Financial Statement Submission in Thailand

Process to submit the financial statements and the supporting documents of financial statements for the accounting period as at 31st December 2014

Panwa would like to inform you (client) to acknowledge about the responsibilities and the burdens to comply with the related laws. It involved with the preparation and submission for the annual financial statements after 31st December 2014 towards the following governmental units.

Revenue Department

Period to submit	It must be submitted within 150 days since the end date of accounting period
Document to submit	Financial Statement / Corporate Income Tax Return (PND.50)
Place to submit	Regimail Revenue Office that your company located.

 

Department of Business Development

Period to submit	it must be submitted within 1 month since the date of Annual Ordinary Shareholders Meeting (or we means that it must be submitted within 5 months since the end date of accounting period)
Documents to submit	Financial Statements / Shareholders List (Bor Aor Jor.5) / Form for submitting Financial Statements (Sor Bor Chor.3)
Place to submit	Financial Statements for the accounting period as at 31st December 2014 shall be submitted from now until 1st June 2015 at the bellowed channels, Department of Business Development (3rd Floor) Regional Business Development Office (Region No.1 to No.6) Provincial Business Development Office – all provinces Provincial Business Development Branch Office – Mae Sot, Pattaya City, Hua Hin and Samui Island Send at the Post Office (Please continue read in the below part under the additional information)

   Note

• The Annual Ordinary Shareholders Meeting must be provided within 4 months since the end date of accounting period. Also, it must be complied with the regulation under the article number 1175 of Civil and Commercial Code; it’s subject to submission the invitation letter to Annual Ordinary Shareholders Meeting. (We would like you, client, to notice in case that the meeting date is setting up on 30 April 2015, then the last date to send the invitation letter to hold the meeting and state the advertisement in the local newspaper would be 22nd April 2015). Please see the additional details in our website: http://www.panwagroup.com/agmstep.htm
• The copy of Shareholders List must be submitted within 14 days since the date of Annual Ordinary Meeting. Also, this year is the first year to enforce the punishment. Then, each director / managing director will be fined by 2,000 baht under this punishment.
• If you (Client) select the accounting period ended on 31st December 2014, you can select the longest period of the legal schedules as follows,
  • Set up the date of Annual Ordinary Shareholders Meeting on 30 April 2015
  • Submit the Shareholders List (Bor Aor Chor.5) on 14th May 2015
  • Submit the financial statements and Corporate Income Tax Return (PND.50) on 29th May 2015
  • Submit the financial statements and form for submitting financial statements (Sor Bor Chor.3) within 1st June 2015

However, even you do not select the accounting period ended on 31st December 2014; you can use these same criteria to set up the date to submit the financial statement and other supporting documents towards the governmental units.

Panwa Group can provide the entire following services in accounting / auditing / tax submission / and covered the aforesaid scope in the fair price by 15,000 bahts for non-operating company (dormant company), http://www.panwagroup.com/dormantcompany.htm.
****This price will only offer up to 28th February 2015 and we can provide these services for limited case*****

Other articles which related with financial statement submission

• Article – submission financial statement in Thailand, procedure, requirement, place and channel. (This page)
• Article - Fine rate or Penalty rate for late submit the financial statement over than the specific period - (started using from year 2012)
• Article – Police Summons (Royal Thai Police) – For the case of do not submit the financial statements.
• Article – Comparing the rate of penalty charges / tax fine, punishment under the act of Registered partnership, Limited partnership, Company limited (For the case – do not submit the shareholders list within 14 days since the date of Annual Ordinary Shareholders Meeting; quoted to the number of 19th in the Article No. 1179 2nd paragraph)
• Article – Annual Ordinary Shareholder Meeting – regulation and procedures
• Article - Defunct company or unoccupied company means the company that the Registrar crosses the company name from the register so as to the company status will be close down or no longer exist since it has been announced in the Government Gazette.

Additional Information

Submission for financial statements via electronic channel (E-filing)

At present, there are the number of 500,000 operating juristic persons from 550,000 of juristic persons must submit the financial statements in format of paper documents (Hard copy). Then, the Department of Business Development (“DBD”) must take a long time (over than 4 months) to keep filing those documents.

So, DBD has started the innovation or new technology (XBRL) in order to serve the client for receiving the financial statement via electronic channel (e-filing). This method or technology would enhance the efficiency with add another service channel with more convenience, speedy, reducing time and expense of clients. DBD has the target to start this new process or operation for the annual 2013 financial statements in which will be submitted in year 2014 with at least 100 cases. They expect that the e-filing process can be officially run with fully operation in January 2015.

Latest news in 2015

All juristic persons must submit the financial statements via the website of the Department of Business Development (DBD); www.dbd.go.th, there are two formats to arrange the information before submission as follows,

• Format of e-Form, the entrepreneur must record the information in financial statements by using e-Form in website of the Department of Business Development (DBD) and attaching the PDF file as prescribed in format of DBD. Then, the system will verify the accuracy of data with transaction code in accounting (Taxonomy) before authenticating the financial statements submission.
• Format of XBRL in Excel, the entrepreneur must download the original file as the financial statements (Excel template) from the website of the Department of Business Development (DBD) and select the original format of financial statements as agreed with the category of each juristic person in order to record the information in financial statements and submitting the financial statement attaching with PDF file as prescribed in format of DBD. Then, they will upload it all through the DBD e-filing system before authenticating the financial statements submission.

The Department of Business Development (DBD) just opens the service to receive the financial statements via electronic channel (DBD e-filing) since 16th January 2015. Thailand is the secondary country next from Singapore in Asian region to apply this new XBRL technology.

Sending the financial statements via mail

Sending the financial statements via mail, you (Client) can either select the sending format by using guarantee lost registered mail (Only send at Bangkok Metropolitan Post office and Nonthaburi Post office) or registered EMS (send at all Post office in all area of Thailand). Please send the said document to Bureau of Business Information under  The Department of Business Development (DBD) address number 44/100 Nonthaburi 1 road, Tambon Bangkrasor, Amphoe Mueang, Nonthaburi Province, postal code 11000 and attach the envelope with specified the sender name and affix  with the stamp. If all submitting documents are correct and complete, then it will consider the date that stamped by the origin Post office as the submitting date of financial statement.

For more information, please feel free to contact us: Office Phone Nos.: +66 2 933 9000 Email: bkk@panwa.co.th WhatsApp : +66 81 919 6225 Bangkok Address: 1560 Latphrao Road, Wangthonglang, Bangkok 10310, Thailand.

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