Audit for BOI promoted companies
Companies in Thailand need to file their audited financial statements within 1 month after their Annual General Meeting (AGM) of shareholders. An AGM must be held by 4 months after the accounting year-end to approve the financial statements. BOI promoted companies need the statutory audit every year like their non-BOI counterparts.
Moreover, the BOI companies that are granted a corporate income tax exemption right can exercise that right in the year that they have profits only after they have complied with the conditions specific to their promoted projects. In filing for the BOI’s approval to exercise such right, they need a Thai CPA to audit their BOI operation to make sure that they have complied with the all conditions set out by the BOI. This auditor can be a different person from the one that performs the statutory audit for the company.
Filing the statutory audited financial statements must be done for every accounting year even when the company was just set up and the whole fiscal period has not completed 1 year. Fiscal year-end depends on the company’s policy. But once chosen, it cannot be changed without the approval of the Director General of the Revenue Department.
Audit for BOI companies has difference procedures than non-BOI companies. Contact MSNA Group for audit services.