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Audit of a Thai company, financial statements, accounting, consulting in Thailand

Thailand is a country in south-east Asia, a fast-growing economy ASEAN. The main developed sectors in the economy are tourism, electronics manufacturing and agriculture. A company in Thailand can be used for international trade, shipping and logistics services and other activities. All companies in Thailand are required to keep accounting records and file audited financial statements.

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Service packages Legislation Tax System Audit Services
Keeping the company's accounting records

Maintaining a systematic archive of company documents and providing them to the client upon request.

USD 200 per hour
Preparation and submission of accounts, audit

(Depending on the type of work and the qualifications of the person employed, but not less than USD 1,900)

USD 100-400 per hour
Registration of a company for VAT
1 200 USD
Preparation and submission of VAT returns

(according to the time actually spent)

USD 200 per hour USD
Tax advice on VAT-related and other matters
USD 300 per hour USD
Any additional services at the client’s request
USD 200 per hour USD
Apostille of financial statements (if necessary)

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General requirements (what companies must file financial statements)

All companies incorporated in Thailand must keep accounting records and be audited annually.

Accounting is regulated by the Accounting Act 2000 and requirements of the Civil and Commercial Code of Thailand.

Companies in Thailand can use the following standards:

  • Thai Accounting Standards (TAS);
  • Thai Financial Reporting Standards for Non-Publicly Accountable Entities (NPAE).

Foreign companies are allowed to use the International Financial Reporting Standards (IFRS).

Financial statements of a Thai company include:

  • Statement of financial position;
  • Profit and loss statement;
  • Statement of changes in equity;
  • Cash flow statement;
  • Notes to financial statements.

An explanatory note to financial statements must include the following information:

  • Criteria of preparation of financial statements;
  • Description of accounting policy;
  • Additional information to the balance sheet, profit and loss statement, cash flow statement and statement of changes in equity.

For the purpose of reporting companies must prepare their documents in Thai. Foreign companies can prepare their documents in another language and enclose a translation.

Approved financial statements including the list of shareholders must be presented to the Revenue Department and the Commercial Register within one month after the meeting of shareholders.

An annual meeting of shareholders held to approve financial statements must take place within four months after the end of the financial year.

Companies of Thailand must also publish their balance sheet in a local newspaper.

In accordance with the Accounting Act 2000, enterprises must keep their books of accounts for at least 5 years.

Audit of accounts

Financial statements must be audited and certified by an independent certified auditor. The auditor must express their opinion on the financial statements and prepare an auditor’s opinion, which is required to file financial statements and tax returns.

The Accounting Professions Act of Thailand requires all companies to apply Thai auditing standards.

Public companies listed on the Stock Exchange of Thailand must also make financial statements, which must be audited by Thai auditors quarterly.

Time frame for preparation and submission of financial statements

In Thailand financial year lasts 12 months and ends on 31 December, however a company has the right to choose its own reporting period (not longer than 12 months) and inform the Director General of the Revenue Department of that fact.

Companies must present financial statements not later than 150 days after the end of the financial year.

Liability for late filing

If a company in Thailand does not meet the deadline for filing financial statements and tax accounts, it can be imposed with a penalty of up to 200,000 THB (equivalent to 6,400 USD).

If the delay in filing financial statements is less than 2 months, the penalty will not be more than 4,000 THB.

If the delay in filing financial statements is 2 months to 4 months, the penalty will not be more than 48,000 THB.

If the delay in filing financial statements is more than 4 months, the penalty will not be more than 72,000 THB.

If an enterprise under assesses its profit for the whole year by more than 25%, a 20% surcharge is added to the penalty.

The surcharge is 100% if the tax return is filled out incorrectly and 200% if it has not been filed.

The penalty can be decreased by 50% if the taxpayer files a written application with the tax authority.

Consolidated financial statements

Companies that have subsidiaries (with more than 50% shareholding) must prepare consolidated financial statements for the group of companies.

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