After a lengthy career in the Middle East where Paul Nombluez was responsible for the financial management of several hospitals, following many considerations, Paul decided to settle in Thailand together with his family.
While probing the local market for opportunities, he encountered many foreign-owned or managed companies experiencing communication difficulties with their financial department as well as the former’s unfamiliarity with the Thai Revenue Code and the plethora of forms required by the tax authorities. Considering there only alternatives available were to handover the financial management to a subsidiary of the “big 4” (PWC, KPMG, Ernst&Young or Deloitte), in reality, this alternative/solution was often not financially feasible to most small-to-medium sized businesses.
Therefore, in 1996, European Accountants Ltd was incorporated with the specific aim to provide accounting, tax compliance, business advisory and consulting services to foreign-owned/managed SMEs. With a diverse clientele of 30+, European Accountants Ltd has been able to provide personalized affordable multilingual (English, Dutch, French and Thai) services hitherto non-existent in the Thai market.
Multilingual Accounting & Taxation Services
Providing accounting, tax compliance, business advisory and consulting services to foreign-owned/managed SMEs in English, Dutch, French, and Thai.
Computerized recording of daily financial transactions Production of monthly financial statements such as but not limited to:
o Balance Sheet detailing assets and liabilities.
o Profit & Loss statement
o General Ledger Trial Balance
o Aged Payables and Receivables
• Maintenance of Balance Sheet accounts schedules
• Maintenance of Fixed Assets ledger
• Bank account reconciliation
• Value Added Tax (VAT) filings.
Most companies must file a monthly VAT return and make payment to the Revenue Department if the output (sales) VAT is more than the input (purchase) VAT. This must be done no later than the 15th of each month
• Monthly personal income tax returns.
Preparation and filing of withholding personal income tax return form (on or before the 7th of each month).
• Monthly corporate withholding tax returns.
Each time the company pays income to a supplier of services or rent to a landlord it is required to withhold income tax on behalf of the payee at the rates stipulated in the law. A return of such withholdings must be filed no later than the 7th of the month following that in which the payment was made.
• Preparation and filing of half-year corporate earnings.
This return is not required for the first accounting period of the company providing that it is less than 12 months duration. For subsequent periods it has to be filed within sixty days from the end of the first half-year period. The taxable income is computed on one-half of the estimated profit for the full year.
• Annual corporate income tax return.
This return must be filed within 150 days from the close of the accounting period as specified in the company’s Articles.
• Preparation and filing the SorBorChor 3
Summary financial report with the Department of Business Development (DBD) within five months from the close of the accounting period.
• Assistance with the formation and registration of local companies with either Thai majority shareholding, under the Thai-American Treaty of Amity or with BOI privileges, the latter two allowing for 100% foreign ownership.
• To provide general consultancy with regards to overall compliance and taxation issues.
• To provide budgetary planning, cash forecast, and risk assessment.
• Distribution and tuition of Peachtree Accounting software, year after year voted by PC Magazine as the most popular accounting package for the small to medium-size business.
• IT & Telecom
• Engineering & Construction
• Food & Beverage
• Legal & Professional Services