In today’s world, anyone can open an online store whether selling through Facebook, LINE, Instagram, TikTok, or platforms like Shopee and Lazada. Many people see online selling as easy, profitable, and not requiring a physical storefront. However, one thing you must know and act on immediately is accounting documentation. This is essential for managing your business in compliance with the law and can also protect you from the risk of retrospective audits by the Revenue Department. Modern online sellers can’t afford to miss this article!

What Accounting Documents Must Online Stores Submit to the Revenue Department?

1. The business registration number or the personal identification number of the goods or service provider.
2. Income calculated from commissions and all payment processing fees, showing the total revenue generated on each platform where the store sells its products.
3. Other income received from the operator, combining all accounts on the platform.
4. The account number, bank name, and bank account details of the entrepreneur used to receive payments from various platforms. 
5. The entrepreneur’s name (store name) or the registered juristic person’s name.

On 1 January 2024, a law came into effect requiring online stores to submit their income information for each accounting period, up to the end of the fiscal period for each online platform, to the Revenue Department within 150 days from the last day of the accounting period.

Must-Know Documents! Information Every Entrepreneur Needs to Know. 

1.Receipt/Tax invoice

• For regular customers, if VAT registration has been completed, a full tax invoice must be issued for every transaction.
• If the VAT threshold (1.8 million baht per year) has not yet been reached, a receipt or delivery note can be issued as proof of sale.
• Every document issued must include the company name, taxpayer identification number, and a complete and accurate list of goods. 

2. Purchase order / Sales order / Quotation

• Helps establish credibility by showing that the business has a clear and professional sales process.
• If selling through online platforms such as Shopee or Lazada, you should keep order confirmations and receipts from the system as supporting documents.

3. Daily income and expense record

• For small entrepreneurs or individuals, records can be kept personally in any format that is most convenient.
• For juristic persons, an auditor’s services must be engaged, and accounting records must be maintained in accordance with the accounting standards set by the Federation of Accounting Professions.
• At present, various applications and online accounting software are available to facilitate convenient record-keeping. Businesses may search for service providers and select those most appropriate to their operational needs.
  

4. Proof of transfer / Bank receipt / Statement

• Online businesses with income from multiple channels, such as QR Code, PromptPay, or mobile transfers, should keep business accounts separate from personal accounts to prevent recording errors and to make it easier to verify information.
  
• Choose a 'business account' service from each bank that can provide clear statements, making it suitable for tax filing or future loan applications.
  

5. Invoice / Credit note / Debit note

• Used to notify the amount payable, typically in cases of selling goods to major customers or corporate clients.
• If goods are returned or adjustments are made, a credit note or debit note must be issued accordingly.
  

6. Goods receipt / Delivery note

• Used to confirm the delivery of goods or receipt into the warehouse, helping to ensure accurate inventory control.
• If using delivery services such as Kerry, Flash, or J&T, always keep the delivery note or tracking number as supporting evidence.
  

7. Withholding tax certificate (in cases of service payments)

• For example, when hiring influencers, freelance workers, photographers, etc., if the payment exceeds the specified threshold, withholding tax must be deducted and a withholding tax certificate issued under Section 50 bis to the service provider each time. 

 Procedures for Filing Taxes 

For each type of business, the tax obligations will vary depending on the monthly income received from each online platform. All types of online sales income must be included in the calculation of personal income tax or corporate income tax. 

1. Personal Income Tax (Form P.N.D. 90/94): If annual income from online sales exceeds 60,000 baht, Form P.N.D. 90 must be filed once a year, by March of the following year.

2. Value Added Tax (VAT): If annual income from selling goods or providing online services exceeds 1.8 million baht, VAT registration is required, and Form P.P. 30 must be filed monthly by the 15th of the following month. A tax invoice must be issued to customers for every sale of goods or provision of services.

How Do You Know How Much Tax You Have to Pay ?

You can calculate it using an online tax calculator for accuracy and convenience, such as the calculator available on the Revenue Department’s website or other online tax calculation tools. 

Tax Filing Steps for Online Sellers

1. Prepare all essential documents, including receipts, tax invoices, payment records, and other financial documents related to both purchases and sales.
2. File your taxes through the most suitable channel either by submitting directly via the Revenue Department’s website, through the e-Filing program, or by consulting an accounting and tax advisor for guidance on filing or preparing documents. 
3. Complete and review all documents before submission, ensuring that income and expenses are fully and accurately reported. 
4. Pay the tax amount as indicated in the system, either through a bank or via the bank’s online payment system. 

Advice from Corporate Accounting and Tax Planning Experts

Keeping proper accounting records is essential. This includes recording all income from every sales channel across all online platforms, with a clear breakdown of whether theincomecomes from product sales or from providing online services. All expenses should be recorded and categorized clearly. Most importantly, keep evidence of all receipts, transfers, and expenses to make tax filing and audits easier, as well as to determine the correct type of tax to file. It is also important to learn about and make use of available tax deductions, such as life insurance, investment planning through various funds, charitable donations, or participating in government tax refund programs when such policies are in place. 

 FDI: Accounting and Tax Planning Consultants for Corporations.

We are committed to supporting your business toward a sustainable future with long-term accounting and tax planning consultancy services. Our team of experts possesses extensive experience and deep knowledge to help you achieve your goals for a sustainable business. 

We provide advice, prepare documents, file tax returns, and coordinate with the Revenue Department, enabling your company to operate efficiently while minimizing tax-related concerns. Additionally, we offer guidance and consultation on long-term business planning to ensure stable and sustainable growth for your business.

Contact Us 

• Facebook : FDI Group – Business Consulting
• @fdigroup
• Phone : 02-642-6866, 02-642-6869, 02-642-6895
• E-mail : infojob@fdi.co.th
• Website : www.fdi.co.th