e-filing for firms in 2017

Corporate June 06, 2014 00:00

By Petchanet Pratruangkrai
The N

2,984 Viewed

The Business Development Department will adopt a paperless system for firms to submit their financial statements in 2017.

The move would make filing more convenient for companies and help cement Thailand’s status as one of the region’s easiest places to do business.
Director-general Pongpun Gearaviriyapun said yesterday that her department will completely convert to e-filing so that it can save costs and easily search for information from the online system.
Firms can submit their financial statements on paper and some online until 2017 when e-filing will be fully enforced.
The firms that have missed the deadline to turn in their financial statements to the department should quickly do so or face a fine of Bt2,000-Bt72,000 and the cancellation of their business permit.
Altogether 411,261 companies, or 81 per cent of 508,992 companies, have already filed their statements to the department, but 97,731 firms, or 19 per cent, have not.
The department will soon order those tardy firms to be fined.
The department has allowed new companies to register across districts. About 55 companies have already registered across provinces. 
The department provides 87 offices for new enterprises to register nationwide.
Chainarong Chochai, deputy director-general, said the department will soon establish a bureau for enforcing business laws and facilitating enterprises.
The new unit will be directly responsible for business assurance. Firms could use their assets and property as collateral for loans from financial institutions.