Fine rate for late submit financial statement in Thailand
By Panwa Accounting and Auditing
Fine rate - Late submission of financial statement in Thailand
(for company limited / public company / limited partnership / joint venture )
Under Accounting Act B.E. 2543 Section 11 Paragraph 1, the company will be responsible to pay for the penalty upon late submission of Financial Statements to the government department which this fault has mistake to the company which needs to pay penalty of not exceeding Baht 50,000 and the position of Managing Director still has the responsibility on penalty for another Baht 50,000.
In the usual practice, the company can submit the Financial Statements and pay the penalty at the Department of Business Development (DBD) according to the below rates (since year 2012 and onwards):
Penalty Rate
1. Penalty rate for late submission not exceeding 2 months.
No.
Person Having the duty to keep account
Penalty Rate
Total
Person Having the duty to keep account
Managing Director / Managing Partner
1
Limited Partnership
1,000
1,000
2,000
2
Company Limited
1,000
1,000
2,000
3
Foreign Company Limited
2,000
2,000
4,000
4
Public Company Limited
2,000
2,000
4,000
5
Joint Venture
2,000
-
2,000
2. Penalty rate for late submission over than 2 months but not exceeding 4 months
No.
Person Having the duty to keep account
Penalty Rate
Total
Person Having the duty to keep account
Managing Director / Managing Partner
1
Limited Partnership
4,000
4,000
8,000
2
Company Limited
4,000
4,000
8,000
3
Foreign Company Limited
24,000
24,000
48,000
4
Public Company Limited
24,000
24,000
48,000
5
Joint Venture
24,000
-
24,000
3. Penalty for late submission over than 4 months OR not yet submission of previous financial statement
No.
Person Having the duty to keep account
Penalty Rate
Total
Person Having the duty to keep account
Managing Director / Managing Partner
1
Limited Partnership
6,000
6,000
12,000
2
Company Limited
6,000
6,000
12,000
3
Foreign Company Limited
36,000
36,000
72,000
4
Public Company Limited
36,000
36,000
72,000
5
Joint Venture
36,000
-
36,000
Anyway, if the company did not take further actions regarding its Financial Statements, the police department will issue the Summons and send to the company address to invite the Managing Director to report and meet the police within the date and time specified on the letter. In this letter, the name of the responsible police including their mobile phone number will be specified for convenience of the company to make appointment with the police. From my experience in assisting our clients, the police will request the company to pay penalty to DBD office of the province where the company is located but for Bangkok area, penalty will be paid to the Ministry of Commerce in Nonthaburi and then bring the receipt for the penalty’s payment to show for close the case (not send to court).
In issuance of the Summons, police will issue during March to April by issuing it two times. In case the company will not contact back, police will send the case to court within May. The court will decide on this case and this court’s decision will expire within one year.
Remark:
For this late submission, there’s still have the penalty for corporate income tax (CIT) if did not submit Financial Statements with CIT to the Revenue Department for Baht 2,000 (not include tax's surcharge at rate 1.5% per month) and also maybe there’s still have fault from the case of late AGM.
(information up dated: July 27, 2015)
Other articles which related with financial statement submission
Q&A
| Q1:
Our office just receive a First Summons from Police (Royal Thai Police), asking the directors of ..(Our)... Company to meet on 28/04/2015. Wish to ask your opinion that should we send someone to explain with Police Dept that we never start any business and we can't even contact with their directors so far, & what will happen by then ?
Panwa: Of course you should send someone to meet the police as requested follow their Summons (notice) But the reason "your company never start any business and can't contact with the director" is not appropriate due to they want you to clean up and filing the late of financial statement and also pay the penalty, anyway you should send someone with authorization letter (issued by your director with company's affidavit and copy of ID card or Passport) to meet and negotiate with the police first and then discuss with them(police) how to solve it, actually they will ask you the time when you can clean up and aubmission. Anyway I can brief you a rough that police did in the past; they treated to one of my client whom did not file the financial statement of year 2009 (2542) for your further consideration.
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Q2; I just got the letter issuded by DBD to remind me for the late submission of the financial statement of year ended Dec 31, 2017 which actually I never file anything since incorporated in year 2017, please let me know the provision cost including your fee.(obtaing dated July 12, 2019) Panwa: I assume that you company is non VAT registration, and today is July 30, 2019 which not over 2 months late submition.
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Fine rate for late submit financial statement in Thailand By Panwa Accounting and Auditing |