001-1,000,000 THB net profit = 15%
-1,000,001 THB net profit and over = 23%

Though Rose, our accountant, says that this rate is not yet confirmed due to the complicated policy making process, the public should know for sure by the end of this month (June).

03/06/2012

Sunbelt Asia has been giving its customers advice in Accounting for now over seven years, ranging from monthly VAT Filing & Payment to Half Year Corporate Tax Report and all kinds of Payroll Processing.

Per year our team of full licensed accountants is taking care well over 200 clients accounts on amonthly and yearly base ensuring that all accounting and reporting requirements are met. Sunbelt Accounting offers you the perfect solution to managing your accounts for your Thai business.

Finding a qualified accountant in Thailand is difficult and the cost can add up quickly. Sunbelt Asia offers you a low-cost, easy to manage answer to your needs.