Accounting, Audit and Tax Compliance

Thailand’s Accounting Act prescribes that all business entities in Thailand shall maintain books of accounts and supporting records in Thailand, and shall prepare annual financial statements in accordance with Thai Accounting Standards.

The Thai Accounting Act also stipulates that all business entities in Thailand will appoint an accountant, who is a Thai citizen who holds a Bachelor of Accounting degree, and will also appoint a Thai national auditor, who will audit the books and annual financial records and reports of the business entity in Thailand.

Accounting, Audit and Tax Compliance

Thus, no matter what entity is chosen in Thailand, the entity in Thailand will employ Thai national accountants with appropriate qualifications, and besides, Thai national auditors with appropriate qualifications.

Annual reporting to regulatory authorities

All types of entities are required to submit two sets of audited financial statements and annual returns under the law to the Business Development Department under the Ministry of Trade.

The audited financial statements and annual returns must be submitted within five months from the end date of the entity’s financial year. In addition to the audited financial statements and annual returns according to the law, private limited company entities and ROH entities in Thailand are also required to hold an annual general meeting of shareholders (whose meetings will be held within four months of the end of the financial year date) and additionally will submit list of entity shareholders with the Department of Business Development at the date of the annual general meeting of shareholders.

Corporate income tax compliance

All types of entities are required to prepare and file annual corporate income tax returns with the Thai Department of Revenue within 5 months from the end date of the entity’s financial year. No extensions are permitted under the Thai Revenue Code, and an automatic additional fee (interest penalty) of 1.5% per month late is paid for all submitted late tax returns.

The annual corporate income tax return is accompanied by a set of audited entity’s financial statements, and a statement by the entity’s director or manager (if possible) certifying the entity’s tax compliance.

As discussed earlier, representative office entities and regional office entities in Thailand are not subject to corporate income tax in Thailand, and annual corporate income tax returns for these entities are prepared and submitted to the Thai Revenue Department for monitoring purposes only.

Value added tax compliance

Obligations for VAT in Thailand occur when goods are sold or services are provided to consumers in Thailand, and as such, for all types of entities (other than representative offices and regional offices, which are exempt from VAT in Thailand), these entities will be asked to be responsible for and apply for a refund of VAT to the Thai Department of Revenue.

Accounting and submission of VAT refunds is done every month. The entity responsible for VAT will be responsible for its monthly VAT collection, submit VAT for that month and pay the amount of VAT obligations to the Thai Department of Revenue within the 15th day of the following … Read More

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How to Find a Good Investment Broker

If you are relatively new to the stock market, you may already be aware there aren’t many definitive road signs or absolute tips to get you started off in the right direction.

Consequently, newbie investors tend to find themselves in over their head at the beginning of their stock market “adventure,” and may even be scared away by some of the terminology and contradictory recommendations tossed their way from the news, friends, family, and work associates.

Get Some Help

Because it can be challenging to break into the world of stock trading (not necessarily financially, but emotionally), working with a stockbroker or financial advisor can be one of the wisest decisions that you make – particularly in the beginning. A qualified (licensed), professional broker has the experience to patiently communicate the investment “language” and help you make informed decisions.

The Right Broker

While looking for the best stockbroker to help you on your way, there are some preliminary considerations you’ll need to take into account.

Among the most important when choosing a broker is his/her history, how long the individual has been in business, education (and at what college), and specific degrees and certifications.

When you are interviewing potential brokers, ask questions regarding how much time he/she sets aside for clients, how much of a retainer is required, what are the commission rates, and whether this person will be available via the phone, email, or instant messaging when needed.

Chances are you can gain a very good idea of the individual’s communication style before you become a customer. Anyone who, for example, dodges your calls and emails prior to having their hands on your money will almost surely do the same after your money’s in their hands.

Family and Friends

If you don’t know where to begin your search, knowledgeable family members and friends can be great resources. (The notion of “knowledgeable” should include your assessment of that person’s own investment success over a period of years – not just theoretical knowledge from watching headline news.)

In many cases, these individuals can offer recommendations and even answer many of your questions regarding commissions, fees and personal attention before you contact any financial advisor they may recommend.

Be Comfortable

Perhaps one of the most important things you should look for in a financial advisor is someone you feel comfortable talking to – especially considering that this person is going to have control over a large portion of your cash.

If you don’t feel comfortable with someone – if something about the person just doesn’t seem right, regardless of their qualifications – you should go to someone else for guidance. Often your “gut reaction” is correct.

The fact is that finding the right (i.e. honest, knowledgeable, reliable, available, successful) financial advisor or stockbroker to handle your cash can be a huge weight off your shoulders – and very lucrative to boot.… Read More

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How You Can Select the Best Financial Advisor

If you wonder how you can select the best financial advisor, you have to know that taking a close look at who is about to manage your money and investment methodology might help you a lot. In order to successfully select the best financial advisor, you have to make sure that he meets some important requirements.

For this reason, it is a good idea to check if your potential financial advisor has fiduciary responsibility. For this, he should be registered with RIA (Registered Investment Advisors) and the measure which shows you this thing is the compensation the advisor receives for his works. The compensation comes in three distinct forms such as fee-only, fee-based and commissions.

