Accounting period and how to change the accounting period in Thailand
A accounting period must be 12 months. Unless the Articles of Association state otherwise, a newly established company should close accounts with 12 months of its registration. Thereafter, the accounts should be closed every 12 months. If a company wishes to changes its accounting period, it must obtain written approval from the Director-General of the Revenue Department.
Step of change accounting period,
- Step A, issue letter inform to the Director General of the Revenue Department. It’s depend on the size due to the company’s document must be review by tax officer so for dormant company will take time for 1 or 2 months but for active company the time will depend on tax officer review perhaps 6 months to 1 years or more.
- Step B, inform to Department of Business Development.
- Step C, to modify “Company Article” for the case of company had registered company article with DBD (not follow standard article).
- we propose for small size (dormant company) is Baht 20,000, but for the active company is depend on size of transaction and time spend of tax officer for their review on document which normally between Baht 35,000 to Baht 50,000.