Annual Financial Statement Submission and Secretarial Services

In Thailand, the submission of annual financial statements is a critical requirement for businesses. All companies registered in Thailand, including Thai limited companies and foreign companies operating in Thailand, are required to prepare and submit annual financial statements.

1. Compliance with Accounting Standards: Financial statements must comply with Thai Financial Reporting Standards (TFRS).
2. Components: Typically include Statement of Financial Position, Statement of Income, Statement of Cash Flow, and Notes to the Financial Statements.

Audited Financial Statements and Appointment of Auditor: Certain companies in Thailand both public companies and private companies must have their financial statements audited by a Certified Public Accountant (CPA).

Submission Deadlines

1. Annual General Meeting (AGM): Financial statements must be approved at the AGM, which must be held within four months after the end of the financial year.
2. Filing with the Department of Business Development (DBD): After approval at the AGM, the financial statements must be submitted to the DBD within one month.

Filing Process

1. Online Submission: Companies can submit their financial statements electronically through the DBD’s online system.
2. Documentation: Ensure all required documents, including the auditor’s report and minutes from the AGM, are prepared and attached.

Tax Implications

1. Corporate Income Tax Return: The financial statements are also used for the submission of the annual corporate income tax return (Form PND 50), which must be filed within 150 days after the end of the financial year.

Penalties for Non-Compliance
Failure to submit financial statements on time can result in penalties, including fines and potential legal action. It is essential to adhere to deadlines to avoid these consequences.