Accounting and Financial Statement Obligations for Thai Companies

In short
Under the Accounting Act B.E. 2543, registered partnerships, limited companies, and public limited companies established under Thai law, together with foreign juristic persons carrying on business in Thailand and joint ventures, all have the duty to prepare accounts (Section 8); they must prepare and submit financial statements (Section 11), must preserve their accounts and documents for not less than 5 years (Section 14), and must engage a qualified accountant (Section 19). Failing to keep accounts as required carries a civil fine of up to 30,000 baht (Section 28).

1. Who must keep accounts (Section 8)

Registered partnerships, limited companies, and public limited companies in Thailand; foreign juristic persons carrying on business in Thailand; and joint ventures under the Revenue Code.

2. When accounting begins and the first account closing (Sections 9 and 10)

A company begins keeping accounts from its date of registration (Section 9); the accounts must be closed for the first time within 12 months from the date accounting commences (Section 10).

3. Financial statements and record retention

  • Financial statements: must be prepared as required by law and submitted to the competent authority (Section 11).
  • Place of keeping: accounts and supporting documents must be kept at the place of business (Section 13).
  • Retention period: not less than 5 years from the date the accounts are closed (Section 14).
  • Qualified accountant: you must deliver correct and complete documents to the accountant (Section 12) and engage an accountant who possesses the qualifications prescribed by the Auditor-General to keep the accounts (Section 19).

4. Penalties

  • Failure to keep accounts under Section 8/9: civil fine of up to 30,000 baht (Section 28);
  • Breach of Section 10/12/19: up to 10,000 baht (Section 29);
  • Breach of Section 11, first paragraph (financial statements): up to 50,000 baht (Section 30);
  • Making false entries in or altering accounts or financial statements: punishable by imprisonment and a fine (Section 39); damaging or concealing account books: imprisonment of up to 1 year or a fine (Section 38).
💡 About audits

The audit requirements for financial statements and the specific filing deadlines for each type of entity are governed by the Accounting Act, the Accounting Professions Act, and the rules of the competent authority, so they are best confirmed case by case — we can help arrange this.

FAQ

Do Thai companies have to keep accounts?

Yes. Under Section 8, companies and partnerships registered in Thailand, foreign juristic persons carrying on business in Thailand, and joint ventures all have the duty to keep accounts.

How many years must accounting records be kept?

Not less than 5 years from the date the accounts are closed (Section 14).

What are the penalties for not keeping accounts?

Failure to keep accounts under Section 8/9 carries a civil fine of up to 30,000 baht (Section 28); making false entries in or altering the accounts can be punished by imprisonment and a fine (Section 39).

Do I have to hire an accountant?

Yes. You must engage an accountant who possesses the qualifications prescribed by the Auditor-General to keep the accounts (Section 19).