Financial statements, VAT certificate and tax residence certificate
The accounting and tax set that foreign counterparties, banks or tax authorities request: financial statements filed with the DBD, the Por.Por.20 VAT registration certificate and the tax residence certificate issued by the Revenue Department.
A limited company's financial statements must be audited by a licensed CPA and filed with the DBD within the statutory deadline after the accounting period closes. Recipients usually want the filed set together with proof of DBD submission, not an internal management account.
Por.Por.20 is the VAT registration certificate issued by the Revenue Department to registered operators; it evidences that the company is inside the VAT system and may issue tax invoices. A company below the compulsory registration threshold may simply not hold one, which does not imply irregularity.
A tax residence certificate supports claims under the double tax agreements Thailand has concluded — for example a reduced withholding rate on income paid from abroad. The applicant must be a Thai tax resident under Revenue Department criteria and must apply using the department's prescribed form and channel.
For overseas use these documents generally need an English translation certified by the Department of Consular Affairs. Figures in the translation must match the original digit for digit, since recipients frequently reconcile them against group accounts.
Documents to prepare
- Audited financial statements filed with the DBD, including the auditor's report
- Proof of DBD submission of those statements
- The Por.Por.20 VAT certificate where the company is VAT-registered
- The Revenue Department application form for a tax residence certificate with its supporting documents
- English translations of any document intended for overseas use
Order of steps
- Collect the filed financial statements and the DBD submission evidence
- Apply to the Revenue Department for the Por.Por.20 or the tax residence certificate using the prescribed form and channel
- Prepare English translations in which figures and account captions match the original
- Have the translations certified by the Legalisation Division, Department of Consular Affairs
- Add destination-embassy certification where required and deliver the set with an index for easy review
Pre-filing checklist
- The accounting period matches the year the recipient asked for
- Company name and registration number are identical across every document and its translation
- Figures in the translation match the original digit for digit, with the currency stated as Thai baht
- The residence certificate names the tax year for which treaty benefits are claimed
- Verify that a double tax agreement between Thailand and the destination is actually in force for that tax year
Frequently asked questions
When must financial statements be filed with the DBD?
A limited company must have its statements audited by a licensed CPA, approved by the shareholders' meeting and filed with the DBD within the statutory deadline after the year end. Check the DBD's announcements for the exact deadline and e-Filing channel in the relevant year.
Does the absence of a Por.Por.20 mean the company is non-compliant?
No. Only VAT-registered operators hold one. A company below the compulsory threshold that has not registered voluntarily simply will not have this certificate.
What is the tax residence certificate used for?
It is presented to the tax authority of a treaty partner to claim reduced or exempt taxation under the double tax agreement with Thailand — typically on cross-border dividends, interest or royalties.
Must the auditor sign the translation?
Generally no; the translation is certified through the consular legalisation process. Some recipients additionally ask the auditor to confirm the figures, but that is the recipient's requirement, not a Thai government one.
Can we use in-house English financial statements?
They are fine for commercial discussion, but where legalised documents are required the set must derive from the statements filed with the DBD and pass through certified translation.
Want our team to review the corporate file before submission? Contact LINE @nycli, phone +66-83-249-4999 or email nycli@ilc.ltd and we will confirm the steps and a realistic timeline for your case.