In Thailand, a company’s tax year is generally the same as the calendar year, which runs from January 1st to December 31st as long as company didn’t specify other period into the “Company Article.”
However, a company may request a different accounting period for tax purposes, subject to approval from the Thai Revenue Department. This may be done to align the company’s accounting period with its operational cycle or to accommodate its reporting requirements. Whereas the company must modify into the Company’s Article for the new period to Department of Business Development later.
Regardless of the accounting period, the company must file its annual corporate income tax return within 150 days after the end of its fiscal year. If the company’s accounting period is different from the calendar year, it may need to file tax returns for a short period in order to align with the calendar year. Companies are required to keep proper accounting records and maintain supporting documents for at least five years after the end of the accounting period.
It is important for companies to comply with all tax filing and payment requirements to avoid penalties and other legal consequences. It is recommended that companies seek professional advice from qualified tax advisors to ensure that they comply with all applicable tax laws and regulations in Thailand.
Panwa Group can serve you to chang the company tax year at the Revenue Department and modify company’s article at Department of Business Developement.