Much of the expenditure for our recently started business is made online (web hosting, airline ticket booking, conference booking etc.). As such transactions are paperless we usually receive receipts for expenditure electronically. However, I have been advised by a local (Phuket) accounting company that Thai auditors will only accept original printed and posted receipts for tax deduction. We have contacted several of our overseas suppliers and the responses are similar - an example being 'We are a paperless company however you can login to billing to view and PRINT any of the invoices you need for your tax purposes'.

My question is - Is the advice that I am getting from the account correct?

If so - This presents serious implications for a business wanting to conduct business (whther all or partial) online - So much for Phuket's movement towards being a 'Cyberisland'.

If not - Can anyone recommend a legitimate, competent accountancy company that doesn't cost 'an arm and a leg'?

We had a similar issue some time ago.

Our accountant told us that a computer generated receipt has to state at the bottom:

Name of issuing company and

"THIS RECEIPT DOES NOT REQUIRE AN AUTHORIZED SIGNATURE"

OR:

"NO AUTHORIZED SIGNATURE REQUIRED IF COMPUTER GENERATED VALIDATION IS PRINTED"

followed by:

"Approved by: name of person"

"Requested by: name of company"

"Date of issue"

"Time of issue"

This has worked for us and the auditor ever since.

opalhort

Thanks for the advice Opalhort.

However, the accounting company is now telling me that in addition to requiring an original printed receipt (and not a compter generated receipt) the said receipt must have a signature on it!

............Maybe time to look elsewhere for accounting services?

Contact and ask your auditor directly, not through your accountant!

In general computer generated receipts are accepted by the revenue department if they comply with certain rules. As mentioned, certain statements are required on the receipt.

opalhort