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ResourcesCorporate and Tax AdvisoryThailand Tax LawSemi-Annual Audited Financial Statements For Companies in Thailand

Semi-Annual Audited Financial Statements For Companies in Thailand

Transcript of the above video:

One issue that we've discussed previously are audited financial statements for corporate entities here in the Kingdom specifically limited companies. It is a requirement when maintaining a limited company in the Kingdom of Thailand that one maintain yearly audited financial statements in order to provide information regarding the financial status of the company for the given fiscal year. I urge those who are interested in that information specifically to go ahead and check out our other video on that topic specifically here on this channel.

There's another type of audited financial statement that happens by annual or I should say, semi-annually and that's the semi-annual audit. It's like an instrument of audit that happens at the six-month mark for the given fiscal year of the corporate entity. This was rolled out and I believe the opposite government here in Thailand. So it's relatively new compared to certain other corporate and financial instruments and procedures here in Thailand. But it's important it has to be done as I said six months so at the half-year mark, it's required generally that an accountant go ahead and have a look at the company's finances and go ahead and file a statement with the Revenue Department here in the Kingdom of Thailand.

Some things to keep in mind with respect to semi-annual audited financial statements. First of all, they're not as serious or in depth as the yearly audit and generally they're going to cost less in terms of administrative fees to go and deal with them. But it's been my experience now that sometimes immigration officers in connection with business and work permit applications, certain officers associated with that process sometimes want to see these now. In the past, they didn't really necessarily care. I think it was because it's possible the different bureaucracies were not in explicit communication with respect to that issue. And perhaps you know, the immigration authorities didn't know that these even existed from Revenue Department as oftentimes, inter-agency communication can be a little bit lacking. It's just a big system and there's oftentimes room for miscommunication.

But that being said, the half year audit or half year financial document, if that's what you want to call it, is somewhat akin to an audit. It has to be done again six months into the fiscal year. It generally provides something of a framework by which the yearly financial audit is going to be sort of measured against. So whatever is on the six month audit, you're then going to see that a lot of that information reflected in the yearly audited financial statement and as stated previously, this document can be somewhat important in sort of an ancillary context where when dealing with say Labor Department or the immigration office may be required to present that document as part of an immigration or Labor Department package and application for work authorization or immigration benefit.