Transcript of the above video: 

As the title of this video suggests, we are discussing audited corporate balance sheets and financial statements. We are getting to the end of the year here in 2024, so I do kind of some of these videos as sort of a wrap up. This is one I haven't discussed in some time and it's rather pertinent at the moment because we find many clients will set their corporate year, their tax year if they will, to coincide with the calendar year. To be clear, you don't have to do that. You can pick sort of your own tax year. Some client firms opt to set it for the fiscal year, sort of the same way the US Government operates, others opt to set their end of the year, to coincide with the tax season or needing to file tax returns which can be the next year. 

That said, the vast majority of clients that we deal with, do set their calendar year or I should say that their tax year if you will to the calendar year, so I think it’s pertinent to go over this now. On a yearly basis you do have to file, with a Thai Corporation you have got to file an audited financial statement and balance sheet in order to maintain corporate and tax compliance here in Thailand. It's not something people particularly like to do; it is a requirement. As we have discussed in other videos, there's now a semi-annual component to filing of an audited financial statement if you will. There is sort of like this semi-audit at about the halfway mark. 

That being said, yes on a yearly basis you do have to file an audited financial statement, a balance sheet. Failure to do so can lead to criminal penalties notwithstanding the fact it's a corporate matter. So those who have a company here in Thailand, are well advised to timely file their audited financial statement and balance sheet on a yearly basis in order to avoid if you will, any possible criminal penalties stemming from failure to file.