Filing your taxes on time is very important. If you are a business owner in Thailand, it’s incredibly important that you file your taxes regularly. If you are caught and charged with tax evasion by the authorities, you might have to pay a hefty fine. However, many business owners look for ways that they can save money on tax payables. In this incredibly dynamic environment, paying taxes is key. Tax compliance and planning are both key areas that businesses need to look at. You might not realize just how much extra you might be paying extra in taxes, but this can be avoided.
Businesses need to understand that there is a big difference between tax evasion and avoidance. Evasion is a crime, while avoidance is allowed by the state. More importantly, by restructuring your business according to specific needs, you can help it grow as well. Businesses can easily take advantage of the tax incentives provided by the government and grow their companies. However, to do so, the first thing that your company will have to do is to hire a tax service in Thailand. Here are a few key advantages that you get for hiring a tax service.
Table of Contents
Strategic Planning
The main reason that you should hire a tax service is that they will help you with strategically planning your business interests. This involves due diligence, reviewing any offshore and onshore structures and businesses that you have registered, and analyzing any double taxation agreements that the government might have with the authorities. This can help minimize your liabilities and payments on cross-border transactions. You might be surprised at just how big of a difference a thorough review can make of your business interests.
Investigations and Refunds
Many businesses find it difficult to manage tax refunds and investigations. It’s a confusing and costly process that can take a great deal of time. If you hire a tax service, they are going to support you by liaising with the Thai Revenue Department on your behalf, thus giving you the confidence to focus on your core business while the authorities carry out their investigation.
Transfer Pricing
One of the biggest issues facing local businesses is transfer pricing. It’s the price at which goods are sold by associated enterprises, and it’s been commonly acknowledged as the most important issue that faces multinational businesses. But, if you hire a tax service to guide you, they are going to make it easy for you to handle any tax issues that might arise relating to transfer pricing.
Tax Compliance
Your company needs to have comprehensive records for all issues related to tax payments, including documents that show the revenues generated, the salaries disbursed, and other relevant documents, such as withholding tax returns. You need to make sure that your corporate income tax returns are filed on time. These are just a few of the major advantages that you get for hiring a tax service for your business needs.