June 02, 2014 00:00 By Petchanet Pratruangkrai
A thousand Thai public companies will be encouraged to submit annual balance sheets online this year to increase transparency and reduce the cost of operation for both government and the firms.
Pongpun Gearaviriyapun, director-general at the Business Development Department, said the department aimed to encourage enterprises, beginning with 1,000 public companies registered in the Kingdom, to submit their annual reports online.
She said the department would discuss with the Securities and Exchange Commission soon to encourage public companies to submit their balance sheets online under the E-Filing system.
The online system will help save time, reduce cost, increase transparency, as well as facilitate businesses in the future.
Previously, 100 of 370 companies who applied to submit their annual reports online used the E-Filing system.
The department will continue to develop its system to facilitate enterprises.
Businesses that the department will target include corporate firms, limited companies and public companies in various businesses such as property and real estate development, construction, insurance, commercial banks, retail and wholesale, and service companies.
In addition, Pongpun also reminded companies to submit their balance sheets ending last December by June 2. Failure to do so will lead to penalties under the law, with a maximum fine of Bt50,000.