Quote:
Originally Posted by funboi
Any useful legal/illegal loopholes/tips you come across so far?  That helps you to successfully xiam spending or save money or prevent wasting money for your trade. 
as a business owner, do you receive help from the thai govt? get any grants or rebate offset?
do you employ external to audit your finance? |
First of all, yes there are illegal loopholes to xiam certain expenses but not much as some are too risky. I also don't want to discuss it here. Mostly is by experience kena pay a lot to understand e.g like you rent a workshop mostly don't have transformer to step down the electricity and you will be thinking to install a 50KVA cost about 60k not a big deal then learn that you cannot install yourself but must use PEA contractor. The drawing from PEA approval plus a 2 hrs installation cost 160k. Tio scam loh. Another is when you rent your workspace mostly the owner will do contract clause that any tax has to be bare my tenant so even his rental tax 5% you also must pay for him. 100k per month already 5k. The contract has to be stamp by gov 0.5% of whole contract sum. Meaning 100k x 3 years 3.6 mil x 0.5% = 18,000 also you pay. Your company car tax and insurance is double the price and that's why you should buy the car in your wife name. The list goes on... All these problems are setup business from scratch will meet.
Total no help from gov only pay more. As foreigner involve in business, tax bracket is higher, A lot of sides way business practice cannot be done because it's a foreigner involved. The only help I received is this year covid workers social security tax discount 50%. No use one lah... worker contribution also less 50% mah... so to gov is left right pocket.. have help like no help.
For accounting you have to be careful. Always sub your accounts out to 3rd third if you don't have 100 million above turnover. Thailand have a registered approved accountant system. Meaning you cannot engage a non certify accountant cheap cheap year end your audit will not pass and in the end must undertable a lot of money. Thailand only have about 4900 certify accountant taking care of millions of business. Meaning to hired an accountant full time for your company only will cost 100k above salary excluding the yearly audit. So always engage accounting firm to take care of that, price at 3,500 - 6,000. Year end audit they also take care because they have people inside revenue dept and cost about 17-22k guarantee pass.
So you see, the list is endless and if I can turn back time and re-setup I can save 2 million baht of mistakes. Hell no... I won't even do it again.