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Reporting Services (Social Security Fund, Withholding tax, Provident fund, Student loan fund)

Stay informed and compliant with our comprehensive reporting services, covering everything from social security funds to student loans.

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In Thailand, the management of financial obligations related to employees, such as the Social Security Fund, Workmen’s Compensation Fund, Withholding Tax, Provident Fund, and Student Loan Fund, is a crucial aspect of business operations. Your company, with the assistance of AO Payroll Service, must ensure compliance with Thai regulations by deducting and reporting these amounts on a monthly and annual basis.

 

Social Security Fund Reporting Services:

Social Security is a mandatory program in Thailand that provides financial protection to employees in the event of sickness, disability, maternity, old age, and death. As part of your company’s responsibilities, our team calculates and deducts the required employee Social Security contributions from employees’ salaries; the company is required to make its own matching employers’ contribution that is equal to the required employee deduction. Subsequently, detailed reports are prepared, and these contributed amounts are remitted to the Social Security Office in accordance with the specified deadlines. It’s worth noting that the maximum possible employee deduction per month is THB 750; therefore, total monthly Social Security contributions are limited to THB 1,500 per member of staff.

 

Workmen’s Compensation Fund (Kor Tor 20 or Kor Tor 26) Reporting Services:

Companies employing multiple individuals are obligated to participate in the Workmen’s Compensation Fund, unless industry-specific exemptions apply. These employers must make an annual contribution, due in either January or March. The contribution amount is determined by the inherent risks associated with the nature of the employer’s operations, typically ranging between 0.2% and 1.0% of the employee’s earnings. It’s also important to note that these percentages are applied against a maximum salary cap of THB 240,000 per year; therefore, total annual Workmen’s Compensation Fund contributions are limited to THB 2,400 per staff.

 

Withholding Tax Reporting Services:

Withholding tax on personal income is another critical component of financial management. Your company deducts the applicable withholding tax from employees’ salaries based on the Thai Revenue Department’s (TRD) regulations. Our team ensures accurate calculations, prepares comprehensive reports, and facilitates the timely remittance of withholding tax to the TRD, safeguarding your company from potential legal and financial implications.

 

Annual Summary of Withholding Tax Filing (PND 1Kor) Reporting Services:

This document is submitted to the TRD after each calendar year-end and serves as a comprehensive summary of all Personal Withholding Taxes submitted to the government throughout the entire year. It encompasses the salary particulars of both directors and employees, along with the corresponding taxes paid annually. The information covers employees who have resigned, those currently employed, and newly hired personnel during the personal tax (calendar) year. The filing deadline for this document is the 28th of February in the subsequent year. Non-compliance with this deadline may result in penalties and summons from the pertinent government authorities.

 

Provident Fund Reporting Services:

The Provident Fund is a voluntary savings scheme that allows employees to contribute a portion of their salary to a fund that will be used for retirement purposes. Your company, with the support of AO’s Payroll Service team, manages the Provident Fund deductions, ensuring that the contributed amounts are accurately recorded and reported. This scheme helps employers to attract and retain loyal staff to their company by helping employees secure their long-term financial future over the duration of their employment,

 

Student Loan Fund Reporting Services:

For employees who are repaying student loans, your company can play a role in deducting the necessary amounts and ensuring compliance with the Student Loan Fund regulations. AO takes care of the complexities involved in managing these deductions, preparing detailed reports, and remitting the deducted funds to the appropriate authorities.

By entrusting these responsibilities to AO’s Payroll Service team, your company can focus on its core operations, knowing that the intricacies of Social Security Fund, Withholding Tax, Provident Fund, and Student Loan Fund are being handled efficiently and in full compliance with Thai laws and regulations. Our dedicated team ensures that the reporting and remittance processes are seamless, allowing your company to uphold its commitment to legal and financial integrity in Thailand.

 

Click Here to Learn More About:  Withholding Tax, Provident Fund And Student Loan Fund, 

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Khun Suwaree has a degree in Business Administration, majoring in accounting and an MBA. She is a seasoned accountant with more than 30 years of professional experience. She has been a Finance & Accounting Manager in various large businesses (production, trading, and services). She is experienced in several accounting programs (MYOB, Xero, QuickBooks, SAP, Navision Accounting, Formula Accounting, MS Dynamics 365, etc.) as well as B-Plus payroll software.

Her commercial mind, with an excellent grasp of Thai Tax, plays a big role in helping both local and International clients across various industries.

The Most Frequent Questions

We offer a comprehensive range of services including Accounting, Finance and Thai Taxation Services, Payroll, Corporate Services, Legal Services, and International Tax. What sets us apart is our philosophy of "Global Excellence, Local Mastery." We provide world-class services tailored to the local business environment in Thailand and other international markets.

Our pricing is both competitive and transparent. We offer standard packages, but we also understand that every business is unique. Therefore, we offer customizable packages that can be tailored to meet your specific needs.

We work with a wide variety of businesses, ranging from startups to established corporations across various industries. While our expertise is broad, our localized knowledge allows us to offer specialized services tailored to different industry requirements.

If you have more questions?

Compliance is at the core of our services. Our team of experts stays up-to-date with the latest legal and financial regulations, both locally and internationally, ensuring that your business adheres to all current laws and best practices.

Our free consultation is a no-strings-attached session where we assess your business needs and challenges. There's absolutely no obligation to commit; the consultation is an opportunity for you to get to know us and for us to understand how we can best serve you.

Our team participates in ongoing training and professional development. We also closely monitor regulatory updates and industry trends, both in Thailand and globally, to ensure we're offering the most current and effective solutions to our clients.