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.

  • around Marh 2015, police will issue you the first notice.
  • around April 2015, police will issue you the second notice (case of ignore the first notice).
  • within end of May 2015, the case will be submited to the court proceedings(case of ignore the second notice).
  • when already jude by court the legal age of your guilt is one year that's mean during the unexpire period of legal age your director may be arrest when commeing to Thailand at air port or anywhere in Kingdom of Thailand.

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.

Details
Penalty
Service Fee
Year 2017
- Penalty for late submission at DBD
- 0 -
- 0 -
- Penalty for late submission at RD for yearly CIT
- 0 -
- 0 -
- Penalty for late submission at RD for half-year CIT
- 0 -
- 0 -
- Service fee for Accounting, Auditing and CIT
15,000
Year 2018

- Penalty for late submission at DBD

2,000
- 0 -

- Penalty for late submission at RD for yearly CIT

2,000
- 0 -

- Penalty for late submission at RD for half-year CIT

2,000
- 0 -
- Service fee for Accounting, Auditing and CIT
15,000
Total Provision Cost
6,000
30,000

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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Fine rate for late submit financial statement in Thailand

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