Thailand accountants are busiest during the first 5 months of the year. The accounting period (12 months or in case of newly set up companies, less than 12 months) of most companies in Thailand falls on 31 of December of each year. If your company’s accounting year-end is 31 December 2010, then your Thai accountants should close the accounts of 2010 by now and have an auditor or certified public accountant audit the accounts. You need to have the audited financial statements ready by end of April. The laws require that these things need to happen:
- The company needs to hold an AGM (annual general shareholders’ meeting) within four months after the year-end, which is by 30 April 2011, to approve the audited financial statements of 2010.
- The company needs to file the 2010 audited financial statements with the Ministry of Commerce within 30 days from the AGM date.
- The company has to file the 2010 corporate income tax return and the audited financial statements with the Thai Revenue Department within 150 days from the accounting year-end, which is 29 May, 2011.
Failure to do any of the above will result in a fine and a possible jail term for the company’s directors in some serious cases.