Thailand’s Accounting Act prescribes that all business entities in Thailand shall maintain books of accounts and supporting records in Thailand, and shall prepare annual financial statements in accordance with Thai Accounting Standards.
The Thai Accounting Act also stipulates that all business entities in Thailand will appoint an accountant, who is a Thai citizen who holds a Bachelor of Accounting degree, and will also appoint a Thai national auditor, who will audit the books and annual financial records and reports of the business entity in Thailand.
Thus, no matter what entity is chosen in Thailand, the entity in Thailand will employ Thai national accountants with appropriate qualifications, and besides, Thai national auditors with appropriate qualifications.
Annual reporting to regulatory authorities
All types of entities are required to submit two sets of audited financial statements and annual returns under the law to the Business Development Department under the Ministry of Trade.
The audited financial statements and annual returns must be submitted within five months from the end date of the entity’s financial year. In addition to the audited financial statements and annual returns according to the law, private limited company entities and ROH entities in Thailand are also required to hold an annual general meeting of shareholders (whose meetings will be held within four months of the end of the financial year date) and additionally will submit list of entity shareholders with the Department of Business Development at the date of the annual general meeting of shareholders.
Corporate income tax compliance
All types of entities are required to prepare and file annual corporate income tax returns with the Thai Department of Revenue within 5 months from the end date of the entity’s financial year. No extensions are permitted under the Thai Revenue Code, and an automatic additional fee (interest penalty) of 1.5% …Read More