All companies in Thailand are required to lodge a tax return at the end of each accounting year. The companies mentioned herein include Thai companies as well as foreign companies carrying out business in Thailand.
A company must close its books of accounts within 12 months from the date of incorporation and this is called the company financial year. A company financial year can be either a calendar year, which is from January to December or a 12 months’ period as stated in the Articles of Association of the company.
Once the company has chosen its financial year, the company is then required to submit its tax return within 150 days from the closing date of the company accounting period.
In addition to the annual tax return, each trading company is also required to submit its monthly accounting to the Revenue Department.
It is the responsibility of the directors of the company to arrange an annual shareholders’ meeting to approve the company’s audited financial statement within 4 months of the end of the company financial year and filing the audited financial statement and relevant supporting documents including a list of shareholders of the company to the Department of Business Development within 1 month from the date of the meeting of the shareholders.
The company’s audited financial statement is required to be submitted within the prescribed period whether such company has started trading or yet to start trading. Non-compliance on submission of the company’s annual financial statement will result in penalties and summons from the government authorities.Accounting can be a complicated procedure in an ever-changing landscape of rules and regulations.
International Business Consultants can seamlessly manage all clients’ accounting requirements and ensure that all is to-date for the clients and that they fully comply with all the rules and regulations.
The expertise of International Business Consultants will afford you peace of mind knowing that all the requirements will be met and that everything you need will be taken care of for you.
International Business Consultants are always on hand to guide or advise you as your business flourishes and grows. Our accounting team can assist you with accounting transactions and financial statements, preparing documentation and offering support for any bookkeeping requirements.