“LC” was paid partial payment of consulting fee in amount Baht 1.27million to Consulting Company on 3 Apr 2021. Basically, Consulting Company is treating this receiving as Advance Receipt from “LC” on April 2021 report. Therefore, “LC” should follow same treatment, Advance Payment to Consulting Company. Do we need to be concerned for other else?
Panwa: Normally the paid-in advance payment of service fee should withhold the tax also, so the paid partial payment must withhold the tax and submit to the government. Consulting Company should issue you the tax invoice/receipt for your partial payment. Then, this withholding tax should be submitted within May 7, 2021. Please note that if the company cannot submit the withholding tax within the deadline, the company should take responsibility for penalty at 1.5% per month. If you need further assistance for monthly tax filing service or accounting service, kindly note that we could assist for such, click here.
For more information, please feel free to contact us:
Phone: +66 2 933 9000
Fax: +66 2 933 6120