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closing financial statement

 

Accounting Period

 

An accounting period is twelve months except in the following cases where it may be less than twelve months:

1. a newly incorporated company or juristic partnership may elect to use the period from its incorporation date to any one date as the first accounting period.

2. a company or juristic partnership may file a request to the Director-General to change the last day of an accounting period. In such a case, the Director-General shall have the power to grant approval as he deems appropriate. Such an order shall be notified to the company or juristic partnership who files the request within a reasonable period of time and in the case where the Director-General grants the permission, the company or juristic partnership shall comply to the accounting period as prescribed by the Director-General.

how to submit your financial statement

1. Department of Business Development (DBD)

Companies should submit a request for a DBD e-filing username and password.

Without company registration for e-filing, your company has to submit hard copies of its financial statements either by hand or by mail. However, after submitting the hard copies, the company will still be required to submit the documents again through the DBD e-filing service within 30 days of the date you submitted the papers.

2. Annual General Meeting (“AGM”)

A limited company must hold an Annual General Meeting (“AGM”) within four months of the fiscal year-end in order to consider and approve the audited financial statements and other matters, as required by law (such as the rotation of directors), and as stipulated in the Articles of Association (“AoA”) of the company.

  1. Taxable person according to Revenue Department

The full count of legal entities liable to paying corporate income tax is as follows:

  1. Company/juristic partnership incorporated under Thai Law – limited company, public company limited, limited partnership and registered partnership
  2. Company/juristic partnership incorporated under foreign law that:
  • Conducts business in Thailand
  • Conducts business in other places including Thailand
  • Has an agent carrying on business in Thailand that generates profit
  • Does not conduct business in Thailand, but receives assessable income under Section 40 (2) (3) (4) (5) or (6) which is paid from or in Thailand

   3. A commercial or a profitable business governed by any juristic person established       under a foreign law (including foreign governments)
   4. Joint Venture
   5. A foundation/association conducting a profitable business that does not include the foundation or association as prescribed by the law

How can we help?

We and our accountant team at DDES are experts on tax and accounting service. We can save you from getting headache and the complications of dealing with all this so you can have your time to do something more necessary. All you need to do is send us the required documents as explained, we can take care of the rest of this for you. Send us a quote, let’s connect! 

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