Reporting requirements and accounting policies are decided by the Civil and Commercial Code, the Revenue Code and the Accounts Act. The accounting standards in Thailand are issued by the Institute of Certified Accountants and Auditors of Thailand.

These standards have usually been manufactured from International Accounting Standards (IAS), or from generally recognized accounting standards (GAAP) prevalent in the United States.

There are mainly two taxes that have a direct impact on businesses functioning in Thailand. They are the Corporate Income Tax and Value Added Tax.

All business firms operating there must possess a taxpayer identification card inside sixty days after establishment. The corporate income tax rate is calculated as 30% of net profit. Corporate taxes are payable semi-annually. Financial statements must be created by a company auditor annually.

The Revenue Department insists that accounts must be in the Thai language. The books must be placed at the business centre for ten years. Corporate Income Tax (CIT) is a direct tax imposed on a juristic company or alliance which is functioning under Thai or foreign law and performs business in Thailand or makes certain types of income from Thailand.

The usage “juristic company or alliance” implies a limited company, a limited alliance or a registered ordinary alliance operating under Thai or foreign law as well as an association and an institution involved in business which brings revenue. The usage also covers any joint venture and any trading or profit-seeking activity performed by a foreign government or its agency or by any other juristic body listed under a foreign law.

Value Added Tax was established in 1992. The VAT is imposed to each stage of the production process, and is payable at a monthly basis. The VAT is levied at a rate of 10%. Exports, domestic transportation and some other sales are freed from VAT. Any person or entity who supplies goods on a continuous basis or delivers services in Thailand and has an annual income in excess of 1.2 million Baht has to pay VAT in Thailand.

Service is regarded to be provided in Thailand if the service is carried out in Thailand no matter where it is made use of or if it is carried out somewhere else and made use of in Thailand.

Some other taxes also need to be considered. It includes the Specific Business Tax, the Remittance Tax, and the Personal Income Tax. Specific Business Tax (SBT) is another type of indirect tax launched in 1992 to substitute Business Tax. Certain businesses will come under Specific Business Tax in place of VAT.

Businesses that come under SBT comprise of Banking, Financial and similar business, life insurance, pawn brokerage, real estate and any other business acknowledged by the Royal Decree i.e. business involves in repurchasing agreement (REPO) and factoring.

While the Remittance Tax has an impact on branch offices, the Withholding Tax, the Personal Income Tax, is calculated at 30-37% for income crossing the mark of $40,000, and the petroleum, stamp duty on some transactions, excise taxes on numerous goods such as liquor and tobacco, and property taxes.

When you consider the Taxation in Thailand the impact of Double Taxation Treaty must have to be mentioned. The U.S. and Thailand agreed on a tax treaty in the year 1996. The treaty will exempt double taxation, allowing U.S. investors to have a credit against their U.S. tax obligations for taxes spend in Thailand, as well as other benefits. The treaty will come into effect in 1998.

There are certain laws imposed by governments of various countries to the people who are immigrating. These laws are in common named as the Immigration Laws. The Immigration Law for the Kingdom of Thailand is a set of laws concerning the immigration of people across the globe in to the kingdom. It is to be understood by any person intending to travel to Thailand even if as a tourist. The Immigration Law for the Kingdom of Thailand is to be followed by each and every person and are liable to be legally questioned if found guilty of breaking any of the set of laws. Immigration applications are handled by Immigration Bureau of the Royal Thai Police Department, Ministry of Interior, according to the immigration act of 1979.

Most people who are planning for a vacation need not worry about the problems of having a visa and other such legal licenses. Except a few countries, all people from all over the world are allowed to be guests in the kingdom of Thailand. The Immigration law of Thailand allows a person to stay in Thailand without a visa for a period of about 30 days. This law is very much helpful for tourists as most tours do not exceed a time limit of 30 days. This avoids the strain of running for visas when we are planning for a vacation. An extended period of 15 days may also be approved by the government on applying for it in the immigration office. Thus tourists are saved from these complicated steps to be undergone for getting visas and all, by the government itself.

But if a person wants to stay in Thailand for a long period of time as a settler then he or she will have to clear out all the norms put forth by the government. The Immigration law for the Kingdom of Thailand imposes rigorous punishments upon immigrants leading up to extend of giving death sentences. Immigrants may be of many types such as tourists, visitor transit, non- quota immigrant, non immigrant, and immigrants. People must apply for a visa in order to stay at any country for a longer time. Visas are of many types such as Non immigrant visa, tourist visa, etc. Non immigrant visas are taken by people who have other motives for being in Thailand rather than being a tourist. Other relevant documents may also be needed for non immigrants.

As per the immigration law for the Kingdom of Thailand, any ‘application’ is considered just as a request for staying in Thailand on a temporary basis. An official staff advised by the Commissioner General of the Thailand police headquarters only has the right to provide permit to people for a temporary stay. As per the immigration law of Thailand, any person having a valid passport may apply for the visa and if the application is rejected, then he or she may ask for the reason and the official concerned will have to give satisfactory explanations. Then he or she can resubmit the application again. The Thai Government can provide extension for staying at Thailand but it must not exceed 30 days and within this period the person concerned must get a license to stay at Thailand.

For people who plan to migrate to Thailand for the purpose of business, jobs, etc, permission may be granted which will not exceed a time period of one year. In most of the cases such as enrollment in a government institution, office, family member of a resident family, etc, the period will never extend one year at a time.

There are many procedures to be followed while submitting the application and it need not be accepted even though almost all details given in the application are most perfect. Sometimes the officials may find out some problem in granting the permission. The rules laid by the immigration law of the Kingdom of Thailand are rather complicated and might seem to be confusing for outsiders. Most Thai officials try not to cause problems and so immigration to the kingdom of Thailand is considered much strain less. The Immigration Law of the Kingdom of Thailand provides one of the vast studies upon the rules imposed on immigration. It is to be studied by all people planning to immigrate to the kingdom.