Penalties for Failure to Submit Financial Statements or Late Submission

Deadline for Submitting Financial Statements

The final date for submitting financial statements is 1 month from the date of approval in the shareholders' meeting. For example, if the shareholders' meeting is held on April 30, the financial statements must be submitted by May 30, and so on.

Late Filing Penalty for Financial Statements

It is important to note that the penalty rates for late submission of financial statements vary depending on the type of business and the length of the delay. The following penalty rates include fines for both the person responsible for preparing the accounts and the managing director/partner responsible for the operation of the business.

If Financial Statements are Filed Late but Within 2 Months

- Registered Partnerships: 2,000 Baht

- Limited Companies: 2,000 Baht

- Joint Ventures: 2,000 Baht

- Foreign Legal Entities: 4,000 Baht

- Public Limited Companies: 4,000 Baht

If Financial Statements are Filed Late but Within 4 Months, Exceeding 2 Months

- Registered Partnerships: 8,000 Baht

- Limited Companies: 8,000 Baht

- Joint Ventures: 24,000 Baht

- Foreign Legal Entities: 48,000 Baht

- Public Limited Companies: 48,000 Baht

If Financial Statements are Filed Late for More Than 4 Months or Not Filed at All

- Registered Partnerships: 12,000 Baht

- Limited Companies: 12,000 Baht

- Joint Ventures: 36,000 Baht

- Foreign Legal Entities: 72,000 Baht

- Public Limited Companies: 72,000 Baht

In addition to the fines mentioned above for late or non-filing of financial statements, business operators will also be required to pay fines to the Revenue Department, which include:

- Criminal Fine for Late Filing: Up to 2,000 Baht

- If filed within 7 days: Fine up to 1,000 Baht. If after 7 days: Fine of 2,000 Baht

- If no financial statements are filed: Additional criminal fine of 2,000 Baht

Therefore, each business will face different fines depending on the type of business and the delay period. The businesses that face the heaviest fines are foreign legal entities and public limited companies. Thus, accountants and business operators must ensure they file the financial statements correctly within the specified deadline.