A juristic person must file its financial statements with the Department of Business Development within the statutory time. Late filing is settled by a fine under the published table, which has three bands by length of delay and is charged separately for each accounting year outstanding.
This calculator covers the Department of Business Development fine only. Revenue Department fines and surcharge are separate and are set out below.
Result
An estimate for guidance, not advice on your matter.
The filing deadlines
- A limited company must hold an annual general meeting to approve the accounts within four months of the end of its accounting year, and file them within one month of that approval.
- A registered partnership files within five months of the end of its accounting year, with no meeting required.
- A limited company must also file its list of shareholders within fourteen days of the annual general meeting. That is a separate duty from filing the accounts and carries its own fine.
Revenue Department penalties are separate
- Filing the corporate income tax return late carries a fine of 1,000 Baht if filed within seven days of the deadline and 2,000 Baht after that.
- Where tax is payable, a surcharge of 1.5 per cent per month of the tax due also runs, with part of a month counted as a whole month, capped at the amount of the tax itself.
- The corporate income tax return is due within one hundred and fifty days of the end of the accounting year, which is a different deadline from the filing of the accounts.
Where several years are outstanding
The fine is charged for each accounting year, so a business several years behind pays for every year outstanding. Leaving it unfiled indefinitely can end in the registrar striking the company off, which is harder to undo than filing late and paying the fine. A business that has stopped trading and will not resume should consider registering its dissolution and completing liquidation properly rather than simply abandoning it.
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An estimate based on the fine table the Department of Business Development applies. The fine actually imposed rests with the officer settling the matter, and the figures above are the combined total charged to the entity and to the director or managing partner.
Sources
- Accounting Act B.E. 2543 (2000), section 11 (duty to file financial statements) and section 30 (fine for failing to file within the time set).
- Act Prescribing Offences Relating to Registered Partnerships, Limited Partnerships, Limited Companies, Associations and Foundations B.E. 2499 (1956), on fines for failing to hold the annual general meeting and to file the list of shareholders.
- Department of Business Development fine table for late filing of financial statements, in three bands: up to two months, over two and up to four months, and over four months or not filed.
- Revenue Code, section 35 (fine for failing to file a return within the time set) and section 27 (surcharge of 1.5 per cent per month of the tax payable, capped at the amount of the tax).
- Department of Business Development
- Revenue Department