Late Filing of Financial Statements or not Filing Financial Statements at Thailand Is there a fine or not ?

For entrepreneurs who file statements late or not filed at all Whether for reasons of not making an account, therefore not closing the financial statements or did not find an auditor to audit financial statements or that there are items that cannot be cleared, causing the operator to delay the filing of the financial statements So what are the fines for this kind of incident?

Under Accounting Act B.E. 2543 Section 11 Paragraph 1, the company will be responsible to pay for the fines upon late submission of Financial Statements to the Department of Business Development (“DBD“) which this fault has mistake to the company which needs to pay fines of not exceeding Baht 50,000 and the position of Managing Director or Managing Partner still has the responsibility on penalty for another Baht 50,000.

The company can submit the Financial Statements and pay the fines at the Department of Business Development (“DBD”) follow the below rates ;

Fines Rate of the Department of Business Development (“DBD”) which takes care of the annual financial statements.

• Fines rate for late submission not exceeding 2 months.

• Fines rate for late submission over than 2 months but not exceeding 4 months.

• Fines rate late submission over than 4 months OR not yet submission of previous financial statement.

Fines of the Revenue Department

• Criminal fines for filing overdue forms not exceeding 2,000 baht (usually, the PND. 50 must be filed within 150 days from the end of the accounting period).
• Submit form no more than 7 days 1,000 baht.
• Filing more than 7 days 2,000 baht.
• Criminal fine for not submitting financial statements 2,000 baht.
• Additional money payable at the rate of 1.5% per month (a fraction of a month is counted as 1 month) in the case of a tax that must be paid.

• The age of criminal fine comparison is 1 year.