The fee-only compensation shows minimum conflicts of interest, as the advisor charges his clients per advice. The second form, the fee-based compensation allows advisors to earn a part of the fees that are paid by their clients. The last form highlights high conflicts of interest, the advisor being paid only if the client buys a certain product. In order to select the best financial advisor, it is recommendable to verify these things so that you can be sure that you are not only getting the best advisor but also obtain the best lucrative method.

Another thing, which might help you to select a good advisor, is to comprehend how the financial advisor relates to fiduciary. In general, the advisor should occupy a position of special confidence and trust, acting in the best interest of his clients.

While trying to select the best financial advisor, you should also know that the advisors affiliated with the broker-dealer firms are usually not fiduciaries. Moreover, if you sign a biding arbitration agreement, the advisor will not be hold to a Fiduciary Standard. For this reason, in order to select the best financial advisor, make sure that you clarify all these aspects, which are meant to help you to take the appropriate decisions.… Read More

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Finance Interview Questions For Investment Banking Sector – How to Prepare For the Big Day?

When you are appearing before an interview board, be it for investment banking or finance or for some other subject, you have to prepare yourself fully in order to crack the exam. In the investment banking and finance sector, there are several posts and designations for which you can apply such as banking finance controller, banking finance investment executive and banking finance auditor.

The type of questions you might be asked by the interview board will now depend on the kind of position you are applying for. You ought to prepare answering specific questions in front of the mirror before you appear for your big interview.

This will give you that much needed confidence and polish that will help you beat competition and get an edge over other candidates who are vying for that lucrative job.

If you are applying for the banking finance auditor post, then you might face the following issues. You will first be asked about your level of experience in this field. Then you will be asked about the degree of responsibility you had to take while holding your last position. Then the interview board will ask you about the results of the auditing reports done by you.

You will have to describe a few of your successful achievements to the interview board. You will also be asked to describe your responsibilities regarding the submission of audit reports for state or federal authorities in full details perhaps.

Those who are appearing for the banking finance investment executive post will face the following volley of questions. You will be asked to recount your experience regarding financial institutions and inter relating investments.

Be prepared to face the question regarding your previous experiences in different types of investment operations in your previous company. You might also be grilled about the relationship between this position you are seeking and your investment experience.

All these items will be written in your CV, but the interview board will expect you to elucidate in full details on your portfolios and management of investment funds and other such stuff pertaining to your experience range.

And now for the questions that you might face if you appear for interview for the post of banking finance controller. The 1st question you will face will be centered on your finance management experience and skills. You will also be grilled about your track record regarding the taking of sound financial decisions that increased the company’s revenue earnings and profitability. This pertains to your previous job.

You will also be asked to elucidate upon your responsibilities, duties and corporate interface regarding internal accounting management, cost accounting management and executive management.… Read More

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Information on the FHA Mortgage Program

Is the federal government doing anything about the U.S. economic situation? How will those with bad credit get a new mortgage loan? What is the FHA Mortgage Program?

We all know that the economy is in tatters. Even as it starts to recover quietly from the loan mortgage burst that destroyed everything along with Wall Street, people still have a lot of problems especially regarding their homes. Millions of foreclosures have already happened and Millions more are poised to happen. But the government is trying to stop this by creating a stimulus program for loan modification. Also, for those who need to get a home mortgage but are in dire straights in terms of their financial situation there is the FHA Mortgage Program.

The FHA or Federal Housing Administration is a federal funded entity that aims to help Americans who need to get housing. It provides loans to such financial challenged people. The guidelines of the loan give borrowers great benefits because of the lenient qualifications. Also, one of the best things about approved mortgages is that it is fully assumable; such security is valuable to any family especially during these times when interest rates are reaching for the sky.

The US Federal Housing Authority gives loans not only to those who need to buy homes but also to those who need refinancing for their old home mortgage. It also helps homeowners to change their ARM into a lowered rate refinance that makes sure there is a fixed set for every monthly payment up to the point when the all mortgage payments are completed. If one refinances this way, they can rest assured that the rates they can cash out of will be between ninety-five to eighty-five percent of the loan value. Another great thing is that lenders will require a smaller down payment, just two to five percent of the total loan value is required.

Each kind of approved mortgage by the authority is specialized and should be applied for independently. The ability to handle the payments in light of one’s monthly expenses is what is focused when determining qualification. Unlike traditional loans, credit scores are just secondary considerations that do not have as much impact. The important thing on how to qualify is to compute one’s DTIR or debt to income ratio. These two conditions are vital for a borrower to get into the program: first of all, one’s expenses in his or her monthly mortgage payments should not be more than twenty-nine percent of one’s income (gross); secondly the total debts of the applying borrower should not be more than forty-one percent of his or her monthly income.

The FHA mortgage program can be gotten by those living in both urban as well as in rural locations. They are not actually the ones that give out the money for the loans. Banks and lending institutions still provide the financing. The Federal Housing Federation just pays for the insurance that covers the loan and this is … Read More

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