Any juristic person with the registered legal entity must submit a financial statement to the Department of Business Development yearly regardless of its operational status. It is very important for annual tax filing in Thailand. It is applicable for the following bodies:
- Registered partnership (limited partnership and juristic ordinary partnership);
- Juristic person (doing business in Thailand);
- Joint venture under the revenue code;
- Company with limited liability;
- Public limited company;
- Trade associations.
The chamber of commerce is responsible for preparing the accounts. All should submit their financial statements to the Department of Business Development.
Electronic Process of Annual Tax Filing in Thailand
Now, it is possible for such business bodies to submit annual financial statement through the e-filling system. Therefore, the process is as follows:
- Apply the username and password to access the service;
- Use the username and password to confirm the submission;
- Submit financial statements in e-form format or XBRL in Excel;
- DBD e-filing system will evaluate the result;
However, you need something before that you will need to request a form for username and password. Those are a letter of agreements for submission via electronics medium and the board of directors’ resolution via electronics. Along with that, you all need a letter of power of attorney. However, if you find this difficult, you can always take the traditional way.
Above all, never fail to submit the financial statements on time for annual tax filing in Thailand. However, if you are not ready, you have to request, expand or postpone the deadline for submission to the Director-General of the Department of Business Development. Hopefully, they can consider the reasons for extension or postponement.
Moreover, it is very important to take the help of leading Accounting, Auditing and Taxation firms like Konrad Legal in the process. Therefore mail us at [email protected] to get the best accounting and taxation services in Thailand.
