The Act of Accounting B.E. 2543 (2000)
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The original law which has been issued since B.E. 2515 (1972) is now behind the time so the government has canceled and issued the new law to be an Act of Accounting which is effected since August 10th, 2000 to standardize the business accounting.
So, the Department of Commercial Registration has set up the following rules and regulations regarding the Act of Accounting.
1. Type of account to prepare
Clause 1.
The registered limited partnership, company limited, public company limited setup under Thai law, juristic setup under international law which operate their business in Thailand and joint company according to the revenue code must account for the following.
1.1 Daily account
1.1.1 - Cash account
1.1.2 - Bank account, categorize by bank account number
1.1.3 - Daily purchase account
1.1.4 - Daily sale account
1.1.5 - General account
1.2 Ledger
1.2.1 - Asset, debt and capital ledger
1.2.2 - Revenue and expenses ledger
1.2.3 - Debtor ledger
1.2.4 - Creditor ledger
1.3 Inventory
1.4 Other daily account, ledger which are necessary to business accounting
2. Punishment
Anyone makes a fault according to this Act shall be punished by the nature of fault. The punishments are both fine and imprison, in case there is successive fault, the fine will be in day by day until the account has been corrected.
The example cases and punishment
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1. No account has been done as stated under this Act and by the account day, the company must account from the date company registered to be a juristic under section 8, 9. |
To a fine not exceeding 30,000 baht and daily fine not exceeding 1,000 baht a day until the fault has been corrected. (section 28) |
2. No account has been closed within program, the company must close account within 12 months from the date registered the company, and close next account every 12 months from the date closed the previous account |
To a fine not exceeding 10,000 baht. (Section 29) |
3. No document has been delivered to accountant (section 12). |
To a fine not exceeding 10,000 baht. (Section 29) |
4. No accountant as qualified by Director-General (Section 19, first paragraph).
4.1 Bachelor degree in accounting for the company that has capital more than 5,000,000 baht or total asset more than 30 million baht or total revenue more than 30 million baht
4.2 Certificate of diploma for the company that has capital, total asset, total revenue lower than clause 4.1 |
To a fine not exceeding 10,000 baht. (Section 29) |
5. No balance sheet has been done and reported to the Department of Commercial Registration within 150 days after annual account close (section 11, first paragraph) |
To a fine not exceeding 50,000 baht. (Section 30) |
6. No balance sheet has been done as stipulated by Director-General (section 11, third paragraph) |
To a fine not exceeding 5,000 baht. (Section 31) |
7. No account and document have been kept at the place as stipulated by the law (section 13) |
To a fine not exceeding 5,000 baht. (Section 31) |
8. No account and document have been kept for the period as stipulated by the law at lease 5 years (section 14) |
To a fine not exceeding 5,000 baht. (Section 31) |
9. No lost or damage account and document have been reported within stipulated period which is 15 days (section 15). |
To a fine not exceeding 5,000 baht. (Section 31) |
10. No account and document have been returned incase the company is closed with any reason without liquidation within stipulated period which is 90 days (section 17). |
To a fine not exceeding 5,000 baht. (Section 31) |
11. No account to be approved by the authorized liquidator. |
To a fine not exceeding 20,000 baht. (Section 32) |
12. Report false statement to account inspector that the account or document has been lost or damaged. |
To imprisonment for a term not exceeding six months or to a fine not exceeding 10,000 Baht or to both. (Section 33) |
13. Destroy, damage, hide or make a useless to the account or document. |
To imprisonment for a term not exceeding two years or to a fine not exceeding 40,000 Baht or to both. (Section 38) |
14. Account a false, change, and omit detail in the account or document. |
To imprisonment for a term not exceeding three years or to a fine not exceeding 60,000 Baht or to both. (Section 39) |
To follow the Act of Accounting B.E. 2543 (2000), the Phromthep Accounting Co., Ltd. requests your company to deliver all document regarding to accounting within the period of time.
Especially, the withholding tax must be reported in full and correct every month, if it is possible, please pay salary taxes and other withholding taxes for example, rental, service, advertising every month in advance within the 4th of the next month. The Phromthep Accounting Co., Ltd. will report tax form to the Revenue Department within the 7th of the month otherwise, the tax payee will be fined for 200 baht a time with interest at the rate of 1.5% per month.
Remark: In case you cannot come to pay tax every month, our company is able to receive tax payment 3 months or 6 months in advance as your convenience. Please contact Phromthep Accounting Co., Ltd or International Law Office Patong Beach Co., Ltd.
Mr. Supoj Banyongponglert
(Managing Director)
Phromthep Accounting Co., Ltd
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Accounting Act B.E. 2000 effective in August 2000;
(14) of this announcement was said that if the owner of the business to book false (or lie) details (or statements), amend (or correct), failure in entry in books (or booking of details) in accounts or financial statements, or amend (or change) any documents which have to be used together with entry in books (or booking of accounts) to fault from the truth, the owner will find the imprisonment (in jail) not exceeding of three (3) years or fine not exceeding of Baht 60,000 or both of imprisonment (in jail) and fine
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